What is the product of arbitrum?

Excuse me, could you possibly explain what the product of Arbitrum actually is? I've heard a lot about it in the cryptosphere, but I'm still not quite clear on its specifics. Is it a platform for trading cryptocurrencies? Or does it provide some kind of service that enables smart contracts? Could you elaborate on its functionality and the benefits it offers to users? I'm very interested in understanding the ins and outs of this product, as it seems to be quite popular in the cryptocurrency world.