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Arbitrum: Plan to repurchase ARB from Offchain Labs
By Daniele Corno
Offchain Labs proposes a plan to repurchase ARB tokens from Arbitrum as treasury, while the price sinks to new lows
Repurchase plan for ARB
Offchain Labs, the company behind the development of Arbitrum, Layer 2 of Ethereum based on Optimistic Roll-Up, has announced that it intends to purchase ARB as a treasury asset.
According to reports, the operation involves a plan to repurchase ARB tokens, the amounts of which have not been shared, through operations on the free market, with purchases spread over a period of time that has not yet been defined.
The approach will also follow parameters predefined in the plan for the timing of purchases. The initiative comes at a complicated time for the market. The growth of the ecosystem is in fact driven by technical developments and, to a large extent, by DAO initiatives, including strategies and incentives.
Arbitrum still holds one of the top positions in the Layer 2 market, in direct competition with Base by Coinbase, both with a TVL of around $2.5 billion.
Another rescue for ARB?
The announcement by Offchain Labs comes at a time of great difficulty for ARB’s price action.
After its launch via airdrop in March 2023, the token experienced a dizzying rise and fall. ARB in fact reached a peak of over $2.4 dollars and then collapsed to its current low of $0.33.
From its peak, reached only a year ago, the price has plummeted by 86%. In addition to the strong sell-offs that have affected the entire market, ARB has also suffered significant inflation following releases that have increased the circulating supply from 1.5 to over 4 billion units.
