Main Points Related to Bitcoin, web3, Ethereum, and Cryptocurrency:
- Arbitrum experienced a significant increase in average fees on its L2 network as daily on-chain transactions surged.
- Arbitrum is currently the largest L2 network with a Total Value Locked (TVL) of $2.97 billion.
- The rise in average fees on Arbitrum coincided with a spike in daily on-chain transactions on the network.
- Zora Network offers the lowest daily average transaction fee among L2 blockchains, while Scroll Network has the highest fee.
- The native token of Arbitrum, ARB, saw a slight decline in value and is ranked as the 38th-largest cryptocurrency.
- Arbitrum recently launched the Gaming Catalyst Program to support game developers in the web3 ecosystem.
- Several L2 projects, including Arbitrum, have integrated Avail’s data availability layer to enhance blockchain network capabilities.
Arbitrum’s Surge in Average Fees
Arbitrum, the largest L2 network with a TVL of $2.97 billion, experienced a significant increase in average fees as daily on-chain transactions surged. Data from Dune revealed that average fees on Arbitrum rose by 97.8% earlier today, reaching $0.015 per transaction before declining to $0.007. This increase came as daily transactions on the L2 network surged from 1.7 million to 2.3 million on June 11.
Comparison of Transaction Fees Among L2 Blockchains
Among L2 blockchains, Zora Network offers the lowest daily average transaction fee at $0.0029, while Scroll Network stands out as the most expensive with an average fee of $0.108. As for Arbitrum, its native token ARB experienced a small decline in value, trading at $0.94 and holding a market cap above $2.7 billion. Additionally, the Gaming Catalyst Program was launched to distribute 225 million ARB tokens to web3 game developers.
Integration of Avail’s Data Availability Layer
In efforts to enhance scalability and affordability for developers, Arbitrum, along with other leading L2 projects, integrated Avail’s data availability layer. This collaboration aims to support the creation of cost-effective and scalable blockchain networks, demonstrating the continuous evolution and innovation within the cryptocurrency ecosystem.
