Layer 2 Arbitrum surpasses Ethereum with 24-hour transaction record

This Tuesday, February 21, Layer 2 Arbitrum surpassed Ethereum in terms of daily transactions, with a new record of 1,103,398 transactions for the scaling solution.

With nearly 20,000 less transactions on the day, the titan Ethereum is obviously not very far behind, but this accomplishment still highlights the dominance of Arbitrum among the layer 2.

Arbitrum takes the lead in the layer 2 war

The layer 2 landscape has undergone huge changes since last year, when transaction fees from Ethereum have skyrocketed due to increased user demand. In response, rollups were seen as a compelling solution to the growing accessibility problem of blockchain.

Arbitrationthe fourth blockchain in terms of total value locked (TVL), is a solution of second layer (L2) rollup type. The number of unique addresses on the network of Arbitrum has reached a summit history of approximately 2.95 million addressesand aggregator data DeFiLlama show that the Arbitrum TVL jumped 81% since Jan. 1 to around $1.85 billion.

Progression of Arbitrum before Ethereum follows that of GMXa thedecentralized exchange network native Arbitrationwhich exceeded Ethereum in terms of daily charges last week.

Learn more: GMX overtakes the Ethereum blockchain with more than $5 million in fees in 24 hours

The layer 2 ecosystem has also seen the emergence of many DeFi applications (DApps) as Camelot, Vela Exchange And Radiant Capitalall of which saw their number of users and transactions double in a matter of days.

The increase in activity on Arbitration could stem from the fact that users are hoping and speculating about a possible airdrop of Arbitrum. However, no announcement has been made by the team or the developers at this time.

Learn more: Airdrop Vela Exchange – How to be eligible?

The article Layer 2 Arbitrum surpasses Ethereum with 24-hour transaction record appeared first on Corner Academy

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