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


Layer Two (L2) Scaling Solutions Arbitrum revealed on Wednesday that the team has implemented the project’s Nitro roll-up stack migration. Earlier this month, the Arbitrum developers noted that the Nitro migration will reduce network fees and improve throughput.

Arbitrum Developers Deploying Nitro . Update

The Offline Lab-managed Ethereum scaling solution Arbitrum, told fellow Arbinauts (user of the project) on Wednesday that the development team performed a Nitro upgrade. “All Arbinauts, prepare for takeoff,” the group explained.

Furthermore, the official Arbitrum Twitter account Written that “migration has officially begun, [and] The network will remain down during the upgrade for the next 2-4 hours. The team invited fellow Arbinauts to keep a close eye during the change to the project’s Discord server discussion room.

Arbitrum L2 Scaling Solution Deploys Nitro Rollup Stack Migration

Bitcoin.com News report about Arbitrum’s August 31 Nitro upgrade on August 7. The upgrade aims to greatly improve the Arbitrum experience with faster transactions and lower fees. Currently, the Arbitrum experience is already a lot cheaper than Ethereum’s gas fees, and this was the case before the Nitro upgrade.

Statistics show that the current gas cost to send ethereum (ETH) onchain is $1.07 and for on-chain token swap is $5.35, according to l2fees.info data. The same fee aggregator site says Arbitrum’s L2 fee is $0.14 for sending ether and $0.36 per transaction for swapping tokens with Arbitrum.

All-time figures from cryptoslam.io’s non-fungible token (NFT) data show that Arbitrum is the 13th largest blockchain out of 19 networks, in terms of all-time NFT sales. The NFT data aggregator indicates that Arbitrum recorded $30,122,260 in NFT sales of all time.

Defillama.com statistics show that Arbitrum has nearly 1 billion dollars or Total value of $947.18 million locked (TVL) in the field of decentralized finance (defi) on Aug. 31. Arbitrum is the seventh largest blockchain in terms of TVL size, having grown 17.76% in the past 30 days.

In addition to Arbitrum, there are many L2 options including Immutable X, Metis, Optimism, Loopring, Polygon Hermez, Zksync, Boba and Aztec. Nitro is Arbitrum’s biggest upgrade to date, and the development team has testnet deployed upgraded last April.

Furthermore, the Ethereum blockchain network is expected to transition from proof of work (PoW) to proof of stake (PoS) in the future. 12 days through the Unifyand Cardano is expected to start Vasil hard fork in September.

At 1:37 pm (EST), Arbitrum announced that the Nitro upgrade is officially complete. The team says onchain activity has resumed and the developers thank the community for the patience.

Cards in this story

notification, Arbitrum, Arbitrum development team, Arbitrum Goerli, Arbitrum One, Arbitrum Rinkeby testnet, August 31 Nitro, ERC20, Switch ERC20, ETH, Ethereum, L2, Scaling L2, Repeat, The Metis . Network, Migrate, Nitro, Deploying Nitro, Nitro Mainnet, Scaling up, swap, Technology, token swap

What do you think of Arbitrum’s August 31 Nitro upgrade? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about the groundbreaking protocols emerging today.




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