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The ORBS token, which is the native cryptocurrency of the Orbs public blockchain infrastructure, has been introduced on Arbitrum, an Ethereum layer-2 rollup. This addition allows users to benefit from reduced gas fees and quicker transaction speeds while interacting with the asset on this notable Layer-2 platform.
Orbs is expanding its reach from Ethereum to Arbitrum with the support of Axelar, a Turing-complete interchain network. Users can initiate the transfer of their ORBS tokens from Ethereum to Arbitrum by utilizing Axelar’s Satellite Bridge through the provided link. To date, the Axelar network has facilitated over 700,000 cross-chain swaps, amounting to more than $1.8 billion.
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“This strategic initiative marks a crucial milestone for Orbs. By extending our ecosystem to Arbitrum, we are making a significant advancement towards improving user experience and tackling persistent scalability issues,” stated Ran Hammer, Vice President of Business Development at Orbs.
“Our integration with Arbitrum aligns seamlessly with our vision. While Ethereum continues to be the preferred network for many, we aim to simplify the process for users to engage with Orbs without facing excessive gas fees.”
With a total value locked (TVL) exceeding $2 billion, Arbitrum has evolved into a vibrant ecosystem for decentralized applications (dApps), and since the beginning of the year, a growing number of new wallets have commenced transactions on the network. This trend has even enabled Arbitrum to surpass Ethereum on certain days during Q2.
Orbs’ decision to collaborate with Axelar and integrate its token into the Arbitrum network demonstrates its alignment with the network’s recent developments, including the incorporation of Y2K’s DeFi Notifications and dTWAP and dLIMIT on Chronos DEX.
