Thomas Daniels
Arbitrum, the leading Layer-2 (L2) blockchain by total value locked (TVL), has experienced a significant rise in average transaction fees alongside a surge in daily on-chain activities.
According to Dune Analytics, Arbitrum’s daily average transaction fees escalated by 97.8%, reaching $0.015 earlier today, before stabilizing at $0.007. This increase in fees aligns with a substantial growth in daily transactions on the network, which rose from 1.7 million to 2.3 million on June 11.
As of now, Arbitrum maintains its position as the largest L2 network with a TVL of $2.97 billion. Despite the surge in fees, it remains competitive among L2 solutions. For comparison, the Zora Network boasts the lowest average transaction fee at $0.0029, while Scroll Network ranks as the most expensive, averaging $0.108 per transaction.
The native token of Arbitrum, ARB, has seen a slight decline of 0.33% over the past 24 hours, trading at $0.94. With a market capitalization just over $2.7 billion, ARB is currently the 38th-largest cryptocurrency.
In recent developments, Arbitrum launched the Gaming Catalyst Program on June 9, pledging 225 million ARB tokens, equivalent to approximately $215 million, to support game developers in the web3 ecosystem.
Furthermore, on April 25, Arbitrum, alongside Optimism, Polygon, StarkWare, and zkSync, integrated Avail’s data availability layer to enhance cost-efficiency, scalability, and composability for blockchain network development.
