Arbitrum is the Worst-Performing Token in the Top 100

Top 10 cryptocurrencies with the most substantial losses are listed below:

Arbitrum (ARB) had the most significant drop with an ROI of -37.13%. Close behind, dYdX (DYDX) registered an ROI of -36.15%, and Stellar (XLM) posted an ROI of -35.34%. Quant (QNT) and Cosmos Hub (ATOM) also saw considerable declines, with ROIs of -34.77% and -30.23%, respectively.

Monero (XMR) reported an ROI of -26.59%, while Polygon (MATIC) experienced an ROI of -25.90%. EOS (EOS) and Litecoin (LTC) faced losses with ROIs of -23.16% and -21.80%, respectively. Finally, The Sandbox (SAND) concluded the list with an ROI of -21.49%.

These statistics underscore the inherent volatility and risks associated with investing in cryptocurrencies, highlighting the necessity for thorough research and risk management strategies for investors.

In related news, the Arbitrum DAO, which governs the Arbitrum ecosystem, is currently voting on a proposal to expand its Orbit chains to networks beyond Ethereum. This proposal, put forth by the Arbitrum Foundation, is in the initial “temperature check” phase on Snapshot, with the vote concluding on August 1, 2024.

The foundation has proposed expanding its Arbitrum program, which was previously restricted to blockchains that derive their security from Ethereum, typically Layer 2 blockchains.

Currently, the program allows entities to fork the Arbitrum codebase and launch EVM-compatible Orbit Chains. These are customizable blockchains built using Arbitrum’s software stack, enabling developers to tailor the chain to specific needs, such as transaction throughput, gas token, governance, and more. These chains can also be configured to settle directly on Ethereum.

If the new proposal is approved, it would permit the launch of Orbit chains on a variety of blockchain networks, including Bitcoin, Binance Smart Chain, and Cosmos. This change is driven by interest from projects eager to develop Orbit chains outside of Ethereum, prompting the foundation to reconsider the program’s current restrictions. The proposed expansion could result in more Orbit deployments, thereby increasing revenue for Arbitrum DAO.

Orbit chains contribute 10% of their profits to the DAO. The proposal also suggests that this expansion could enhance the multi-chain presence of the Ethereum Virtual Machine and its upgraded version, Stylus (EVM+).

Preliminary results from the temperature check vote indicate strong support for the expansion, with over 99% of the votes in favor.