{"id":634113,"date":"2024-08-09T04:00:09","date_gmt":"2024-08-09T04:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=634113"},"modified":"2024-08-17T12:29:49","modified_gmt":"2024-08-17T12:29:49","slug":"arbitrum-orbit-chain-pay-gas-fees-usdc","status":"publish","type":"post","link":"https:\/\/wncen.com\/all\/arbitrum-orbit-chain-pay-gas-fees-usdc\/","title":{"rendered":"Arbitrum Orbit Chain Users To Pay Gas Fees Using USDC: Why Is ARB Down 80%?"},"content":{"rendered":"

Users of Arbitrum orbit chains, layer-3 solutions for Ethereum built on top of the platform’s technology stacks, can now pay gas fees using USDC. The move comes even as ARB, the native token of the Ethereum layer-2, continues to post lower lows, pushing losses to nearly 80% since January 2024 highs.<\/span><\/p>\n

Arbitrum Orbit Chains Support USDC For Paying Gas Fees<\/span><\/h2>\n

In a <\/span>press release<\/span><\/a>, the decision to integrate bridged USDC aims to reduce gas fees and attract more developers. As of August 8, USDC is one of the top stablecoins by market cap. CoinMarketCap data <\/span>shows<\/span><\/a> that Circle, the stablecoin issuer, has minted over $34.5 billion of the token, mainly on Ethereum and its layer-2s. <\/span><\/p>\n

Related Reading: 3 Reasons Why Ethereum Is Struggling Today: Will ETH Break $2,000?<\/a><\/div>\n

It should be noted that USDC is also supported in other ecosystems, including Solana and the BNB Chain. <\/span>Currently, over $1.6 billion USDC has been <\/span>bridged to Arbitrum.<\/span><\/p>\n

\"USDC
USDC circulating supply | Source: CoinMarketCap<\/figcaption><\/figure>\n

By allowing users to pay gas fees using USDC, Arbitrum said they would be saved from the pain of enduring volatility typical in ETH. Depending on demand, gas fees tend to fluctuate, rising by several folds when there is congestion in the mainnet. <\/span><\/p>\n

This volatility tends to impact user experience significantly. As such, some users opt for alternative platforms like Solana or Avalanche<\/a>, where gas fees are relatively low.<\/span><\/p>\n

Since USDC is pegged to the greenback, it is stable. Accordingly, regardless of the decentralized app they <\/span>use<\/span> on Arbitrum’s orbit chains, users can predict gas fees, making it easier to budget and, more importantly, manage finances. <\/span><\/p>\n

Pushing Adoption, ARB Down 80% In 8 Months<\/span><\/h2>\n

In the press release, Arbitrum added that this integration will free orbit chain users from holding multiple tokens, further enhancing user experience. <\/span><\/p>\n

Related Reading: More Pain Ahead: Analyst Warns Of Imminent Bitcoin Plunge Below $54,000 To Fill CME Gap<\/a><\/div>\n

Circle also announced a grant program for projects looking to be built on Arbitrum. This may spur the adoption of USDC on the orbit chain.<\/span><\/p>\n

Despite the integration, ARB, the native token of Arbitrum, remains under intense selling pressure. As of August 8, the downtrend remains, and ARB is down nearly 80% from January 2024 highs.<\/span><\/p>\n

