|

Arbitrum community passes proposal for Atlas to support Ethereum’s Dencun and other upgrades

  • ArbitrumDAO proposed to upgrade its Layer 2 chains to Atlas, a version of the blockchain that supports Ethereum’s Dencun upgrade. 
  • The proposal was passed with a 51% majority of the 186.59 million votes cast by community members. 
  • ARB price rallied 8% on Tuesday, inching closer to its 2024 peak of $2.42. 

Arbitrum DAO passed a proposal to upgrade its two Layer 2 blockchains to accommodate Ethereum’s upcoming Dencun upgrade. The community passed the proposal, and the chain is now gearing up for low-cost transaction processing on the Ethereum chain. 

ARB price rallied in response to recent developments. The asset is trading at $2.1389 at the time of writing. 

Also read: Arbitrum price resumes rally with Web3 gameathon plan for March

Arbitrum passes proposal to welcome Dencun upgrade

The ArbitrumDAO announced that the project has passed a proposal to upgrade Arbitrum One and Arbitrum Nova to ArbOS 20, “Atlas.” The blockchain platform asked node operators to upgrade their node to version 2.3.1 or higher before March 14, 2024, to avoid any downtime when Ethereum upgrades to Dencun. 

The proposal includes several updates, including support for Dencun and Batch Poster improvements. The node upgrade is mandatory for Arbitrum’s operators as it will bring Layer 2 costs down for the chain’s users. Ethereum is set to activate its upgrade on March 13.

Scope Protocol, an AI data project shared research insights that reveals the Layer 2 narrative is likely to target the top three tokens in the ecosystem: Optimism (OP), Arbitrum (ARB), Stark (STRK). 

It's important to note that Arbitrum (ARB), and Optimism (OP) have token unlocks scheduled near the Dencun upgrade. It remains to be seen whether this will have a bullish or bearish impact on ARB price in the days leading up to March 13. 

ARB price is $2.1389, early on Tuesday and the asset has yielded nearly 11% weekly and 8% daily gains for holders. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Ripple and Stellar outlook: XRP awaits a breakout, XLM rally gathers pace

Ripple steadies at $1.19 below the upper boundary of its falling channel after facing rejection. Meanwhile, Stellar extends its gains, rallying over 25% so far this week. Derivatives metrics suggest a cautious outlook for XRP, while XLM's improving futures positioning suggests a bullish outlook.

Crypto Overview: Bitcoin loses $65,000 while Ethena and Stellar advance

The broader cryptocurrency market remains divided with Bitcoin slipping below $65,000 after Kevin Warsh’s hawkish speech the previous day, while altcoins like Ethena and Stellar advance upwards. Demand for altcoins with real-world utility, linked to stablecoins or tokenized stocks or bonds, fuels the short-term buying pressure.

Binance founder CZ urges governments to tokenize stock markets and launch sovereign stablecoins

Binance founder Changpeng Zhao has called on governments to tokenize their stock markets and issue sovereign stablecoins, arguing that blockchain technology can expand access to capital markets and increase the global use of national currencies.

Bitcoin remains under bearish pressure despite recent rebound — Glassnode
Bitcoin (BTC) remains well below key onchain metrics, with realized losses continuing to dominate capital flows despite a partial price recovery. The top crypto rebounded from lows near $60,000 to the $65,000 range after the US-Iran peace deal reversed much of the war premium that had weighed on risk assets.
Experts agree: Bitcoin nears bottom, but weak demand raises doubts
Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.
Arbitrum community passes proposal for Atlas to support Ethereum’s Dencun and other upgrades