Arbitrum, a layer 2 (L2) scaling solution, revealed Wednesday that it has implemented a Nitro roll-up stack migration for its project. Earlier this month, Arbitrum developers noted that the Nitro migration would reduce network charges and increase throughput.
Arbitrum developers implemented Nitro updates
The off-chain lab‘s -managed L2 Ethereum scaling solutionArbitrumtoldandfellow Arbinauts (users of the project) on Wednesday that the development team has implemented an upgrade to Nitro.” All Arbinauts should be ready for lift-off,” the team explained.
Additionally, Arbitrum’s official Twitter accountsaid, “The transition has officially begun.” For the next 2-4 hours, the network will remain down during the upgrade process, it wrote. The team encouraged fellow Arbinauts to stay tight during the change in the discussion room on the project’s Discord server.
Bitcoin.com News reported on Arbitrum’s August 31 Nitro upgrade on August 7. The upgrade is intended to greatly improve the Arbitrum experience with faster transactions and lower fees. Currently, the Arbitrum experience is already much cheaper than Ethereum’s gas rates, which was the case prior to the Nitro upgrade.
According to statistics, the current gas cost to send Ethereum (ETH) on-chain is $1.07 and to swap tokens on-chain is $5.35, according tol2fees.info data. According to the same fee aggregation site, Arbitrum’s L2 fee is $0.14 to send ether and $0.36 per transaction to swap tokens using Arbitrum.
All-time metrics from cryptoslam.io’s non-fungible token (NFT) data show that Arbitrum’s all-time NFT revenue is the 13th largest blockchain out of 19 networks.NFT Data Aggregation According to the site, Arbitrum has recorded$30,122,260in all-time NFT sales.
Statistics from Defillama.com show that Arbitrum had nearly $1 billion in decentralized finance (defi) on August 31, with a total of$947.18 million locked(TVL). Arbitrum is the seventh largest blockchain by TVL size, increasing 17.76% over the past 30 days.
In addition to Arbitrum, there are many other L2 alternatives, including Immutable X, Metis, Optimism, Loopring, Polygon Hermez, Zksync, Boba and Aztec Nitro is Arbitrum’s biggest upgrade to date, with the development team already deploying atest net last April
In addition, blockchain network Ethereum is expected to transitionfrom proof-of-work (PoW) to proof-of-stake (PoS), 12 days afterThe Merge, and Cardano is also expected to launch a Vasil hard fork is expected to begin in September.
Announced that the Nitro upgrade is officially complete. On-chain activity has resumed and the developer thanked the community for their patience.
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