Ethereum’s Layer 2 scaling solution, Arbitrum, has reached an important milestone within its network. According According to data from cryptanalysis service provider IntoTheBlock (ITB), daily Arbitrum transactions skyrocketed to two million as of May 8.
Ethereum’s Layer 2 scaling solution, Arbitrum, has reached an important milestone within its network. According According to data from cryptoanalysis service provider IntoTheBlock (ITB), daily Arbitrum transactions skyrocketed to two million as of May 8.
As noted by ITB, since March, Arbitrum has consistently reached an average of one million transactions per day. This is important because it shows that the network is easier to use than its peers. The increase in Arbitrum transactions has been a significant increase over time. Based on the shared one-year chart, Arbitrum transaction growth has remained relatively stable, between 100,000 and 500,000, from September to October 2023.
This arbitration transaction milestone It comes at a time when the protocol announced that its Stylus MultiVM protocol has achieved a new update. The update, called Giga-update, is designed to further reduce transaction fees, between 2 and 4 times cheaper. The Stylus update also comes with better tools, improved security, and contract size compression for improved functionality.
Arbitrum occupies a unique position in the Ethereum L2 ecosystem. With a rich history of price fluctuations and bullish fundamentals, the protocol has always left users wanting more. In mid-March, up to 1.6 billion ARB tokens flooded The market. Amid the bearish sentiment at the time, the tokens were still showing resistance.
Right now, Arbitrum is changing hands for $1.02, up a slight 0.17%. According to top market analyst Ali Martínez, the TD Sequential indicator is currently presenting a buy signal on Arbitrum’s weekly chart. According to the analyst, this indicator causes a rebound of one to four candles for ARB in the short term.
It is still unclear how ARB will react to episodes of bullish upgrades within its ecosystem. One thing is clear, however: the number of users is growing. The grid is more efficient and demand for ARB is set to grow in the long term. This trend positions ARB for a big rally soon.
