Recent statistics show that the layer two (L2) network Arbitrum has experienced a significant increase in daily transactions. On Tuesday, the network’s daily transactions even surpassed those on the Ethereum platform. Moreover, after Ethereum’s Dencun upgrade, other L2 networks such as Optimism have also witnessed an increase in activity.
Arbitrum transfers peak
Statistics indicate that L2 fees for Arbitrum, Optimism, and Starknet have fallen below US cents per transfer as of March 20, 2024. Following the implementation of Ethereum’s Dencun upgrade on March 13, L2 network fees have dropped significantly and now cost less than $0.01 per transaction, a stark contrast to Ethereum’s onchain fee of $3.12 for a transfer with high priority. Zksync’s transaction fees are estimated at $0.02 each as of March 20.
On Tuesday, the number of daily transactions on Arbitrum surpassed Ethereum’s confirmed transactions. While Ethereum recorded 1.378 million transactions on March 19, Arbitrum saw 1.714 million transactions on the same day. This increase in Arbitrum’s daily transfers has been observed since Ethereum upgraded on March 13. The day before, on Monday, Arbitrum’s transactions per day were 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 an increase in activity, Ethereum’s daily transactions have also seen an increase since February 12, 2024. With the exception of January 14, 2024, Ethereum’s March 19. number of transactions set a record for the year. However, Arbitrum’s jump to 1.714 million same-day transactions marked a high in 2024, even though the network processed more than 5 million transactions on December 16, 2023.
What do you think about Arbitrum’s transactions per day exceeding Ethereum’s? Share your thoughts and opinions on this topic in the comments below.