\"Arbitrum<\/a>
Arbitrum price trending downward on the daily chart | Source: ARBUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Even though prices have been consolidating, as evident in the daily chart, bulls need to push higher, clearing $0.60. However, a clean break above 40.80, or July highs, could spark demand. This surge may revive demand in the medium to long term.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Users of Arbitrum orbit chains, layer-3 solutions for Ethereum built on top of the platform’s technology stacks, can now pay gas fees using USDC. The move comes even as ARB, the native token of the Ethereum layer-2, continues to post lower lows, pushing losses to nearly 80% since January 2024 highs. Arbitrum Orbit Chains Support USDC For Paying Gas Fees In a press release, the decision to integrate bridged USDC aims to reduce gas fees and attract more developers. As of August 8, USDC is one of the top stablecoins by market cap. CoinMarketCap data shows that Circle, the stablecoin issuer, has minted over $34.5 billion of the token, mainly on Ethereum and its layer-2s. Related Reading: 3 Reasons Why Ethereum Is Struggling Today: Will ETH Break $2,000? It should be noted that USDC is also supported in other ecosystems, including Solana and the BNB Chain. Currently, over $1.6 billion USDC has been bridged to Arbitrum. By allowing users to pay gas fees using USDC, Arbitrum said they would be saved from the pain of enduring volatility typical in ETH. Depending on demand, gas fees tend to fluctuate, rising by several folds when there is congestion in the mainnet. This volatility tends to impact user experience significantly. As such, some users opt for alternative platforms like Solana or Avalanche, where gas fees are relatively low. Since USDC is pegged to the greenback, it is stable. Accordingly, regardless of the decentralized app they use on Arbitrum’s orbit chains, users can predict gas fees, making it easier to budget and, more importantly, manage finances. Pushing Adoption, ARB Down 80% In 8 Months In the press release, Arbitrum added that this integration will free orbit chain users from holding multiple tokens, further enhancing user experience. Related Reading: More Pain Ahead: Analyst Warns Of Imminent Bitcoin Plunge Below $54,000 To Fill CME Gap Circle also announced a grant program for projects looking to be built on Arbitrum. This may spur the adoption of USDC on the orbit chain. Despite the integration, ARB, the native token of Arbitrum, remains under intense selling pressure. As of August 8, the downtrend remains, and ARB is down nearly 80% from January 2024 highs. Even though prices have been consolidating, as evident in the daily chart, bulls need to push higher, clearing $0.60. However, a clean break above 40.80, or July highs, could spark demand. This surge may revive demand in the medium to long term. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":612268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[88023,88069,84309,92870,89363,88077,1946,84942],"class_list":["post-634113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","tag-arb","tag-arb-price","tag-arbitrum","tag-arbitrum-orbit-chains","tag-arbitrum-price","tag-arbusdt","tag-ethereum","tag-ethereum-layer-2"],"acf":[],"yoast_head":"\nArbitrum Orbit Chain Users To Pay Gas Fees Using USDC: Why Is ARB Down 80%?<\/title>\n<meta name=\"description\" content=\"Arbitrum orbit chain users can now pay gas fees using bridged USDC, per a recent press release. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Arbitrum Orbit Chain Users To Pay Gas Fees Using USDC: Why Is ARB Down 80%?","url":"http:\/\/wncen.com\/all\/arbitrum-orbit-chain-pay-gas-fees-usdc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/all\/arbitrum-orbit-chain-pay-gas-fees-usdc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Arbitrum.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Arbitrum.jpeg?fit=1792%2C1024"},"articleSection":"All","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["arb","arb price","arbitrum","arbitrum orbit chains","arbitrum price","arbusdt","ethereum","ethereum layer 2"],"dateCreated":"2024-08-09T04:00:09Z","datePublished":"2024-08-09T04:00:09Z","dateModified":"2024-08-17T12:29:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Arbitrum Orbit Chain Users To Pay Gas Fees Using USDC: Why Is ARB Down 80%?\",\"url\":\"http:\\\/\\\/wncen.com\\\/all\\\/arbitrum-orbit-chain-pay-gas-fees-usdc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/all\\\/arbitrum-orbit-chain-pay-gas-fees-usdc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Arbitrum.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Arbitrum.jpeg?fit=1792%2C1024\"},\"articleSection\":\"All\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"arb\",\"arb price\",\"arbitrum\",\"arbitrum orbit chains\",\"arbitrum price\",\"arbusdt\",\"ethereum\",\"ethereum layer 2\"],\"dateCreated\":\"2024-08-09T04:00:09Z\",\"datePublished\":\"2024-08-09T04:00:09Z\",\"dateModified\":\"2024-08-17T12:29:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Arbitrum.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/634113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=634113"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/634113\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/612268"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=634113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=634113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=634113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}