Arbitrum Orbit Chain Users To Pay Gas Fees Using USDC: Why Is ARB Down 80%?
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Users of Arbitrum orbit chains, Ethereum layer-3 solutions, can now pay gas fees using USDC. The move aims to cut gas fees and attract more developers, with USDC being one of the top stablecoins by market cap.
USDC's peg to the dollar ensures stable gas fees, unlike the volatile ETH. Over $1.6 billion USDC has been bridged to Arbitrum, highlighting its adoption.
Despite this innovation, the ARB token is down nearly 80% from January 2024 highs, with prices consolidating. Bulls need to push higher, potentially sparking demand and reviving prices in the medium term.
Circle also announced a grant program for projects looking to build on Arbitrum, further encouraging USDC adoption on the orbit chain.
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