Jun 4, 06:00 AM

Arbitrum Dominates Ethereum L2 with 1 Billion Transactions, 500x Cheaper Fees, $11.66B Volume; Base Surpasses in Daily Activity

Arbitrum has emerged as a dominant player in the Layer 2 (L2) Ethereum scaling solutions, significantly outpacing Ethereum in several metrics. Arbitrum's average transaction fee is 500 times cheaper than Ethereum's Layer 1 (L1) fees. The platform has also overtaken Ethereum in monthly active users and achieved a milestone of 1 billion transactions in May 2024. Additionally, Arbitrum's monthly volume nearly doubled from $6.87 billion in May 2023 to $11.66 billion in May 2024. Despite these achievements, Arbitrum's onchain profit in May was $802,000, ranking fourth among L2s, behind Base, Optimism, and Scroll. Meanwhile, Base, another Ethereum L2 network, has seen substantial activity, with over 500,000 new tokens issued since March and reaching an all-time high in Total Value Locked (TVL). Stylus is weeks away from launch, which is expected to further enhance Arbitrum's capabilities.

#Arbitrum #Ethereum #Base #Optimism #Scroll #Ethereum L2 #Total Value Locked #Stylus

Written with ChatGPT (GPT-4o).

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Arbitrum Dominates Ethereum L2 with 1 Billion Transactions, 500x Cheaper Fees, $11.66B Volume; Base Surpasses in Daily Activity

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