This week’s statistics show that Tuesday and Wednesday, the daily transaction count of layer-two scaling venture Arbitrum has exceeded that of Ethereum. On Wednesday, Arbitrum processed 1,090,510 transactions, compared to Ethereum’s 1,080839.
L2 Scaling Network Arbitrum’s Daily Volume Skyrockets
Layer Two (L2) scaling networks have become quite popular over the past two years. These secondary chains enable users to transact faster while paying fewer fees. 39 days ago, in mid-January 2023, the combined daily transaction count of both L2 networks Arbitrum and Optimism surpassed that of Ethereum. However, the Ethereum transaction count soon returned to exceed both networks’ counts by February 21, 2023.
Data shows that Arbitrum’s daily transaction count rose this week and exceeded Ethereum’s for the first time on Tuesday. On February 21, 2023, Arbitrum processed 1.08 million transactions, compared to Ethereum’s 1.1 million. The following day, Wednesday, Arbitrum outdid Ethereum again, processing 1.09 million transactions to Ethereum’s 1.08 million.
Abritrum tweeted on social media, “For the first time ever, Arbitrum processed more transactions than Ethereum.” The official Abritrum Twitter account added, “This is a great milestone that our team has achieved. Arbinauts, we have made a lot of progress as a crew and we are grateful that you have been with us every step of the way. Our mission to scale Ethereum continues.”
The surge in Arbitrum transactions comes at a convenient time. Ethereum network transactions have increased significantly. Data from Thursday shows the average cost of transacting on the Ethereum blockchain was 0.0041ETH or $6.87 per transaction, while the median cost of transacting was 0.0017ETH or $2.84. On the same day, the average cost to transact on the Arbitrum network was $0.307 and Optimism was $0.3601 per transaction.
What do you think of Arbitrum’s daily transaction count surpassing Ethereum’s? Let us know your thoughts on this topic in the comments section below.
