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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.