Offchain Labs, the developer of Arbitrum, a layer 2 scaling solution for Ethereum (ETH), is buying back a large amount from its native altcoin ARB.
According to data from Nansen, Offchain Labs has collected $7.22 million worth of ARBs from Binance through multiple addresses in the past seven days.
Arbitrum is one of the most popular second layer solutions for Ethereum, which aims to increase speed, scalability and cost efficiency in the network. It continues to inherit the security and compatibility of Ethereum while using optimistic rollups, a technique that moves most transactions and storage off-chain.
However, in the past weeks, Andrew Kang, a well-known investor, sold a large amount of ARB altcoins in his last transaction and converted them into USDC stablecoins.
However, another anonymous cryptocurrency whale bought 1 million ARBs at $ 0.97. Arbitrum price is trading at approximately $1.01 at the time of this writing.
Arbitrum launched its mainnet in August 2021 and attracted many important projects and users to its platform. Some of the important names are Uniswap, Aave, Chainlink, MakerDAO and SushiSwap.
*Not investment advice.
