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Home»ADOPTION NEWS»The Arbitrum Foundation’s proposal to deploy the Orbit chain beyond Ethereum has entered early voting.
ADOPTION NEWS

The Arbitrum Foundation’s proposal to deploy the Orbit chain beyond Ethereum has entered early voting.

By Crypto FlexsJuly 26, 20242 Mins Read
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The Arbitrum Foundation’s proposal to deploy the Orbit chain beyond Ethereum has entered early voting.
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The DAO, the governance body that oversees the Arbitrum Layer 2 network, is currently voting on whether to expand the Orbit chain to networks other than Ethereum.

The proposal from the Arbitrum Foundation is undergoing an initial “temperature check” vote in Snapshot and is scheduled to be finalized on August 1, 2024.

The foundation proposed expanding the Arbitrum extension, which was previously limited to blockchains that derive their security from Ethereum (typically second-layer blockchains).

The existing program allows entities to fork the Arbitrum codebase and launch EVM-compatible Orbit Chains, which are customizable blockchains built using Arbitrum’s software stack. Developers can tailor the chain to their specific needs by choosing elements such as transaction throughput, gas tokens, governance, etc. It can be configured to settle directly on Ethereum.

If the latest proposal is approved, new Orbit chains could be launched on various blockchain networks, including Bitcoin, Binance Smart Chain, and Cosmos.

The latest proposal notes interest from projects looking to develop Orbit chains outside of Ethereum, prompting the Foundation to revisit the existing restrictions. The proposed changes could increase Orbit distribution, boosting revenue for ArbitrumDAO and the ecosystem.

The Orbit chain shares 10% of its revenues with the Arbitrum ecosystem, facilitating a mutual financing model that benefits projects.

There have also been suggestions that these changes could spur adoption of the Ethereum Virtual Machine and its upgraded version, Stylet (EVM+).

Preliminary results from the vote show strong support for the expansion, with over 99% of voters supporting the deployment of the Orbit chain across multiple blockchain networks.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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