Arbitrum, the layer 2 solution for the Ethereum (ETH) blockchain, has teamed up with Manta Network, a privacy protocol for decentralized finance (DeFi), to offer its users a decentralized and private way to verify their real identities without compromising any information regarding on-chain activity.
On May 9, Manta Network took to Twitter to announce the collaboration with Arbitrum to roll out a series of Private Soul Bound Tokens (zkSBTs) to provide private on-chain identity verification for Arbitrum users and its ecosystem. The new initiative will offer users a decentralized, trustless, and private way to verify their real identities without compromising any information or data leakage about their on-chain activity. Manta wrote,
“Through the new zkSBT offerings launching starting today on Manta Network’s NPO, Arbitrum users will be able to privately verify various aspects of their on-chain identity without revealing any additional information.”
We are proud to support @arbitrum in rolling out a series of Private Soul Bound Tokens (zkSBTs) that provide private on-chain identity verification for Arbitrum users and its ecosystem.
Mint your Arbitrum zkSBTs here: https://t.co/kv46Qp3IJV pic.twitter.com/sbSLYVipL0
— Manta Network (@MantaNetwork) May 9, 2023
A New Partnership To Boost Digital Identity
According to the official blog post, the partnership will allow users to access various zkSBTs that have been designed for the verification of Arbitrum ecosystem supporters and users. It will enable the layer 2 solution users to mint the ARB Early Supporter zkPass, which is a private verifiable proof of participation as an early supporter within the Arbitrum ecosystem.
Only the Arbitrum users who have received tokens in the ARB airdrop are eligible to mint an Early Supporter zkPass. Furthermore, on May 11, Arbitrum users will be able to mint a zkSBT from one of Manta Network’s ecosystem projects, ReadOn. The offering will also integrate future zkSBTs for the Arbitrum ecosystem with other Manta ecosystem projects.
The move caused the Arbitrum (ARB) to rally after witnessing a free fall in tandem with the broader crypto market. According to CoinMarketCap, ARB is up more than 2% in the last 24 hours to trade at $1.12. Meanwhile, the digital token tanked a staggering 15.65% over the past seven days as Arbitrum whales joined a dumping spree.
As per data compiled by Santiment, ARB whales have offloaded a whopping 440 million coins, worth $484 million, between May 5 and May 9. Additionally, since the beginning of this month, the number of Daily Active Addresses on the Arbitrum network has witnessed a sharp decline, dropping almost 42% from 177,830 to 102,680.
Arbitrum Continues To Ramp Up Despite Slump
Over the recent past, Arbitrum has been putting in tremendous effort to ramp up its network after Arbitrum Foundation, the body responsible for overseeing the decentralized governance system of the Arbitrum network, faced severe retaliation after it sold nearly 50 million ARB tokens without community approval.
However, following the backlash, Arbitrum put forward two new Arbitrum Improvement Proposals (AIPs), assuring it would not move the controversial 700 million ARB tokens until the platform’s Decentralized Autonomous Organization (DAO) passed a budget.
1/ Vertex is now live on the @arbitrum mainnet 🚀
Start trading with lightning-fast speed & universal cross-margin across spot, perps & money markets!
Trade like a CEX, self-custody like a DEX.
Welcome to Vertex 🏔️https://t.co/vKQ9CGsEFJ pic.twitter.com/G5uQ7LEzBX
— Vertex 🏔 (@vertex_protocol) April 26, 2023
Moreover, on April 26, Vertex, a decentralized cryptocurrency exchange (DEX), went live on the Arbitrum (ARB) blockchain enabling market participants to trade seamlessly on the platform. As the crypto landscape continues to evolve, it is becoming crucial to prioritize decentralization and the security of users’ assets. DeFi platforms have the potential to offer a viable alternative to centralized exchanges providing users with greater control and security over their assets.