ARB surges as Arbitrum completes major ArbOS 32 upgrade, extending weekly gains

The cryptocurrency market traded in the green over the past few sessions amid the recovering global economy.

As digital assets stole the show with significant surges over the past week, Arbitrum (ARB) was among the top performers, outshining Bitcoin’s 6.35% weekly gain with a 20% increase on its seven-day chart. 

While the altcoin market cooled after significant gains, Arbitrum developers announced the successful completion of the ArbOS 32 upgrade on Arbitrum One, Nova, and Sepolia.

These developments added to ARB’s ongoing recovery, extending the altcoin’s upside journey.

Arbitrum finalizes ArbOS 32 upgrade

The Ethereum L2 scaling network completed the ArbOS 32 update today and urges node operators on Arbitrum 1, Nova, and Sepolia platforms (who are yet to perform the upgrade) to mode the nodes to Nitro version 3.2.0. Contrarily, validator nodes should upgrade to v3.2.1 to ensure compatibility.

Notably, Arbitrum’s latest release seeks to fix security vulnerabilities. Further, the Arb Security Council plans to implement the ArbOS 32 soon. Thus, the version update was crucial to ensure ample time for this implementation.

Meanwhile, the Security Council authorized the emergency to address mispricing concerns in the Arbitrum Stylus. This issue could lead to a DoS (denial-of-service) attack, allowing a vindictive contract to overprice Stylus contracts in SLOAD operations and send network nodes offline.

Arbitrum launches Nitro v3.2.0

Arbitrum is an Ethereum Layer2 scaling network designed to improve ETH’s efficiency and scalability through rollup technology. The strategy heightens the Ethereum blockchain’s security, transaction throughput, and reduced costs.

The network launched the Arbitrum Nitro version 3.2.0 upgrade early this week, introducing adjustments such as stability enhancements. Unlike the previous version 3.1.2 update, the latest release doesn’t include configuration modifications.

Notably, the Arbitrum network comprises several L2 scaling solutions, including Arbitrum Nova and Arbitrum One blockchains.

Current ARB price action

The altcoin saw a notable upswing from the 24-hour low of $0.5876 to $0.6324. ARB trades at $0.6133 during this publication, with its value up 2.65% in the past day. It gained 20% on its weekly chart as bulls ruled the crypto market following the recent Federal decision on interest rates.

Meanwhile, the ArbOS 32 upgrade likely added to ARB’s recovery as its seven-day gains surpassed the leading Bitcoin and Ethereum, which soared 6.5% and 13% last week.

Arbitrum’s daily trading volume has jumped by over 50%, confirming improved investor enthusiasm and possibilities of continued ARB upswings. Also, it trades well above the 200 Exponential Moving Average, reflecting a bullish ride.

Maintaining the current stance could see ARB closing September with gains and exploding during the much-awaited “Uptober.” An analyst expects an upsurge to $1.27, which would translate to an over 100% increase from the current price.

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