ARB price climbs 27% in 24 hours

Over the last 24 hours, the price of Ethereum Layer 2 network Arbitrum (ARB) rose 27%. At the time of writing, the asset was trading at $1.54, according to CoinGecko.

ARB’s total market capitalization stands at $1.98 billion, with a 24-hour trading volume of $1.48 million.

According to DeFi Llama, the value of assets locked in the protocol reached $2.32 billion. Over the day, the metric rose by almost 4%.

Recently, the Arbitrum team unveiled a feature to track NFT in partnership with the Alchemy platform.

You can now track NFTs in real-time on Arbitrum using @AlchemyPlatform. ??

Details below? https://t.co/QMrYxdKeC3

— Arbitrum (?,?) (@arbitrum) April 14, 2023

ARB token distribution began on March 23 and caused network issues. The total ARB supply will be 10 billion.

Earlier, the first community vote sparked a number of criticisms, largely concerning the transfer of control of 750 million ARB tokens to the Arbitrum Foundation.

Users also noted that the organization sold 50 million ARB from the treasury ahead of the vote.

On April 5, the Arbitrum Foundation put for community consideration AIP-1.1 and AIP-1.2, assuring that it had taken into account the negative user reaction to the first governance proposal.

Against the backdrop of disagreements within the community, major ARB holders increased the number of tokens in their wallets.