Top Arbitrum Ecosystem Projects to Trade on KuCoin

2023/02/27 12:03:37

Introduction

Recent data from Dune Analytics reveals how the number of daily transactions on Arbitrum overtook those on Ethereum last week, on February 21, 2023. Amid the growing interest in web3 and DeFi adoption, there is considerable interest in layer2 scaling solutions for Ethereum - the world’s largest ecosystem for dApps.

In terms of decentralized finance (DeFi) alone, Arbitrum is home to the fourth largest DeFi ecosystem by TVL per data on DefiLlama. Supporting more than 200 DeFi protocols with a combined total value locked exceeding $3 billion as of February 27, 2023.

While Arbitrum enjoys the spotlight, KuCoin, home to crypto gems, is thrilled to bring five new exciting project listings from the Arbitrum ecosystem to our platform:

The projects will be available for trading in the KuCoin Spot Market starting February 28, 2023, while deposits begin on February 27, 2023.

Ahead of the new token listings, we bring you a deep dive into these projects to showcase why these crypto assets are worth investing in. Read on to learn more about these new tokens and what makes them interesting to include in your crypto portfolio.

Here are more top crypto projects in the Arbitrum ecosystem you could explore.

What Is Arbitrum?

Arbitrum is one of the top layer2 scaling solutions for Ethereum, designed to give developers a more scalable, faster, and more efficient ecosystem to deploy Ethereum-based decentralized applications (dApps). The platform enjoys a 53% market share among rollups and has a total value locked (TVL) of over $3.36 billion as of February 2023.

The Arbitrum network was co-founded by Ed Felten, Steven Goldfeder, and Harry Kalodner. The firm Offchain Labs set up by the three co-founders handles the layer2 network’s development and maintenance.

Arbitrum is designed to run Ethereum smart contracts and dApps faster and cheaper without compromising on the superior security that the layer1 Ethereum blockchain offers. The network leverages the concept of transaction rollups to record batches of submitted transactions on the Ethereum mainnet and then execute them on a more efficient side chain, all the while depending on the underlying Ethereum network to maintain accuracy.

How Does Arbitrum Work?

The Arbitrum Rollup is an Optimistic rollup protocol that offers more scalability in running Ethereum dApps. The Arbitrum Rollup operates as a sub-module inside the Ethereum network, where all users’ transaction data gets fed in, posted, and processed on Ethereum.

dApps perform RPCs (remote procedure calls) to Arbitrum nodes using the standard Ethereum API when interacting with the Arbitrum network. The Arbitrum Sequencer receives transaction data from all nodes and reports the transaction results within one second, providing a faster throughput than an Ethereum node.

All transactions on Arbitrum are recorded on the underlying Ethereum blockchain by the Sequencer. While the transaction data gets recorded on the Ethereum network, the execution of the transactions takes place off-chain and is handled by Arbitrum’s validators.

The off-chain processing of transactions then gets reported as a rollup block or an assertion, posting the proof of their assertions on Ethereum. This method is what makes Arbitrum faster and more scalable than layer1 Ethereum.

Arbitrum vs. Ethereum: How layer2 Changes ETH Landscape

Layer2 scaling solutions like Arbitrum make the Ethereum ecosystem more attractive for developers to design and deploy real-world commercial decentralized applications. They enjoy the inherent security guarantees of the Ethereum blockchain but want far higher throughput and lower transaction costs than the underlying layer1 network.

Ethereum is the layer1 base blockchain network that is the foundation for Arbitrum and other layer2 networks within the ecosystem. The settlement layer is where all user transaction data is recorded and confirmed. Ethereum also serves as a data availability layer for layer2 solutions, e.g., the state of the layer2 or for disputing any layer2 transactions.

Solving the Blockchain Trilemma

Arbitrum and other layer2 scaling solutions solve the blockchain trilemma - offering decentralized, scalable, and secure infrastructure. The Ethereum blockchain provides decentralization and security but needs to catch up regarding scalability.

Taking on Ethereum’s High Gas Fees and Network Congestion

As the dApp ecosystem grows and more users get onboarded into the world of web3 and crypto, the Ethereum network faces considerable challenges related to efficient operations. It is plagued by network congestion and high transaction fees, driving up the demand for alternative solutions like layer2 and other blockchain networks.

Offering Ethereum-Level Security With Higher Efficiency

However, layer2 solutions like Arbitrum have an edge over Ethereum killer blockchains in the market: they offer compatibility with Ethereum and Solidity programming languages while also providing the superior level of security that Ethereum is known for.

Making Scalable dApps a Reality

While Ethereum can process, at best, 20-40 TPS, Arbitrum can process as much as 40,000 TPS. Ethereum will likely see its throughput surge to as high as 100,000 TPS once the sharding capabilities roll out and ETH 2.0 is complete. However, until then, Arbitrum offers a far more attractive ecosystem for dApp developers and users who want faster handling and transaction processing capabilities.

Top 5 Arbitrum Projects Listed on KuCoin

Now that you’ve gained an understanding of Arbitrum, how it functions, and how it’s better than Ethereum, let’s move on to some of its most promising projects. Here are the five most recent Arbitrum-based projects listed on KuCoin that you can trade:

Synapse (SYN)

Synapse is a leading cross-chain communication network that connects popular layer1 and layer2 networks. Its technology can be used to bridge native assets between different blockchain ecosystems seamlessly and develop cross-chain dApps.

