In the last 20 days, the Arbitrum blockchain recorded a significant number of transactions that coincided with the recent ARB airdrop that occurred on March 23. About two weeks ago on that day, the Arbitrum network recorded an all-time high of 2.72 million transactions. resolved in 24 hours.
L2 Network Arbitrum Records 2.72 Million Transactions in a Single Day, Number of Transfers Keeping Parallel to Ethereum’s Daily Rate
The Ethereum Layer 2 (L2) scaling solution, Arbitrum, has seen a significant amount of activity over the last 20 days or since March 16, 2023. The increase in activity follows Arbitrum surpassing the number of transactions per day of Ethereum for the first time 41 days ago on February 23, 2023. After the February 23 milestone, Arbitrum’s Transactions Per Day (TPD) fell below Ethereum’s TPD through March 16.
At that time, Arbitrum’s TPD once again surpassed Ethereum’s TPD, and the network reached its all-time high (ATH) on March 23. That was the same day that the ARB airdrop took place and 1.275 million ARBs were distributed across the ecosystem. The Arbitrum blockchain recorded 2.72 million transactions, while Ethereum recorded 1.07 million.
As far as the L2 Optimism scaling project is concerned, the network has seen approximately 150,000 to 430,000 transactions per day. When Arbitrum recorded the 2.72 million TPD, Optimism saw just over 228,000 transactions on the same day. Since Arbitrum TPD ATH, the network has seen around 1 million TPDs since then, according to Dune Analytics. data.
Statistics show that the current cost of transacting on the Arbitrum network is $0.33 per transaction, while the transaction cost of the medium-sized Ethereum network is 0.0018 ETH or $3.47 by Arbitrum native token transfer, brait has been trading at prices between $1.22 and $1.28 per unit.
ARB has an overall market capitalization of around $1.5 billion, and ARB is ranked 40th among the top crypto market valuations. ARB trading volume over the past day has been around $556 million and currently, the crypto asset is down 85% from its ATH of $8.67. It is also 10% higher than the record low of $1.11 per unit recorded 14 days ago.
What do you think about the potential of L2 scaling solutions like Arbitrum to address the scalability issues of blockchain networks? Share your thoughts on this topic in the comments section below.
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