What's Driving Token Prices? August 21, 2024

ARB (-2.4%) - A proposal passed last week that approved staking within Arbitrum, one of the largest Layer-2 ecosystems with over $3.4B in TVL. The new staking program will include fee sharing for ARB stakers, plus it will introduce liquid-staked ARB with the hope of improving demand/supply dynamics. The ARB token is currently used for governance only, which is a huge improvement.
ETHFI (-0.3%) - Ether.fi, one of the largest liquid staking and restaking protocols, announced the upcoming launch of its credit card. The program, named ether.fi Cash, is a mobile wallet and Visa credit card. The card can either use a user’s USDC assets as collateral or swap the balance for USDC to spend. The card is the third piece to ether.fi’s overall roadmap intended to offer users a way to save, invest, and pay with crypto.
OP (+6.9%) - Layer-2 protocol Optimism opted to remove its newly introduced fault proofs system this week as part of a bug fix. The fault proofs system, introduced in June, was designed to allow the trustless execution of transactions between Ethereum’s mainnet and the Optimism L2 that didn’t rely on Optimism’s centralized security council. Despite the setback, the fraud-proof system is expected to go back into use in early September.

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