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The increase in activity on Arbitrum indicates genuine interest in the platform and its potential to provide a cheaper and faster alternative to Ethereum, and marks an important milestone in the effort to scale the world’s second largest blockchain.
Arbitrum marks a major milestone in scaling work
Arbitrum, a Layer 2 blockchain, has surpassed Ethereum in daily transactions for the first time, marking a significant milestone in the effort to scale the world’s second largest blockchain.
On February 21, Arbitrum processed 1.1 million transactions, about 20,000 more than Ethereum. The increase in activity in Arbitrum’s ecosystem has been responsible for this achievement. The platform’s activity has skyrocketed this month, with the number of transactions, transaction addresses and the dollar value of Ether stinging Arbitrum doubling since February 1st.
Arbitrum and other Layer 2 blockchains, known as rollups, batch and compress user transactions before adding them to the Ethereum blockchain. This allows users to use Ethereum while avoiding high transaction fees and slow execution.
Earlier this week, Steven Goldfeder, Arbitrum’s co-founder and CEO, told The Defiant that the lower transaction fees were the point of what they were doing. Ethereum developers envision a “rollup-centric” future, making the blockchain fast and cheap enough to accommodate billions of users and replace legacy institutions like banks.
Goldfeder believes the increase can be attributed to the genuine interest in Arbitrum and the application developers have built there. The increase can also be attributed to an air drop which had probably seeded organic activity on the Arbitrum.
However, Goldfeder believes that the increase in activity is becoming a network effect for DeFi to launch on Arbitrum, with the platform becoming the second most popular blockchain for traders using decentralized exchanges, having recently passed BNB. Arbitrum’s total value locked (TVL) in the platform has doubled since the beginning of the year, to $2.2 billion.
What is Arbitrum:
Arbitrum is an Ethereum layer-2 network that enables developers to build and deploy highly scalable smart contracts at low cost. You can use Arbitrum chains to do all the things you do on Ethereum – use Web3 apps, deploy smart contracts, etc., but your transactions will be cheaper and faster. The flagship product of the team, Arbitrum Rollup, is an optimistic rollup protocol that inherits Ethereum-level security.
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