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Layer two (L2) scaling solution Arbitrum revealed on Wednesday that the team has implemented the project’s Nitro rollup stack migration. Earlier this month, Arbitrum developers noted that the Nitro migration would reduce network fees and improve throughput.
The Offchain Labs managed L2 Ethereum scaling solution Arbitrum, told other Arbinauts (the project’s users) on Wednesday that the development team has implemented the Nitro upgrade. “All arbinauts, please prepare for ascent,” the team explained.
Also, the official Arbitrum Twitter account wrote that “migration has officially begun, [and] the network will remain down during the upgrade process for the next 2-4 hours.” The team invited other Arbinauts to stick around during the change in the project’s Discord server discussion room.
Bitcoin.com News reported on Arbitrum’s Nitro upgrade on August 31 on August 7. The upgrade aims to greatly improve the Arbitrum experience with faster transactions and lower fees. Currently, Arbitrum’s experience is already much cheaper than Ethereum’s gas fees, and this was the case before the Nitro upgrade.
Statistics show that the current gas cost to send ethereum (ETH) onchain is $1.07 and to exchange tokens onchain it is $5.35, according to l2fees.info data. The same fee aggregation website indicates that Arbitrum’s L2 fees are $0.14 for sending ether, and it’s $0.36 per transaction for exchanging tokens using Arbitrum.
All-time calculations from cryptoslam.io’s NFT (non-fungible token) data show that Arbitrum is the 13th largest blockchain among 19 networks, in terms of all-time NFT sales. The NFT data aggregation website indicates that Arbitrum has recorded $30,122,260 in NFT sales over time.
Defillama.com statistics show that Arbitrum has close to $1 billion or $947.18 million total value locked (TVL) in decentralized finance (defi) as of August 31. Arbitrum is the seventh largest blockchain in terms of TVL size, which has increased by 17.76% in the last 30 days.
In addition to Arbitrum, there are many L2 choices out there, including Immutable X, Metis, Optimism, Loopring, Polygon Hermez, Zksync, Boba, and Aztec. Nitro is Arbitrum’s biggest upgrade to date, and the development team already tested the upgrade last April.
Furthermore, the Ethereum blockchain network is expected to transition from proof-of-work (PoW) to proof-of-stake (PoS) within 12 days via The Merge, and Cardano is expected to launch the Vasil hard fork in September as well.
At 1:37 PM (EST), Arbitrum announced that the Nitro upgrade was officially completed. The team said that onchain activity resumed and the developers thanked the community for their patience.
What do you think of Arbitrum’s Nitro upgrade on August 31st? Let us know what you think about this topic in the comments section below.
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