Robinhood (NASDAQ: HOOD) recently announced during the ETHDenver conference that its digital wallet users may now transact via Arbitrum.
The latest integration is set to enable seamless access to decentralized finance (DeFi) platforms for new crypto clients by significantly reducing the complexity of L2 transfers.
Arbitrum, which is an Ethereum (ETH) L2 network, currently claims one of the biggest decentralized finance ecosystems with around $3.3 billion in locked digital assets. This, according to the latest DeFillama data.
DeFi, which is broadly used to describe applications of blockchain or DLT technology that enables clients to gain access to financial services via so-called smart contracts, is frequently targeted by malicious hackers and bad/illicit actors as they are loosely regulated (or completely unregulted).
This past year, the Defi and crypto sector experienced a considerable decline in overall DeFi hacks, according to an update from blockchain intelligence firm Chainalysis.
The blockchain analytics service provider revealed that hackers reportedly stole around 63% less crypto-assets from DeFi services this past year when compared to figures from 2022.
However, bad actors were still able to steal around $1.1 billion, the report claims.
As covered, Arbitrum is a crypto network, designed as a scalability solution for the Ethereum blockchain. It is described as a layer 2 protocol that aims to make Ethereum (ETH) transactions a lot quicker and more economical, thus helping to boost the DLT network’s overall scalability.
As reported recently, Lumerin, a “decentralized” Hashpower Marketplace built on Arbitrum that has built technology to make Bitcoin hashrate a liquid asset allowing for global access to peer-to-peer, decentralized hashrate trading, announced a new integration with Portal, the “trust-minimized,” cross-chain swaps that involve no bridges, custody or wrapping.
Portal Swaps SDK was developed by Portal, a fintech provider “advancing financial self-sovereignty via the first bridgeless, wrapper-less cross-chain decentralized exchange (DEX) network.”
Unlike today’s cross-chain exchanges, Portal uses Atomic Swaps technology “to avoid custodial risk, the biggest hidden risk in the cryptocurrency space.”
