Arbitrum has re-launched its Odyssey campaign in a bid to attract new users. Arbitrum is a Layer 2 (L2) scaling solution suite for Ethereum decentralized application (dApp) development. Notably, it is leading Ethereum L2 by total value locked (TVL) still lagging behind zkSync Era, Starknet, and Base by transaction throughput.
Odyssey Campaign Highlight by Arbitrum
Arbitrum’s Odyssey campaign is designed to onboard new users. Within a seven-week campaign, one can explore 13 of Arbitrum’s top protocols and communities. The participants can also collect 16 non-fungible token (NFT) badges by completing various tasks.
The campaign follows the success of the promotional “Onchain Summer” campaign from Base, Coinbase’s recently launched L2, and Optimism’s OP Summer last year. Meanwhile, Arbitrum has long controlled more than 50% of Ethereum’s L2 ecosystem when measured by TVL. L2 beat is an analytics and research website about Ethereum layer 2 scaling.
It is to notice that its rival networks zkSync Era, Base, and recently, Starknet, have overtaken it in terms of throughput. According to L2beat, Arbitrum hosted 16.16 Million transactions over the past 30 days. This lags behind zkSync Era with 30.19 Million, Base with 23.36 Million, and Starknet with 20.09 Million.
However, the activity on ZkSync Era and Starknet is probably exaggerated by opportunistic airdrop hunters raising transactions on the networks. At the beginning of this month, blockchain sleuths identified an entity controlling almost 22,000 wallets on zkSync Era. It deployed a closed token and Decentralized Exchange (DEX) to artificially generate on-chain activity.
Odyssey Campaign
Arbitrum first introduced Odyssey in June of last year but halted the campaign due to transaction fees spiking higher than Ethereum’s amid the surge in activity. The Arbitrum Foundation lamented that the Arbitrum network only offered around the same capacity as the Ethereum mainnet when Odyssey first appeared. Later, the team chose to stop the campaign until the completion of its Nitro upgrade — which has increased throughput by 7 times.
According to a recent X (formerly Twitter) post, the first week of the campaign will focus on the GMX DEX. This will support both spot and perpetual markets. The other spotlighted projects include Uniswap, the leading DEX, Handle Fi, a decentralized FX protocol, tofuNFT, a multi-chain NFT marketplace, and BattleFly, a play-to-earn strategy game.
Update on @GMX_IO week 1 NFT badge claim:
If you complete your GMX mission this week, please give it a couple of days to show that you’ll be eligible to claim your badge, since eligibility needs to be updated manually for this week only.
Thanks for your ongoing patience!💙🧡 https://t.co/QC2qgd8AzQ
— Arbitrum (💙,🧡) (@arbitrum) September 26, 2023
According to CoinMarketCap (CMC), at press time, Arbitrum’s native ARB token is trading at $0.825351 with a 24-hour trading volume of $78.25 Million. The token is up 0.41% in the last 24-hours, with a current market cap of $1.05 Billion.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/28/arbitrum-once-again-brought-odyssey-campaign-to-onboard-new-users/