Smart contracts from one blockchain can use the Synapse Messaging Router to communicate to a destination blockchain. A corresponding Messaging Router processes it and sends it to a destination smart contract. These messages are handled in a trustless and optimistic manner for maximum security during the cross-chain transfer of data and assets.

As of February 2023, Synapse is integrated across Ethereum, Arbitrum, Avalanche, Optimism, Polygon, Aurora, Boba Network, Canto, Cronos, Dogecoin, Fantom, Harmony, and several other blockchain networks. It enjoys a TVL of over $229 million and features among the top 10 DeFi apps on Abritrum based on total value locked.

The SYN token is available for trading on the KuCoin Spot Trading page as SYN/USDT pair.

Gains Network (GNS)

Gains Network is developing an innovative DeFi ecosystem on Arbitrum and Polygon, two of the most popular layer2 solutions of Ethereum. The project is working to create gTrade, a highly liquid, robust, user-friendly, and efficient decentralized platform for leveraged trading.

Gains Network and the gTrade protocol use the ERC-20 utility token GNS and ERC-721 NFTs to drive their operations, decentralize ownership through revenue capture, and will also enable decentralized governance through it in the future. Gains Network utilizes a synthetic architecture that gives gTrade higher capital efficiency than its competitors, low trading fees, and a wide range of leverage options and trading pairs. gTrade offers leverage up to 150x on crypto trading pairs, 1000x on forex, 100x on stocks, and 35x on trading indices.

You can trade the GNS crypto on the KuCoin spot market as GNS/USDT crypto trading pair.

Radiant Capital (RDNT)

Radiant Capital is another popular DeFi protocol on the Arbitrum ecosystem that supports cross-chain lending and borrowing of assets. The dApp aims to be the first omnichain money market allowing users to deposit any major crypto asset on any major blockchain and borrow a wide variety of crypto assets across multiple blockchain ecosystems.

As of February 2023, Radiant supports the following assets: DAI, USDC, USDT, ETH, and WBTC, and offers competitive APYs for lenders and borrowers on the platform. It boasts a TVL of over $365 million and has disbursed over $5 million in fees to users locking their funds on the platform.

You can trade RDNT, the protocol’s native utility token, as RDNT/USDT on the KuCoin Spot Market.

Dopex (DPX)

Dopex is a decentralized options exchange protocol operating on Arbitrum. The powerful DeFi platform aims to offer the highest liquidity with minimal losses for option writers and the maximum possible gains for option buyers. Users can provide option liquidity through covered calls or cash-secured puts and earn passive income for their contribution.

Dopex’s liquidity pools allow options traders to exit the market and sell their tokenized positions quickly and conveniently at discounted rates. In addition, Dopex also features a DeFi primitive, Atlantic Options, that can improve collateral composability and efficiency by letting buyers borrow option collateral.

DPX is the Dopex protocol’s vanilla governance and protocol fee accrual token. The native token is listed for trading on KuCoin Spot Market as DPX/USDT.

Camelot Token (GRAIL)

Camelot is an ecosystem-focused and community-driven DEX developed on the Arbitrum network with a dual-AMM design to support volatile and stable token swaps. What sets Camelot DEX apart from its competitors is its unique approach to liquidity based on non-fungible staked positions that offer more efficient handling of locks on staked positions, higher capital efficiency, and reusability.

The platform offers a permissionless launchpad mechanism for new projects launching in the Arbitrum ecosystem to launch their tokens and raise funding. The DEX uses two native tokens - Camelot Token (GRAIL) and its escrowed version xGRAIL for farming rewards, while xGRAIL doubles up as the protocol’s governance token.

GRAIL is listed for trading on the KuCoin Spot Market as GRAIL/USDT trading pair.

Join KuCoin’s Trading Carnival on New Arbitrum Market Listings

KuCoin is celebrating the listing of these new tokens on our platform by offering rewards of up to 50,000 USDT from our shared prize pool. Win up to 15,000 USDT from the pool when you deposit at least 100 USDT worth of SYN, GNS, RNDT, DPX, or GRAIL in your KuCoin account.

Newly registered users who join KuCoin during the Arbitrum Ecosystem Listing Carnival and have a total trading amount (buys + sells) of 20 USDT across these five tokens are also eligible to receive a bonus of 5 USDT in their accounts. This offer is valid for the first 1,000 users who register on KuCoin during the campaign.

In addition, we also have a trading competition where you can win a share of 25,000 USDT if you feature among the top 50 accounts with the highest trading amounts for these tokens.

But the celebrations do not end just yet! Participate in our Arbitrum Ecosystem Group Battle to win a share of 30,000 USDT. Trade at least $100 worth of SYN/USDT, GNS/USDT, or GRAIL/USDT to become a part of the SYN, GNS, or GRAIL groups, respectively. The group with the highest total trading volume can win a reward of 15,000 USDT to be shared among the group members. The second and third groups stand a chance to win 10,000 USDT and 5,000 USDT, respectively, in prizes for trading.

You can learn more about the Arbitrum ecosystem by joining our Twitter Space discussion on February 28, 2023, at 06:00:00 UTC or participating in our AMA session on March 1, 2023, at 12:00:00 UTC.