Altcoin project Arbitrum-based Camelot crypto exchange will deploy its V2 upgrade on Saturday. The V2 upgrade will include a new concentrated liquidity auto market maker aimed at making trading more efficient for the Camelot ecosystem. Meanwhile, Lookonchain has identified four whales who “continually” purchase ARB tokens despite the ongoing drama.
Arbitrum-based Camelot to perform V2 upgrade
According to a Camelot blog post, Arbitrum-based decentralized exchange (DEX) Camelot will begin rolling out a v2 upgrade on Saturday aimed at making its crypto trading platform more efficient and user-centric. The founder, nicknamed Myrddin, said on Discord that the upgrade will be launched in three phases.
First, on Saturday, Camelot will deploy a beta-stage automatic market maker (AMM) based on the codebase of Algebra, a liquidity-focused protocol. The v2 upgrade will bring “significant improvements” to Camelot’s infrastructure, such as adjusting pool fees and supporting revaluation tokens like stETH. In the second phase, the UI will be overhauled, and in the final phase, farms will be released for concentrated liquidity.
According to CoinGecko data, Camelot’s native token, GRAIL, is up about 3.7% over the past 24 hours, but is down 23.4% from last week. GRAIL was trading at $2,363.15 at press time.
According to crypto statistics website DefiLlama, Camelot is the sixth largest protocol in Arbitrum with a total locked value of more than $107.2 million. Additionally, the exchange will distribute the non-transferable governance token xGRAIL to participants of the token’s public sale sometime after the v2 upgrade is complete. “All contributions before 12:00 (UTC) December 1st will qualify for a ~25% bonus on xGRAIL,” Camelot wrote on Twitter.
Whales are hoarding these altcoin tokens
cryptocoin.comAs you follow, after the glorious launch of the long-awaited Arbitrum token ARB, rumors and sales dominated the ecosystem due to the disagreement between the token holders and the Arbitrum Foundation. Popular Blockchain tracking platform Lookonchain has identified four whales who are “continually” buying ARB tokens despite the ongoing drama.
Andrew Kang of Mechanism Capital is one of four whales to buy an additional 1.51 million ARBs at $1.23 with approximately $1.85 million USDC stableecoin, according to analysts. Kang spent a total of 2.85 million in stablecoin to purchase 2.3 million ARBs, with an average purchase price of $1.24.
Another whale, still presumed to be an institutional player, bought 5.86 million ARBs worth about $7.15 million from central exchange Gate.io and now has a total of 17.62 million ARBs worth about $21.5 million . Whale has become ARB’s largest individual holder.
Third, it bought 795,381 altcoins with one million USDC stablecoin at $1.26 and currently holds 10.6 million ARBs (approximately $12.94 million worth). The fourth whale also received 532,012 ARB (approximately $661,000 worth). It currently holds 4.58 million ARBs (worth approximately $5.59 million).
The new whale activity comes after the Arbitrum Foundation received a significant backlash over its governance voting system. This forced the team to announce two new proposals with various changes, in which it promised to retain the remaining 700 million ARB tokens in the Administrative Budget Wallet until the DAO allows for a suitable spending plan.
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