Arbitrum user count hits a new all-time high

Arbitrum has quickly become one of the premier Layer 2 blockchains (L2s) of the Ethereum ecosystem. The scaling solution of the largest smart contract platform offers its users fast and low-cost transactions, as well as access to a variety of DeFi protocols and NFT projects.

In contrast to Polygon, Arbitrum relies on so-called optimistic rollup technology. This technology combines multiple transactions on the ETH network into a single transaction, processes them outside of the Ethereum main blockchain and then simply transmits the transaction results back to the Ethereum main chain.

Transactions grow on Arbitrum

Like the crypto analytics company Delphi Digital reportsthe weekly number of transactions on the Arbitrum blockchain network has increased by around 550 percent since August and is currently at an all-time high.

Speculations about a potential Arbitrum Token Airdrop and the successful implementation of the “Nitro” upgrade are responsible for this massive growth. “Nitro” went live on the Arbitrum blockchain on September 1, bringing even faster transactions and lower fees to users of the Ethereum L2 blockchain.

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Noisy l2fees.info For example, sending Ethereum currently costs $0.03 and a simple token exchange costs $0.09 on Arbitrum, while the same transactions on ETH Priced at $0.6 and $2.98.

More and more Ethereum users are using Arbitrum

In addition, the total number of users of the Arbitrum Blockchain has also increased significantly in recent weeks.

Since October 10 alone, weekly active users on Arbitrum have increased by 125 percent to hit a new all-time high of 282,000. The number now even exceeds the numbers recorded during the arbitration Odyssey Events were recorded. At the Odyssey, Ethereum-L2 users could complete various tasks (using DeFi protocols, minting NFTs…) in order to qualify for a possible ARBI token airdrop.

At that time, however, the event led to the Arbitrum blockchain being overloaded. Then paused Off Chain Labsthe main development company behind ETH L2, the event. So far there is no official date for the continuation of the Arbitrum Odyssey.

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