Arbitrum One Hits 1 Billion Transactions, Dominates Layer 2 Market
Arbitrum One, a leading Ethereum Layer 2 solution, has achieved over 1 billion transactions since launching its mainnet in August 2021, highlighting its growing dominance in the Layer 2 sector.
According to recent data, its competitor, Base, has recorded 755 million transactions, while OP Mainnet has 347 million. Despite Base leading in daily volume, Arbitrum boasts the highest total value locked (TVL) at $2.5 billion, compared to Base’s $2.2 billion.
Developed by Offchain Labs, Arbitrum One uses optimistic rollup technology to facilitate faster and cheaper transactions secured on Ethereum. The platform includes fraud-proof mechanisms, though it remains in a developmental phase.
READ MORE: Ethereum Co-Founder Advocates for Unified Approach to Balance Decentralization and Cooperation
Offchain Labs also runs Arbitrum Nova, employing the AnyTrust protocol for enhanced off-chain data. In October 2023, it introduced Orbit, a toolkit for developers to create Layer 3 blockchains, further expanding Ethereum’s ecosystem.
With its ongoing innovations, Arbitrum is set to maintain a strong position in Ethereum scaling.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
