The Arbitrum team announced that their Arbitrum Improvement Proposal (AIP-2) has been officially approved by the community. The approval brings new perspectives for users concerned about the use of smart contract wallets and gas fees.
Benefits granted by the AIP-2 include social recovery, the ability to pay gas fees via any ERC-20 token (not just Ether), and greater control over batch transactions via session keys.
These advances are intended to optimize the user experience on the Arbitrum network, opening a new chapter in the history of Ethereum scalability. The latest data shows that the Total Locked Asset Value (TVL) on the Arbitrum network has surpassed $2.747 billion, according to DeFi intelligence tracker DeFiLlama.
Improvements in Arbitrum
During previous releases and updates conducted by the developers at Arbitrum Offchain Labs, there was a notable increase in the TVL and the price of the ARB token. If history is any indicator, we can expect the price of Arbitrum to rise in response to the community passing AIP-2.
Currently, the ARB token trades at $1.266, with an increase of 11.46% recorded between June 21 and early Friday. According to analyst Ekta Mourya, this indicates that the ARB price may continue to rise in the near term, potentially yielding further gains for token holders.
“If history repeats itself, it is normal for the price of Arbitrum to rise in response to a community approval of AIP-2. An increase of 10% to 20% is not ruled out since the perspective of the update is optimistic and even some points of it, such as the payment of gas fees with other ERC-20 tokens is a point defended by Vitalik Buterin”, he said.