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Arbitrum (💙,🧡) Profile picture
@arbitrum
Jun 1 • 9 tweets • 3 min read Twitter logo Read on Twitter
1/ Hey Arbinauts!💙🧡

@circle is launching USDC natively on @arbitrum on June 8th!

To learn more about this launch and how to migrate liquidity from “bridged USDC” to native USDC, please check out our blogpost 👉medium.com/@arbitrumfound…

🧵👇 Image
2/ USDC issued by Circle will be native to Arbitrum and will be considered the official version of USDC for the Arbitrum ecosystem. Over time, native USDC liquidity will grow and replace the currently circulating “bridged USDC” liquidity that comes from Ethereum.
3/ Benefits of Native USDC:

✅Fully reserved and always redeemable 1:1 for US dollars
✅Enables institutional on/off-ramps via Circle and other partners
✅Upcoming support by #CCTP to eliminate bridge withdrawal delays
4/ What you need to know:

Ahead of the launch of native USDC on June 8th, the Ethereum-bridged version of USDC on block explorers will be renamed as “USDC.e”. There will also be outreach to ecosystem apps to make the same change in their app UI and documentation.
5/ Bridged USDC from Ethereum:

– Token Name: Bridged USDC
– Token Symbol: USDC.e
– Token Address: 0xff970a61a04b1ca14834a43f5de4533ebddb5cc8
6/ Native USDC issued by Circle:

– Token Name: USD Coin
– Token Symbol: USDC
– Token Address: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831
7/ Arbitrum Foundation will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time. There will be no immediate change to the Arbitrum Bridge & it will continue to operate normally for bridging USDC to-&-from Ethereum.
8/ Circle expects to bring Cross-Chain Transfer Protocol #CCTP to Arbitrum after the launch of native USDC. Upon integration into the Arbitrum Bridge, this will enable USDC to move natively to-and-from Ethereum (and other supported chains) in minutes – no more withdrawal delays.
9/ Stay tuned for June 8th!

We’re very excited about what native USDC means for the Arbitrum ecosystem! Please reach out on the Arbitrum Discord in the ‘usdc-circle-support’ channel if you have any questions.
discord.gg/uBfTvvjBG4

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More from @arbitrum

Arbitrum (💙,🧡) Profile picture
May 10
Big news Arbinauts!

Arbitrum is the only rollup that sends all surplus revenue generated by transaction fees to their respective DAO and it is time for the DAO to collect the funds so far!

Follow along to learn more about it.🧵👇
All users on Arbitrum One pay a fee when transacting on the network. The fee is split into two components:
1. L1 fee to pay for costs on Ethereum.
2. L2 fee to pay for costs on Arbitrum.

Surplus L1 fees and all L2 fees accumulate on-chain before it is sent to the DAO.
The L1 fees purpose is to cover the cost of posting the transaction’s data onto the Ethereum blockchain, but it cannot perform that payment immediately.

The Sequencer must front the financial cost of posting the data onto Ethereum & later recoup it from the accumulated L1 fees.
Read 10 tweets
Arbitrum (💙,🧡) Profile picture
May 8
We have some exciting conversations planned this week with many hard working builders in the #Arbitrum ecosystem.💙🧡

Set your #TwitterSpace reminders below so you don't miss out🧵👇
Monday | 1:30pm EST with @y2kfinance

twitter.com/i/spaces/1RDxl…
Tuesday | 1:30pm EST with @Flashstake

twitter.com/i/spaces/1PlKQ…
Read 6 tweets
Arbitrum (💙,🧡) Profile picture
Apr 5
1/10 With the ArbitrumDAO reaching consensus against AIP-1, it's now time to incorporate community feedback, and move forward with new AIPs and documentation that address key areas of concern.

Details below🧵👇
2/10 The Foundation will not move any of the remaining 700M tokens in the Administrative Budget Wallet until an acceptable budget and smart contract lockup schedule has been approved by the DAO.
3/10 Three new documents have been posted:

- Transparency report about the Foundation’s initial setup
- AIP-1.1: Lockup, Budget and Transparency
- AIP-1.2: Amendments to current founding documents
Read 11 tweets
Arbitrum (💙,🧡) Profile picture
Apr 2
Thanks to all the DAO participants and delegates for their feedback on AIP-1. It likely will not pass and we are committed to addressing the feedback received from the community.

More details in the thread 🧵👇
Before we dive in, we want to clarify why 10m ARB tokens were sold by The Arbitrum Foundation.
The Foundation is a separate entity to Offchain Labs and it was established with no funds. The 10m ARB tokens were sold to fiat to fund pre-existing contracts and to pay for near-term operating costs. For example, the $3.5 million setup costs outlined in AIP-1.
Read 13 tweets
Arbitrum (💙,🧡) Profile picture
Apr 2
1/ There's a very lively discussion on the Arbitrum governance forums regarding AIP-1. Decentralized governance is working as intended. We are all one community and fierce public discourse will yield the best outcomes.

🧵👇
2/ There have been several requests for clarity from the Arbitrum Foundation regarding the ratification process and here is a long form response from the Foundation adding additional context:
forum.arbitrum.foundation/t/clarity-arou…
3/ With DAO launches, there's a chicken-egg problem. Some decisions must be made before and in connection with a broader launch.
Read 7 tweets
Arbitrum (💙,🧡) Profile picture
Mar 21
What a week it’s been! Thanks to the amazing community for all of the incredible support.

Speaking of the community, we’re excited to announce the details of the DAO airdrop.

First, ICYMI, read up on the general airdrop design here:
buff.ly/3JHr8kv
One of the core principles of the airdrop is to reach the sub-communities of Arbitrum.

The Foundation cannot do this alone; we recognize that protocols should be able to decide the distribution of governance within their communities, and that’s goal of the DAO airdrop.
Only projects on Arbitrum with a DAO & a community treasury were eligible to participate in this distribution.

The only exception to this rule is the inclusion of the @ProtocolGuild, a collective of Ethereum core devs & contributors.

Full list here: buff.ly/3LN4WHh
Read 7 tweets

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