On February 21, Arbitrum, the Layer 2 scaling solution for Ethereum, processed 1.14 million transactions, surpassing the total on the mainnet, Dune data shows.
The decision makes Ethereum a transaction
The number of transactions on the Arbitrum network reached a new all-time high in 24 hours, surpassing the main Ethereum network by a staggering 1.05 million transactions, with a total of 1.14 million transactions recorded. By contrast, the Optimism network recorded approximately 180,000 transactions on the same day.
With this impressive transaction count, Arbitrum has proven that it is a viable alternative to Ethereum for processing large volumes of transactions.
Furthermore, according to DeFiLlama statistics recorded in the last seven days, the network surpassed Binance Smart Chain in DEX transactional volume.
Arbitrum’s success can be attributed to its unique design, which allows for faster and cheaper transactions than the Ethereum blockchain. It has made it an attractive option for users looking to reduce their transaction costs and improve transaction speed.
Arbitrum transactions and gas use by its main projects
Arbitrum, a Layer 2 scaling solution for Ethereum, has recently seen a surge in usage, with many projects choosing to migrate to the platform due to its fast transaction speeds and lower gas fees. However, with Arbitrum, gas fees are significantly lower, making it a more cost-effective option for users.
The combination of lower gas fees and fast transaction speeds has made Arbitrum an attractive option for many projects on Ethereum. Some of the major projects that have already moved their activities to Arbitrum include Uniswap, SushiSwap and Aave. These projects have seen significant increases in transaction volume on Arbitrum, with Uniswap alone processing over 100,000 transactions in a single day.
