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The average fees on the largest layer-2 (L2) blockchain, Arbitrum, witnessed a massive increase as the daily on-chain transactions surged.
Arbitrum is currently the largest L2 network with a TVL of $2.97 billion.
According to data provided by Dune, the daily average fees on Arbitrum rallied by 97.8% earlier today, reaching $0.015 per transaction. Moreover, the average fees took a sharp decline, currently hovering at $0.007.
Data shows that the rise in Arbitrum’s average fees comes as the number of daily on-chain transactions on the L2 network surged from 1.7 million to 2.3 million daily transactions on June 11.
At this point, Zora Network is the cheapest L2 blockchain with a daily average transaction fee of $0.0029, according to data from Dune. Scroll network is currently the most expensive among the leading L2 platforms with an average fee of $0.108.
The native token of Arbitrum, ARB, declined by 0.33% in the past 24 hours and is trading at $0.94 at the time of writing. The asset’s market cap is slightly over the $2.7 billion mark, making it the 38th-largest cryptocurrency.
On June 9, Arbitrum announced an initiative called the Gaming Catalyst Program to give out 225 million ARB tokens, worth roughly $215 million, to game developers in the web3 scene.
On April 25, Arbitrum, Optimism, Polygon, StarkWare, and zkSync integrated Avail’s data availability layer to help developers build cost-effective, scalable and composable blockchain networks.