L2 Scaling Solution Arbitrum Deploys Nitro Rollup Stack Migration – Technology Bitcoin News

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.

L2 Scaling Solution Arbitrum deploys Nitro Pack stack migration.

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.

Tags in this story

Announcement, Arbitrum, Arbitrum Development Team, Arbitrum Goerli, Arbitrum One, Arbitrum Rinkeby testnet, August 31 Nitro, ERC20, ERC20 Transfer, ETH, Ethereum, L2, L2 Scale, Loopring, Metis Network, Migration, Nitro, Nitro Deployment, Nitro Mainnet, scaling, exchange, technology, token exchange

What do you think about Arbitrage’s August 31 Nitro update? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is the news lead at Bitcoin.com and a financial tech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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