Layer two (L2) scaling solution Arbitrum announced on Wednesday that the team has implemented the project’s Nitro package stack migration. Earlier this month, Arbitrum developers announced that the Nitro migration would reduce network fees and improve usability.
Developers decide to implement the Nitro update.
Offchain Labs managed L2 Ethereum scaling solution Arbitrum; They spoke Other breeders (users of the project) On Wednesday, the development team implemented the Nitro upgrade. “All Arbinauts please prepare to take off,” the team announced.
Also, the official Arbitrum Twitter account He wrote “The migration has officially started [and] The network will remain down for the next 2-4 hours during the upgrade process. The team invited other Arbinians to keep a close eye on the changes in the discussion room of the project’s Discord server.
Bitcoin.com News reported on Aug. 7 on the Arbitrage Aug. 31 Nitro update. The update aims to improve the Arbitrum experience with faster transactions and lower fees. Currently Arbitram experience is much cheaper than Ethereum gas fees and this was the case before the Nitro upgrade.
According to l2fees.info, the current gas cost for sending ethereum (ETH) onchain is $1.07 and $5.35 for on-chain exchange. The same fee summary website indicates that Arbitrum’s L2 fees are $0.14 per transaction for sending Ether and $0.36 per transaction for exchanging tokens using Arbittrum.
All-time metrics from cryptoslam.io’s nonfungible token (NFT) data show that Arbitrum is the 13th largest blockchain out of 19 networks in terms of all-time NFT sales. According to the NFT database, Arbitrum recorded $30,122,260 in NFT sales all time.
According to Defillama.com statistics, Arbitrum reached $1 billion or $947.18 million in total value locked (TVL) by decentralized finance (defi) on August 31. Arbitrum is the seventh largest blockchain in terms of TVL volume, which increased by 17.76%. Last 30 days.
In addition to Arbitrum, there are many L2 choices including Immutable X, Metis, Optimism, Loopring, Polygon Hermez, Zksync, Boba, and Aztec. Nitro is Arbitrum’s biggest update to date, and the development team’s testnet deployed the update last April.
In addition, blockchain network Ethereum is expected to transition from Proof of Work (PoW) to Proof of Stake (PoS) in 12 days via The Merge, and Cardano is expected to launch its Vasyl hard fork in September as well.
At 1:37 pm (EST), the judge announced The nitro update is officially complete. The team continues to work on onchain and the developers thank the community for their patience.
What do you think about Arbitrage’s August 31 Nitro update? Let us know what you think about this in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.