Arbitrum (ARB) is a Layer-2 solution created to enhance the scalability of Ethereum, consisting of two functional blockchains called Arbitrum One and Arbitrum Nova. While Arbitrum One caters to general applications, Arbitrum Nova focuses on gaming and social applications. It is continuously updated with various improvements and innovations, including decentralized governance systems and permissionless validation protocols. In this piece, you will find answers to two common questions: What is Arbitrum (ARB) and how to purchase it using TRY.
Contents
What is Arbitrum (ARB)?
How to Buy Arbitrum (ARB) with TRY?
How to Open an Account on Binance TR?
How to Verify an Account on Binance TR?
How to Deposit TL on Binance TR?
How to Buy ARB Coin with TL on Binance TR?
What is Binance TR?
What is Arbitrum (ARB)?
Arbitrum is a Layer-2 scaling solution designed to improve Ethereum’s scalability and efficiency. Using roll-up technology, it increases throughput and reduces transaction costs while maintaining Ethereum’s security. Developed by Offchain Labs, Arbitrum consists of two operational Layer-2 blockchains: Arbitrum One and Arbitrum Nova. Access NEWSLINKER for the latest technology news.
Arbitrum One is an optimistic roll-up that allows individuals to deploy decentralized applications (dApps) and smart contracts without permission. Similarly, Arbitrum Nova focuses on gaming and social applications, enabling individuals to deploy these applications without permission.
Founded in 2018 by Ed Felten, Steven Goldfeder, and Harry Kalodner, Offchain Labs introduced Arbitrum as a fundamental scalability solution on April 15, 2019. After launching on the testnet in February 2020 and opening to all participants in October 2020, Arbitrum went live on the mainnet for developers in May 2021. Arbitrum One was publicly launched on August 31, 2021, allowing any user or protocol to interact with the network. Shortly after, protocols like Uniswap, Curve, Aave, and Sushi were deployed on Arbitrum One.
Since its launch, Arbitrum has made significant progress. In August 2022, it was upgraded to the Arbitrum Nitro technology stack, which increased throughput and reduced gas fees. In the same month, Arbitrum Nova, optimized for gaming and social applications using the AnyTrust protocol, was opened to the public.
In February 2023, Arbitrum announced the development of Stylus, an upgraded programming language allowing non-EVM compatible programming languages like Rust to run on Arbitrum One and Arbitrum Nova. As of January 2024, Stylus is in alpha on the testnet and has not yet been activated by the Arbitrum DAO.
In March 2023, as part of the project’s decentralization process, the Arbitrum Foundation, Arbitrum DAO, and the ARB token were created. The ARB token was distributed via AirDrop to previous Arbitrum ecosystem participants who met eligibility criteria. In October 2023, Arbitrum Orbit became mainnet-ready, allowing anyone to launch customizable blockchains (Orbit Blockchains).
Furthermore, in August 2023, Offchain Labs announced BOLD (Bounded Liquidity Delay), a protocol aimed at bringing permissionless validation to Arbitrum One and Arbitrum Nova. As of January 2024, BOLD has not yet been activated by the Arbitrum DAO.
Currently, Arbitrum One and Arbitrum Nova are live and operational. Users can bridge between ETH and other tokens, send transactions, and interact with smart contracts. The on-chain governance system of Arbitrum DAO is also active, further decentralizing the control and decision-making process for the project.
How to Buy Arbitrum (ARB) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Arbitrum (ARB). On Binance TR, where an account can be quickly created, over 100 cryptocurrencies, including ARB, can be bought and sold. To buy Arbitrum (ARB) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, email/sms verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be performed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through the official Binance TR website. Note that you will need your mobile phone to verify your identity from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you.
After selecting the document type, tap on the “Upload front side” option to continue. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photos you take is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.
After completing all these steps correctly and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed within EFT hours.
To deposit money into your Binance TR account, first, go to trbinance.com, hover over the “Wallet” option at the top left of the main page, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information displayed on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy ARB Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to ARB coin purchase step by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.
After clicking on this option, the page below will open. By typing “ARB” in the search section on the right side of this page and clicking on the ARB/TRY option from the results, you can go to the TL to ARB purchase page.
Now the ARB trading page below will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy ARB in the first box and the number of ARB you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy ARB” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct banking channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users supported by Binance TR with Binance’s core functionalities gain access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
