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On Feb. 21, Arbitrum, layer-2 scaling solution for Ethereum, processed 1.14m transactions, exceeding the total on the mainnet, Dune data shows.
Arbitrum flips Ethereum in transaction
The number of transactions on the Arbitrum network hit a new 24H all-time high, surpassing the Ethereum mainnet by a staggering 1.05m transactions, with a total of 1.14m transactions recorded. In contrast, the Optimism network saw roughly 180,000 transactions on the same day.
On February 21, the number of Arbitrum transactions reached 1.14 million, surpassing the Ethereum mainnet by 1.05 million and setting a record high. Optimism has about 180,000 transactions. According to Dune from @superamscom,https://t.co/R9Hh17W31Y
— Wu Blockchain (@WuBlockchain) February 22, 2023
With this impressive transaction count, Arbitrum has demonstrated that it is a viable alternative to Ethereum for processing high volumes of transactions.
Moreover, as per stats from DeFiLlama recorded in the past seven days, the network surpassed Binance Smart Chain in DEX transactional volume.
The success of Arbitrum can be attributed to its unique design, which enables faster and cheaper transactions than the Ethereum blockchain. It has made it an attractive option for users looking to reduce their transaction costs and improve transaction speeds.
Arbitrum transactions and gas usage by its top projects
Arbitrum, a Layer 2 scaling solution for Ethereum, has recently seen an increase in usage, with many projects choosing to migrate to the platform due to its fast transaction speeds and lower gas fees. With Arbitrum, however, gas fees are significantly lower, making it a more cost-effective option for users.
8/ Arbitrum transactions & gas usage by top projects
— Dune (@DuneAnalytics) February 21, 2023
🧙♂️ @superamscom https://t.co/lUVvGn3cha
The combination of lower gas fees and fast transaction speeds has made Arbitrum an attractive option for many projects on Ethereum. Some top projects that have already moved their activities to Arbitrum include Uniswap, SushiSwap, and Aave. These projects have seen significant increases in transaction volume on Arbitrum, with Uniswap alone processing more than 100,000 transactions in a single day.