Ethereum Scaler Arbitrum Odyssey NFT Campaign is Paused

Depricated as of Oct 2022

Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!

Have a great day,

Ethereum Scaler Arbitrum Odyssey NFT Campaign is Paused

Ethereum Scaler Arbitrum Odyssey NFT Campaign is Paused
The Odyssey. (Shutterstock)
Source: Decrypt
1657001690 05 Jul / 06:14

In Crypto, it might be challenging to infer the specific distinctions between an excellent sustainable product and transient financial incentives.

Crypto-native solutions are incredibly cumbersome, requiring customers to jump through various bizarre hoops merely to shift a little amount of money. However, if redistributing the funds enables you to generate even more cash, the solution will likely gain tremendous popularity.

This dynamic is exemplified by DeFi's airdrops, yield farms, and other features. Hop Protocol, a layer-2 bridging service, and Arbitrum, an Ethereum scaler, have paired together for a novel campaign under the same opaque dynamic.

Before delving deeper: Hop is an on-ramp and off-ramp for layer-2 scaling solutions. Hop enables the transfer of funds from Polygon to Arbitrum and Ethereum to Optimism (and back again). Although such bridges currently exist, many of them require a waiting period before you can withdraw your funds.

For instance, withdrawing bridged money from Arbitrum might take up to a week. Yikes. (For more about Arbitrum, see our Learn post that delves into this Ethereum scaling option.)

The market for both items is thriving. At least momentarily, Arbitrum has more excellent gas prices than Ethereum’s mainnet.

This dramatic increase is due to Arbitrum’s so-called Enter the Odyssey campaign.

The developers behind the scaling approach anticipated distributing unique NFTs to Arbitrum ecosystem members performing different jobs for two months. In a minute, we’ll discuss why this expectation has not been met.

The aim for the first week (which began on June 21) was to transfer assets from a limited number of crypto bridges to Arbitrum. Additionally, according to Arbitrum, ” Users that use the bridge that gets the most volume at the end of the week will also be able to claim a bonus NFT.”

Which of the roughly 20 potential bridges do you believe won?

That’s true, Hop Protocol dominated the competition.

Even though the campaign looked well-designed and inclusive, Arbitrum was forced to put Odyssey on hold on Thursday.

We’ve decided to halt the Odyssey until Nitro is published so that all communities and initiatives inside Arbitrum can continue operating without friction.

According to the project, Nitro is another scaling technique that will be implemented soon. Currently, Arbitrum delays the network whenever its capacity is at its maximum. In essence, Nitro would remove these training wheels.

In conclusion, Arbitrum has been driven to its knees by its incentive scheme, which appears to be a negative result considering that it is intended to help the crypto scale.

However, Hop fared exceptionally well, acquiring more than 165,000 new users.

Sadly for Arbitrum, Hop may have been an exceptional product. Users may have picked any number of other bridges.

Last News and Media
CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.