Arbitrum’s Decentralized Autonomous Organization (DAO) is currently evaluating a proposal that could potentially revolutionize the network’s Orbit Chain by expanding it to other blockchains beyond Ethereum.
Expansion Program
Back in January, the Arbitrum Foundation unveiled the Arbitrum Expansion program as a means to extend its Orbit Chain to various Ethereum-based chains. This initiative allowed cryptocurrency projects to fork the Arbitrum codebase and customize it to suit their specific business requirements, all while committing to sharing 10% of their profits with the wider Arbitrum ecosystem. These chains have experienced considerable adoption in recent months, as they empower the creation of highly adaptable throughput and governance-enabled networks.
Given the escalating demand for this technology, the Foundation has proposed broadening the reach of the Orbit Chain to encompass non-Ethereum networks. The Foundation articulated:
“Over the past few weeks, the Arbitrum Foundation has received significant interest from projects eager to deploy their unique Orbit chain on alternate networks including, but not restricted to: Bitcoin, Binance Smart Chain, Cosmos, and others.”
The Foundation anticipates this momentum to persist, especially with the growing prominence of the Arbitrum Tech Stack on Ethereum.
Community Support for the Move
Preliminary feedback from the community indicates robust support, with a staggering 99.8% of over 14 million ARB token votes in the “temperature check” endorsing the proposal. The voting process is set to wrap up on July 31.
The community’s positive response is closely linked to the manifold benefits that the Arbitrum Foundation envisions this expansion will bring to the ecosystem.
The Foundation asserted that broadening Orbit deployments could elevate ArbitrumDAO’s earnings and bolster the influence of Ethereum Virtual Machines (EVM) and Stylus (EVM+).
Furthermore, the Foundation highlighted that confining Orbit chains solely to Ethereum might impede the adoption of the Arbitrum Tech Stack, as other rollups are continuously embracing unrestricted deployment.
Arbitrum stands out as one of Ethereum’s most comprehensive layer-2 scaling solutions, boasting a total value locked (TVL) of $3.1 billion, as per DeFiLlama data.
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As the world of blockchain technology continues to evolve rapidly, initiatives like Arbitrum’s proposed expansion are pivotal in ushering in a new era of interconnected decentralized ecosystems. The enthusiastic response from the community showcases the eagerness to embrace innovation and explore untapped potentials beyond traditional boundaries. With the Orbit Chain poised to transcend Ethereum’s confines and venture into diverse networks, the possibilities for collaboration and advancement are truly limitless. Let’s stay tuned to witness the transformative impact of this evolution and the ripple effects it may bring to the broader blockchain landscape.
