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Recent statistics reveal that the layer two (L2) network Arbitrum has experienced a significant increase in daily transactions. On Tuesday, the network’s daily transactions even exceeded those on the Ethereum platform. Additionally, following Ethereum’s Dencun upgrade, other L2 networks such as Optimism have also witnessed an uptick in activity.
Arbitrum Transfers Spike
Metrics indicate that L2 fees for Arbitrum, Optimism, and Starknet have dipped to below a U.S. penny per transfer as of March 20, 2024. Following the implementation of Ethereum’s Dencun upgrade on March 13, L2 network fees have significantly decreased, now costing less than $0.01 per transaction, a stark contrast to Ethereum’s onchain fee of $3.12 for a high-priority transfer. Zksync’s transaction fees are estimated at $0.02 each on March 20.
On Tuesday, the volume of daily transactions on Arbitrum surpassed Ethereum’s confirmed transactions. While Ethereum logged 1.378 million transactions on March 19, Arbitrum saw 1.714 million transfers on the same day. This increase in Arbitrum’s daily transfers has been observed since Ethereum’s March 13 upgrade. Just the day before, on Monday, Arbitrum’s transactions per day reached 1.176 million, a tad lower compared to Ethereum’s 1.281 million.
Optimism saw 778,447 transactions on March 19 and 767,051 on March 15. While L2 networks have witnessed a boost in activity, Ethereum’s transactions per day have also seen an uptick since Feb. 12, 2024. Excluding Jan. 14, 2024, Ethereum’s Mar. 19 transaction count set a record for the year. However, Arbitrum’s leap to 1.714 million transactions on the same day marked a 2024 high, even though the network processed over 5 million transactions on Dec. 16, 2023.
What do you think about Arbitrum’s transactions per day exceeding Ethereum’s? Share your thoughts and opinions about this subject in the comments section below.