Arbitrum One surpasses 1 billion transactions since 2021 launch

Quick Take

  • Arbitrum One, a Layer 2 rollup for Ethereum, has surpassed 1 billion transactions since its mainnet launch in August 2021.

Arbitrum One, a Layer 2 optimistic rollup for Ethereum, has crossed 1 billion transactions, reaching this milestone within three years of its mainnet launch in August 2021.

According to Blockscan data, its competitor Base has recorded 755 million transactions to date, while OP Mainnet has reached 347 million transactions.

Base, incubated by Coinbase, currently leads in daily transactions, with Arbitrum ranking second, according to The Block’s data dashboard.

According to DeFiLlama data, Arbitrum's total value locked (TVL) remains the highest among Layer 2 solutions, at $2.5 billion, followed by Base's $2.2 billion.

How does Arbitrum work?

Developed by Offchain Labs, Arbitrum is a Layer 2 solution that uses optimistic rollup technology. It creates an off-chain computation network that enables faster and more cost-effective transactions while maintaining security from the Ethereum blockchain.

The “optimistic” aspect assumes transactions are valid by default, verifying them only if challenged. This reduces the computational load on the main Ethereum chain, leading to faster transaction processing and lower fees.

Arbitrum One features active fraud proofs and a security mechanism allowing transaction challenges. However, it is still in its stage one phase and has not yet transitioned to a fully permissionless state.

Offchain Labs operates different Layer 2 networks on Ethereum, each with its ecosystem. The first network, Arbitrum One, serves as its flagship chain.

The second Layer 2 chain, Arbitrum Nova, uses the AnyTrust protocol. This network is an off-chain data availability layer for storing transaction data and scaling apps. 

Offchain Labs released tooling for developers to launch their Layer 3 blockchains using the Orbit software stack in October 2023. Orbit enables developers to create their own chain by settling on either Arbitrum One or Nova.


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is The Block’s Crypto Ecosystems Editor and has spent over seven years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal can be reached on Twitter at @vishal4c and via email at [email protected]

Editor

To contact the editor of this story:
Timmy Shen at
[email protected]

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on