- 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 ArbitrumDAO proposal to upgrade Arbitrum One and Arbitrum Nova to ArbOS 20 “Atlas” has passed.
— Arbitrum Developers (,) (@ArbitrumDevs) March 4, 2024
All node operators must upgrade their Nitro node to version 2.3.1 or higher before March 14, 2024 to avoid downtime. https://t.co/neKNpKKd9Ahttps://t.co/Ge2eCTIzJi
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.
2/
— 0xScope (@ScopeProtocol) March 5, 2024
The Alphas: $OP $ARB $STRK
As leaders of the Layer-2 space, traders in the L2 narrative will likely target these 3 tokens first. It's only a matter of when.
Also, $ARB & $OP will have major token unlocks near Dencun. Will these unlocks be bullish or bearish? Let's ask AI: pic.twitter.com/aMEB7Xi9Rm
ARB price is $2.1389, early on Tuesday and the asset has yielded nearly 11% weekly and 8% daily gains for holders.
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