The fees of Arbitrum for several hours were higher than in Ethereum
The Arbitrum Layer 2 solution became more expensive to use for several hours than the underlying Layer 1. Higher than expected fees were caused by the temporary overload of the Arbitrum.
The fee for the Ethereum Arbitrum One Tier 2 scaling solution rose higher than in the main Ethereum network for more than five hours on Wednesday. Although this was only a temporary phenomenon, it contradicts the main purpose of such a scaling solution, which is to offer less expensive (and faster) transactions.
On Wednesday morning, the transaction fee for the exchange of tokens on Arbitrum jumped to almost $ 10, which is about twice the cost of an exchange on Ethereum, according to on-chain data. Higher than expected fees on Arbitrum were caused by increased user activity. The Arbitrum commission has since declined again and now stands at about $0.48
According to the official blockchain reviewer called Arbiscan, the number of daily transactions on the Layer 2 network has increased by 45% over the past few weeks. The network also reached a record high of more than 287,000 transactions. It happened on Monday.
The increased activity was partly caused by a two-month advertising campaign to stimulate users called Arbitrum Odyssey. As part of the Offchain Labs program, the Arbitrum developer firm has promised NFT rewards to users who interact with various DeFi protocols based on Arbitrum. Airdrop farmers - those who are trying to qualify for future airdrops - assume that these NFTs will later provide access to airdrop tokens, but this is by no means guaranteed.
Arbitrum (ARB) is a Layer 2 solution using Optimistic Rollups or Optimistic Rollups technology. This technology allows you to create autonomous computing networks that allow you to perform faster and cheaper transactions, but at the same time ensure the security of the main Ethereum blockchain. With a total value of more than $2 billion blocked, Arbitrum leads the Layer 2 market ahead of competitors such as Optimism (OP), Boba Network (BOBA) and Metis, which use the same scaling technology.
https://coin-signal.com/cryptonews/the-fees-of-arbitrum-for-several-hours-were-higher-than-in-ethereum/
#Altcoins, #Arbitrum, #Cryptonews, #Ethereum, #Fees, #Higher, #Hours, #Several, #Were
#Altcoins, #CryptoNews