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Thursday, June 1, 2023

L2 Scaling Solution Arbitrum Deploys Nitro Rollup Stack Migration

L2 Scaling Solution Arbitrum Deploys Nitro Rollup Stack Migration – The Nitro upgrade has been implemented, the development team of the Offchain Labs-managed L2 Ethereum scaling solution Arbitrum informed fellow Arbinauts (the project’s users) on Wednesday. The team announced, “All Arbinauts, please prepare for liftoff.”

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Furthermore, the migration “has officially started, and the network will remain down during the upgrading process for the next 2-4 hours,” according to the official Arbitrum Twitter account. In the project’s Discord server discussion room, the team requested that fellow Arbinauts hold on during the change.

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On August 7, information on Arbitrum’s August 31 Nitro upgrade surfaced. The new version intends to significantly enhance the Arbitrum experience by enabling speedier transactions and lower costs. Before the Nitro upgrade, Arbitrum’s experience was already significantly less expensive than Ethereum’s gas fees.

According to data from l2fees.info, the current gas price for sending ethereum (ETH) onchain is $1.07, while the price for swapping tokens is $5.35. The same fee aggregate website states that Arbitrum’s L2 fees are $0.14 for sending ether and $0.36 for swap tokens.

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According to recent non-fungible token (NFT) numbers from cryptoslam.io, out of 19 networks, Arbitrum is the 13th largest blockchain in terms of total NFT sales. According to the website that compiles NFT data, Arbitrum has totaled $30,122,260 in NFT sales.

According to statistics from Defillama.com, as of August 31, Arbitrum had $947.18 million in total value locked (TVL) in decentralized finance (defi), which is close to $1 billion. In terms of TVL size, Arbitrum is the seventh-largest blockchain, and during the past 30 days, it has grown by 17.76%.

There are numerous L2 options besides Arbitrum, such as Immutable X, Metis, Optimism, Loopring, Polygon Hermez, Zksync, Boba, and Aztec. The development team tested the upgrade on the testnet in April, and Nitro is Arbitrum’s biggest upgrade to date.

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In addition, Cardano is anticipated to start the Vasil hard fork in September, while the blockchain network Ethereum is anticipated to go from proof-of-work (PoW) to proof-of-stake (PoS) in 12 days via The Merge. Arbitrum said that the Nitro upgrade has been successfully completed at 1:37 p.m. (EST). Onchain activity has resumed, according to the team, and the developers thanked the community for their patience.

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