On August 4, Arbitrum One, a layer 2 (L2) ethereum scaling solution, will implement a major upgrade to the protocol called Nitro after 25 days The company has announced that it will The long-awaited Nitro transition will take place on August 31, exactly one year after Arbitrum project maintainer Offchain Labs launched the Arbitrum One mainnet. The Arbitrum team says that developers need to be ready for contracts and users need to be ready for faster transactions and lower fees.
Offchain Labs releases transition date for Arbitrum One’s Nitro upgrade
Two days ago, on the officialArbitrum OneTwitter pagethe Twitter pagetold its 275,200 social media followers that Arbitrum would be “migrating to Nitro on August 31.” Arbitrum informed that its L2 Ethereum scaling solution was launched last August 31 to take advantage of optimistic transaction rollups sent via the Arbitrum One sidechain and the Ethereum mainnet. With this scaling, transactions in Ethereum (ETH) will be faster and cheaper than on-chain transactions viaETH‘s Layer 1 (L1). For example, according toetherscan.io’s gas tracker, at the time of writing, on-chain transactions on the Ethereum network cost approximately 9 to 10 gw or $0.32 to $0.36.
Etherscan.io metrics further show that sending an ERC20 token liketether (USDT)costs $0.83 to $0.93 per transaction. on the same day, August 6, 2022According to statistics from l2fees.info, a normal Ethereum transaction using Arbitrum is estimated to cost approximately $0.08. Swapping tokens using Arbitrum is estimated to cost about $0.12. Arbitrum is today the 3rd Arbitrum is the third cheapest L2 protocol today as Loopringand; Metis Networkhas the cheapest fees for sending; ETHhas the cheapest fees for sending
because it is cheaper to send ETH
and
. However, to exchange tokens via Loopring is $0.43, 258% higher than Arbitrum. Metis Network, on the other hand, is $0.06, half the price of Arbitrum’s token swap cost today.
At Nitro, both fees and transfer throughput are about to get better overall, according to Nitro’s introductoryblog post. Off Chain Labs announced on April 6. Nitro is outlined as “Arbitrum Nitro is the most advanced roll-up stack ever built, allowing for very high throughput and low fees.” The latestwas published two days ago Arbitrum Nitro’s blog post states that the upgrade adds the following:
- advanced Calldata compressionwhich further reduces Arbitrum’s transaction costs by reducing the amount of data posted to L1.
- Ethereum L1 gas compatibilityThis makes pricing and accounting for EVM operations fully consistent with Ethereum.
- Additional L1 interoperabilityincluding tighter synchronization with L1 block numbers and full support for all ethereum L1 precompilations.
- Secure retrievabilityEliminates failure modes where retriable tickets fail to create.
- Geth TraceFor more extensive debugging support.
Offchain Labs Claims Developers Need to Prepare and Test Contracts Before Deployment
In Offchain Labs’ Nitro blog post, the team Arbitrum Rinkeby further explains that they have successfully implemented Nitro on the testnet. Since there are only 25 days left until the transition, the Arbitrum team stresses that now is the time for developers to be fully prepared.
“Developers, now is the time to prepare the necessary changes and test as much as possible to ensure that your contracts and front end are ready for the transition,” the Arbitrum development team blog post asserts. “If you haven’t already, we strongly recommend deploying on Arbitrum’s testnet,78} recommending Arbitrum Goerlias a long-term option.
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