RRUPDATES📍: Move Over, Bitcoin: Arbitrum Takes the Lead in Daily Transaction Fees
Arbitrum, a layer-2 scaling solution built upon the Ethereum blockchain, has now surpassed the Bitcoin blockchain regarding transaction volume.
In response to this occasion, fees have also increased.
Carried by surging activity in its ecosystem following its Nitro upgrade in August last year, daily transactions on Arbitrum have surpassed those on Ethereum at the time.
Arbitrum is a layer-2 scaling solution built on the Ethereum blockchain by New York City-based Offchain Labs that improves the efficiency of the main blockchain.
Arbitrum received nearly $800,000 in transaction fees over the last day, according to Crypto Fees data, while Bitcoin only received around $600,000.
While the 7-day average fees received on Arbitrum are still slightly lower than those received on Bitcoin — $387,000 vs. $630,000, the steady rise in numbers might suggest that more users are now submitting transactions on the Ethereum L2 network than on Bitcoin.
Even with an increase in the number of transaction fees on Arbitrum, the cost of transacting remains largely unchanged.
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.
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