Arbitrum DAO Holds Vote to Extend Orbit Chains Beyond Ethereum
The Arbitrum ecosystem, renowned for its innovative approach to blockchain technology, is poised for a transformative shift. The Arbitrum Foundation has proposed a significant expansion of its Orbit chains beyond the confines of Ethereum, signaling a potential new era for the network.
This initiative is currently undergoing an initial temperature check" Snapshot vote, and its completion date is scheduled for August 1, 2024.
Arbitrium DAO Orbit Expansion Tied To EthereumThe Arbitrum expansion program has so far been exclusively tied to Ethereum-based blockchains. It primarily focuses on Layer 2 solutions that derive security from Ethereum's strong structure.
This approach has allowed entities to fork the Arbitrum codebase to create customizable, Ethereum Virtual Machine (EVM)-compatible Orbit chains.
These Orbit chains are highly flexible. They enable developers to modify various aspects, such as gas tokens, transaction throughput, and governance structures, to meet their specific needs.
While developers have the leverage to configure them to settle transactions seamlessly on Ethereum, the new proposal aims to extend this functionality to other blockchain networks.
This expansion is ambitious as it permits Orbit chains to launch several popular blockchain platforms. Notable ones include Binance Smart Chain, Bitcoin, and Cosmos.
The move is driven by growing interest from projects eager to leverage Orbit chains outside of the Ethereum ecosystem. Recognizing this demand, the foundation is revisiting its program's existing limitations.
Expanding the Orbit program to include multiple blockchain networks could significantly increase the number of Orbit deployments, which in turn could boost the Arbitrum DAO's revenue streams.
10% of Orbit chains' profits go to the DAO, even though the proposal suggests increasing these contributions.
The expansion is poised to strengthen the multi-chain progress of the EVM and Stylus, its upgraded version. This will potentially improve interoperability across various blockchain networks.
Community Response and ImplicationsThe initial response to the temperature check vote has been overwhelmingly positive, with more than 99% of participants supporting the proposal.
This strong backing reflects the community's enthusiasm for broadening the scope of the Orbit chains and exploring new opportunities beyond the Ethereum network.
If the proposal is approved, it will enable Orbit chains to operate on a variety of blockchain networks, allowing the Arbitrum Foundation to address the immediate needs of its community.
It is also a step to position itself as a versatile and adaptive player in the blockchain industry.
Meanwhile, Arbitrium has long been on a journey to higher levels. This announcement follows Kwenta's partnership with Perennial to introduce a product and incentive program on the Arbitrium network.
This initiative aims to attract more network users and liquidity providers, boosting the system's operations.
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