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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Arbitrum Orbit

Arbitrum Devs Release Orbit Framework In Push For Ethereum L3’s

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Arbitrum development team Offchain Labs tweeted today that it has released the Orbit framework to make it easier for developers to build applications. Orbit is a development framework for creating and launching layer-3 (L3) networks. Via Twitter, Offchain Labs announced:

Today, we’re releasing tooling that will make building your own Arbitrum Orbit chain easier than ever. To start, we’re providing a quickstart guide & tools to help you with building your Orbit DevNet chain!

Why Are L3’s Needed On Arbitrum?

Layer-3 networks are often referred to as AppChains. These are specialized networks that host a single distributed application. They are secured by layer-2 networks and take on the security guarantees of an underlying layer-1 Ethereum network.

With Arbitrum Orbit, developers can create their own dedicated chains that connect to one of Arbitrum’s layer-2 (L2) chains: Arbitrum One, Arbitrum Nova, or Arbitrum Goerli. The advantage of the dedicated AppChains is that developers can customize privacy, permissions, fee tokens, governance, and more for their Orbit chain.

Related Reading: Circle Announces Launch of Native USDC on Arbitrum Network, Aims for Faster Transactions

However, Orbit is not limited to apps. The framework can also be used to create L3’s to host EVM-compatible smart contracts using a self-managed infrastructure that isolates computing and storage resources from Arbitrum’s public L2 chains.

Examples of opportunities include a decentralized blockchain network powered by Nitro that benefits from Nitro’s fraud proofs, advanced compression, EVM+ compatibility via Stylus and continuous improvements. Moreover, Orbit Chains can offer reliable gas prices to their users thanks to dedicated throughput and traffic isolation.

Related Reading: Ethereum Market Cap Higher Than All Altcoins For The First Time in Over 2 Years

Orbit Chains can also be used to control permissions. This means that L3’s can define who can read their chain’s data and who can use smart contracts on their chain. Ultimately, Orbit Chains can be used to create chains that are precisely tailored to a specific use case or particular business requirements.

Arbitrum Orbit
Orbit explained | Source: Twitter @ArbitrumDailyTK

ARB Price – Down Or Up?

Like the entire crypto market, the ARB price has seen a bounce in recent days due to Bitcoin news surrounding BlackRock. However, unlike Bitcoin, the vast majority of altcoins are yet to overcome critical resistance levels before the yearly highs are within reach.

In the 1-day chart, the ARB price has initially failed to overcome the important resistance at $1.15. Moreover, a retest of the descending trend line can currently be observed. Thus, ARB is facing a crucial moment. If the breakout above $1.15 succeeds, the price level around $1.28 becomes possible. If a rejection occurs, a renewed fall towards $1.03 may follow.

Arbitrum ARB price
ARB price at key resistance, 1-day chart | Source: ARBUSD on TradingView.com
Featured image from DataDrivenInvestor, chart from TradingView.com
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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