The layer two (L2) scaling solution by Arbitrum was revealed Wednesday as the team completed the Nitro rollup stack migration. The Nitro migration was a suggested solution by Arbitrum earlier this month. It would lower network fees and increase throughput.

Arbitrum Developers Implement Nitro Update

The Offchain Labs-managed L2 Ethereum scaling solution Arbitrum, told fellow Arbinauts (the project’s users) on Wednesday that the development team has implemented the Nitro upgrade. The team stated that all Arbinauts should prepare for liftoff.

Moreover, the official Arbitrum Twitter account wrote that the “migration has officially begun, [and] the network will remain down during the upgrade process for the next 2-4 hours.” The team invited fellow Arbinauts to hold tight during the change in the project’s Discord server discussion room.

Bitcoin.com News reported on Arbitrum’s August 31 Nitro upgrade on August 7. This upgrade will improve Arbitrum’s experience by allowing faster transactions and lower fees. Arbitrum’s experience currently is much cheaper than Ethereum’s gas costs, and this was before the Nitro upgrade.

Statistics show that current gas costs to send ethereum (ETH) onchain is $1. 07 and to swap tokens onchain it’s $5. 35, according to l2fees.info data. According to the same fee aggregation website, Arbitrum’s L2 costs are $0. 14 to send ether, and it is $0. 36 per transaction to swap tokens using Arbitrum.

All-time metrics from cryptoslam.io’s non-fungible token (NFT) data, shows Arbitrum’s the 13th largest blockchain among 19 networks, in terms of all-time NFT sales. The NFT data aggregation site indicates that Arbitrum has recorded $30,122,260 in all-time NFT sales.

Defillama.com statistics shows Arbitrum has close to $1 billion or $947. 18 million total value locked (TVL) in decentralized finance (defi) on August 31. Arbitrum is the seventh largest blockchain in terms of TVL size, which has increased by 17. 76% during the last 30 days.

Aside from Arbitrum, there are many other L2 options available, including Immutable X and Loopring, Polygon Herez, Zksync or Boba, as well as Aztec. Nitro is Arbitrum’s largest upgrade to date, and the development team already testnet deployed the upgrade last April.

Furthermore, the blockchain network Ethereum is expected to transition from proof-of-work (PoW) to proof-of-stake (PoS) in 12 days via The Merge, and Cardano is expected to initiate the Vasil hard fork in September as well.

At 1: 37 p.m. (EST), Arbitrum announced that the Nitro upgrade was officially completed. Onchain activity was resumed, and the team thanked the community.

What do you think about Arbitrum’s August 31 Nitro upgrade? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

Read More