Arbitrum One, the L2 Ethereum scaling solution announced on August 4 that it will be implementing a major upgrade, Nitro, in just 25 days. On August 31, the highly anticipated Nitro migration, exactly one year since Offchain Labs launched the ArbitrumOne mainnet. According to the Arbitrum team, developers must prepare contracts. Users should be prepared for quicker transactions and lower fees.
Offchain Labs Reveals Migration Date for Arbitrum One’s Nitro Upgrade
Yesterday, Arbitrum One’s official Twitter page was created told its 275,200 social media followers that Arbitrum will be “migrating to Nitro on August 31st.” Arbitrum launched last year on August 31, as the L2 Ethereum scaling solution leverages optimistic transaction rollups that are transmitted via the Arbitrum One sidechain and Ethereum mainnet. The scaling makes ethereum (ETH) transactions faster and cheaper than transacting onchain via ETH’s layer one (L1). For instance, it costs roughly 9-10 gwei or between $0.32 to $0.36 to transact onchain on the Ethereum network at the time of writing, according to etherscan.io’s gas tracker
The Etherscan.io metrics also show that the cost of sending an ERC20 token, such as tether or USDT (USDT), is $0.83-$0.93 per transaction. Statistic from l2fees.info shows that arbitrum regular ethereum transactions cost about $0.08 on the same date, August 6, 2022. Arbitrum can be used to exchange a token for around $0.12. Arbitrum is currently the third-cheapest L2 protocol, as L2s Loopring or Metis Network can send Ethereum for less. Loopring is 25% cheaper than Arbitrum, at $0.43, but it’s 258% more costly to swap tokens via Loopring. Metis Network costs $0.06 less than the Arbitrum token swap price today.
The introductory Nitro blog, published by Offchain Labs on April 6th, explains that fees as well as transfer throughput will improve with Nitro. “Arbitrum Nitro is the most advanced rollup stack ever built, and it enables massively higher throughput and lower fees,” the Nitro summary explains. Two days ago, the latest Arbitrum Nitro blog posted that an upgrade would add:
- Advanced Calldata compressionArbitrum further reduces transaction costs by decreasing the data uploaded to L1.
- Compatible with Ethereum L1 GasIt brings pricing and accounting of EVM operations in complete alignment with Ethereum.
- Additional L1 InteroperabilityThis includes tighter synchronization to L1 Block numbers and support for all Ethereum L1 Precompiles.
- You can always retry.Eliminating the failure mode in which a ticket cannot be created is a good idea.
- Geth Tracing, for even broader debugging support.
Offchain Labs Recommends that Developers Prep and Test Contracts Before They Are Deployed
The Offchain Labs’ Nitro blog post further explains that the team completed a successful implementation of Nitro on the Arbitrum Rinkeby testnet. Developers should be prepared now as migration is less than 25 days away.
“Developers, now is the time to ensure your contracts and front-ends are ready for the migration, preparing any necessary changes and testing as much as possible,” the Arbitrum development team’s blog post insists. “We strongly recommend deploying on an Arbitrum testnet if you haven’t already done so, with Arbitrum Goerli as our recommended, long-term option.”
How do you feel about the August 31st upgrade of Arbitrum Nitro? Please share your views on this topic in the comment section.
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