The layer two (L2) scaling solution Arbitrum revealed on Wednesday that the team has implemented the project’s Nitro rollup stack migration. Developers at Arbitrum noted earlier in the month that Nitro migration would decrease network fees while improving throughput.
Arbitrum Developers Implement Nitro Update
Arbitrum is a L2 Ethereum scaling solution managed by Offchain Labs. told fellow Arbinauts (the project’s users) on Wednesday that the development team has implemented the Nitro upgrade. “All Arbinauts, please prepare for liftoff,” the team explained.
You can also follow the official account on Twitter at Arbitrum wrote that the “migration has officially begun, [and] the network will remain down during the upgrade process for the next 2-4 hours.” The team invited fellow Arbinauts to hold tight during the change in the project’s Discord server discussion room.
Bitcoin.com News reported on Arbitrum’s August 31 Nitro upgrade on August 7. This upgrade will improve Arbitrum’s experience by allowing faster transactions and lower fees. Currently, Arbitrum’s experience is already a lot cheaper than Ethereum’s gas fees and this was the case before the Nitro upgrade.
Statistics show that current gas costs to send ethereum (ETH) onchain is $1.07 and to swap tokens onchain it’s $5.35, according to l2fees.info data. The same fee aggregation website indicates Arbitrum’s L2 fees are $0.14 to send ether, and it is $0.36 per transaction to swap tokens using Arbitrum.
All-time metrics from cryptoslam.io’s non-fungible token (NFT) data, shows Arbitrum’s the 13th largest blockchain among 19 networks, in terms of all-time NFT sales. Arbitrum recorded $30,1222,260 in NFT sales over the past year according to NFT data.
According to Defillama.com, Arbitrum holds close to $1B or $947.18 Million total value (TVL), in decentralized financing (defi) as of August 31. Arbitrum has the 7th largest TVL, with a 17.76% increase in the last 30 day.
Arbitrum is not the only L2 option available. There are also many others, such as Immutable X (Metis), Optimism and Loopring), Zksync or Boba, Aztec, Polygon Hermez and Zksync. Nitro is Arbitrum’s largest upgrade to date, and the development team already testnet deployed the upgrade last April.
The blockchain network Ethereum will transition in 12 days from proof-of work (PoW), to proof-ofstake (PoS), via The Merge. Cardano is also expected to start the Vasil hardfork in September.
Arbitrum at 1:37 PM (EST). announcedOfficially, the Nitro upgrade had been completed. Onchain activity has resumed, and developers thank the community for their patience.
What do you think about Arbitrum’s August 31 Nitro upgrade? Please comment below on your views.
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