According to statistics recorded this week on Tuesday and Wednesday, the layer two scaling project Arbitrum’s transaction count has surpassed Ethereum’s. On Wednesday, Arbitrum processed 1,090,510 transactions, compared to Ethereum’s 1,080,839 transfer count.
L2 Scaling Solution Arbitrum’s Daily Transfers Skyrocket
Layer two (L2) scaling networks have become popular over the last two years as secondary chains allow users to transact faster and pay fewer fees. Thirty-nine days ago, in mid-January 2023, the combined daily transaction count from L2 networks Optimism and Arbitrum surpassed Ethereum’s daily transaction count. However, the transaction count subsided and ETH’s transfer count exceeded both networks’ counts until Feb. 21, 2023.
Statistics show that Arbitrum’s daily transaction count has surged this week and surpassed Ethereum’s for the first time ever on Tuesday. On Feb. 21, 2023, Arbitrum processed 1.1 million transactions, compared to Ethereum’s 1.08 million. The next day, on Wednesday, Arbitrum beat Ethereum again by processing 1.09 million, while Ethereum processed 1.08 million.
Abitrum tweeted about the watershed moment on social media. “For the first time ever, Arbitrum One processed more transactions than Ethereum,” the official Abitrum Twitter account said. This is a huge milestone achieved by our team and Arbinauts. We’ve come a long way as a community and we’re grateful to have you along with us. Our mission to scale Ethereum continues.”
The increase in Arbitrum transactions comes at a time when Ethereum network transactions have risen significantly. Statistics show that on Thursday, the average fee to transact on Ethereum’s blockchain is 0.0041 ETH, or $6.87 per transaction, while the median fee is 0.0017 ETH, or $2.84 per transfer. On the same day, the average fee to transact on Arbitrum is $0.307 per transfer, while Optimism costs $0.3601 per transaction.
What do you think about Arbitrum’s daily transfer count rising above Ethereum’s? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer