We are excited to announce that Hord, a liquid Ethereum staking protocol, is migrating the HORD token and major parts of Hord ETH Staking to the Arbitrum chain.
This is the first step out of a few to migrate most parts of the Hord protocol to Arbitrum. This transition marks a significant step forward in our commitment to enhancing accessibility, profitability, and on-chain governance for our community.
With this migration to Arbitrum, Hord is poised to improve the ETH staking experience while contributing to the growth and sustainability of the entire Ethereum ecosystem. As a liquid ETH staking platform, supporting Arbitrum, an L2 for Ethereum, is more logical than operating on the BNB chain. As such, $HORD token rewards earned by stakers will be an Arbitrum-based version of Hord bridged via the chainport.io bridge.
To support this transition, we will stop supporting the HORD token on BNB, and liquidity will be consolidated on Uniswap Arbitrum. The transition to Arbitrum will take place on Sunday, the 4th of June, but we will still maintain liquidity on Ethereum on Uniswap
We will publish an extensive document outlining the bridging process.
Lowering Transaction Costs and Boosting Accessibility
As an Ethereum staking protocol, Hord recognizes the pressing need for a scalable and cost-efficient infrastructure. By migrating to Arbitrum, we aim to tackle the challenges of high transaction fees on the Ethereum mainnet. Arbitrum's advanced L2 technology enables faster and more affordable transactions, making ETH staking accessible to a wider audience and enhancing overall profitability.
Arbitrum's Advanced Features
Arbitrum stands out as a leading L2 blockchain solution for Ethereum, offering a range of cutting-edge features that align perfectly with Hord's goals. Its robust scalability, low transaction fees, and near-instant transaction finality ensure a seamless and efficient experience for HORD token holders. By leveraging Arbitrum's advanced capabilities, HORD token holders will enjoy improved performance and lower fees.
Consolidating HORD liquidity
Volatility is a major issue with the HORD token caused by liquidity. Hord has liquidity on Uniswap but high fees due to it being on the Ethereum network. While BNB has low fees, there is not much liquidity. With this consolidation, a HORD/USDC pair with high liquidity should resolve sharp volatility and slippage.
With this move, a gradual consolidation of Hord’s liquidity on Arbitrum will begin, creating a unified HORD/USDC pair. Concentrating liquidity on a network that allows for more affordable transactions, thus reducing the volatility of the token when it comes to large swaps.