Tag: arbitrum

Google to Show Token Balances in Wallets Running on Bitcoin, Polygon, Fantom Blockchains

Google, in a crypto-supportive move, has decided to show balances of crypto wallets through a simple Google search. The balance information for wallets based on the blockchains of Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom will now be shown on Google once the wallet address is correctly typed into the Search bar. Heavily visited web platforms like Google easing out the process of engaging with digital wallets could rope-in more members to the digital wallets space.

The balances that Google will show may not be updated in real-time and would only show balances in the native tokens of the blockchains that are eligible for this Google feature. Screenshots of the feature have already begun floating on social networking platforms.

It is, however, noteworthy that blockchain transactions are saved on public domains. A wallet address does not reveal the identity of the wallet holder. The control of each wallet is stored in its private key, that is possessed by the wallet holder.

This development comes at a time when the crypto sector is sprinting on a bull run. Bitcoin, for instance, recently touched its new all-time high of over $73,000 (roughly Rs. 60.8 lakh). Standard Chartered predicts that Bitcoin is projected to reach the price mark of $200,000 (roughly Rs. 1.66 crore) by 2025.

Thanks to the bull run in the crypto market, along with the introduction of ETFs in the US and ETNs in the UK, more investors could join the crypto sector in the coming days subsequently leading to more visits on Google for wallet balance check.

This is not the first time, that Google has integrated such a pro-crypto service to Search. Earlier this month, Google Search started showing wallet balances for active holders of the Ethereum Name Service (ENS). The ENS compresses complex wallet addresses into humanly readable, short addresses.

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Arbitrum Transactions Soar by Over 590 Percent, Overtake Ethereum in Daily Transactions

Ethereum, the most commercial blockchain in existence, is often looked at as a benchmark for other blockchains seeking competition. In a fresh development, the daily transactions on Arbitrum have surpassed those on Ethereum. Developed by New York City-based Offchain Labs, Arbitrum is a layer-2 scaling solution, built upon the Ethereum blockchain that improves the efficiency of the mother blockchain. Among other layer-2 solutions built on Ethereum, Polygon is also a notable name.

Between January 1 and February 20, the number of daily transactions on Arbitrum rose by an impressive 590 percent, data by Arbiscan showed.

“The highest number of 1,103,398 transactions on Arbitrum was recorded on Tuesday, February 21, 2023,” Arbiscan said.

In comparison, with 1,084,290 transactions, Ethereum recorded only a 46 percent rise in daily transactions in the same period, Etherscan reported.

In the backdrop of Arbitrum recording an all-time high in the number of registered unique addresses at 2.95 million, protocols built on the layer-2 have also shown promise among industry insiders.

Factor, a decentralised asset management platform built on Arbitrum recently bagged over $4.3 million (roughly Rs. 35 crore) from traders in less than 12 hours, Coindesk reported. Camelot, a new decentralised exchange, also built on Arbitrum, witnessed a 369 percent spike in activities since February 1.

Analytics platform Nansen also showed that other financial applications based on Arbitrum recorded a 100 percent increase in transactions and userbase in the last 24 hours. These include Vela Exchange and Radiant Capital.

It is however noteworthy that Ethereum is still ahead of Arbitrum in terms of generating network fees. Ethereum’s per-day fees amount to around $6.7 million (roughly Rs. 55 crore). Arbitrum, on the other hand, gathers around $154,000 (roughly Rs. 1.2 crore) per day.

The growth in this layer-2 blockchain solution is being triggered by some rather positive speculations making the rounds in the market. The crypto community is reportedly expecting Arbitrum to soon announce a potential airdrop.

There have been no official announcements from Arbitrum developers about the same. Arbitrum does not have a native crypto token.

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