The ARB price witnessed an increase when news of Arbitrum’s token airdrop surfaced. This resulted in many investors and analysts closely monitoring the Arbitrum ecosystem. Avorak AI recently bought Space ID (ID) on the Arbitrum network, and many crypto enthusiasts are intrigued by the idea of a potential cross-chain interaction between these two ecosystems.
What is Space ID (ID)?
Space ID (ID) is a blockchain-based name service network that allows users to register and manage their web3 domains across different blockchains, as well as trade and interact with other users’ domains. Web3 domains allow easy access to blockchain-based resources, such as decentralized applications (DApps), smart contracts, and NFTs.
What is Arbitrum (ARB)?
Arbitrum (ARB) is a layer 2 blockchain that offers a faster and cheaper method of conducting ETH transactions through its optimistic rollups.
The Arbitrum network has been particularly famous among developers because it supports Ethereum Virtual Machine (EVM) contracts and also has its own virtual machine, the Arbitrum Virtual Machine (AVM). Additionally, it allows users to have their own web3 domain registered on its network through Space ID. Recent Arbitrum news indicates that the recently trending Avorak AI bought Space ID on its network, causing widespread speculations within the crypto community.
What is Avorak AI (AVRK)?
Avorak AI is a new AI ecosystem built on the Binance Smart Chain. The platform seeks to provide advanced solutions to its users through the combination of AI and blockchain technologies.
Crypto watchers on YouTube such as Crypto Baby and Cilinix Crypto have been talking about this AI crypto project. Avorak has made other significant moves in the crypto market apart from the recent acquisition of ID tokens. For example, its initial coin offering event (ICO) has been getting more investors by the day. Additionally, the Avorak Trade bot made crypto news headlines with its unique solutions. The trading tool can provide predictions on prices of various assets, work on multiple exchanges, make automated trades, and is easily programmed with a simple script.
The platform’s suite of AI solutions is meant to offer users access to advantages that make them more successful in their operations. AVRK functions as a credit for accessing the Avorak AI services, distributed to allow users to partake in the functionality offered by Avorak AI. AVRK is currently trading at $0.145 in phase 3 of Avorak’s ongoing ICO.
Avorak buys ID on Arbitrum: Possible integration?
Avorak recently acquired Space ID tokens on Arbitrum, leading to speculation about a possible integration. With the acquisition, Avorak gains access to Arbitrum’s scalable layer 2 technology, which could enhance its existing blockchain solutions. However, the purchase of Space ID could also signify Avorak’s interest in expanding its presence in the web 3 space.
Although it remains to be seen whether Avorak plans to collaborate with Arbitrum, this integration could lead to the development of innovative decentralized applications that open up new use cases for AVRK and ARB.
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