Over the past 20 days, the Arbitrum blockchain recorded a significant number of transactions, coinciding with the recent ARB air drop that occurred on March 23. On that day, nearly two weeks ago, the Arbitrum network hit an all-time high of 2.72 million transactions settled in 24 hours.
L2 network Arbitrum recorded 2.72 million transactions in one day, keeping the number of transfers parallel to Ethereum’s daily
Arbitrum, Ethereum’s layer 2 (L2) scaling solution, has seen a significant amount of activity over the past 20 days or since March 16, 2023. The spike in activity follows 41 days ago, on February 23, 2023, when Arbitrum first surpassed Ethereum’s daily transaction count; after the February 23 milestone, until March 16, Arbitrum’s transactions per day (TPD) was below Ethereum’s TPD.
Then Arbitrum’s TPD again surpassed Ethereum’s TPD and the network reached its all-time high (ATH) on March 23. That was the same day that the ARB airdrop took place, with 1.275 billion ARBs distributed throughout the ecosystem; the Arbitrum blockchain recorded 2.72 million transactions, while Ethereum recorded 1.07 million.
As for Optimism, an L2 scaling project, the network logged approximately 150,000 to 430,000 transactions per day; when Arbitrum logged 2.72 million TPD, Optimism saw just over 228,000 transactions in the same day. transactions.Dune Analytics’datashows that since Arbitrum’s TPD ATH, the network has seen approximately 1 million TPDs.
statistics show that the current cost of a transaction on the Arbitrum network is $0.33 per transaction, while the transaction cost on the median-sized Ethereum network is$0.0018 ETH or $3.47 per transfer. Arbitrum’s native token, the. ARBtrades at prices ranging from $1.22 to $1.28 per unit.
ARB’s overall market capitalization is approximately $1.5 billion, ranking ARB 40th among the top valuations in the crypto market.ARB’s last one-day trading volume was approximately $556 million, and the crypto asset is currently down 85% from its $8.67 ATH. It is also 10% higher than the all-time low of $1.11 per unit recorded 14 days ago.
What are your thoughts on the potential for L2 scaling solutions like Arbitrum to address scalability issues in blockchain networks? Share your thoughts on this topic in the comments section below.
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