- Arbitrum has approximately $936 million in Total Value Locked (TVL) on 111 different protocols.
- Arbitrum reconfirmed the “Nitro” upgrade will take effect on August 31 at 10:30 AM.
On Wednesday, Ethereum layer-2 scaling solution Arbitrum is set to undergo one of its most significant upgrades, increasing transactions throughout, slashing transaction fees, and simplifying cross-chain communication between Arbitrum and Ethereum.
A Twitter post on August 29, Monday Arbitrum, reconfirmed the “Nitro” upgradation will take effect on August 31 at 10:30 AM. Futhure underlined that the network might face a downtime period of at least two to four hours.
Arbitrum is the most widely embraced scaling resolution on Ethereum. It presently ranks first overall in Total Value Locked (TVL). TVL is a metric that measures the value stored in a protocol’s smart contracts. And for promising rollups and #7 across all blockchains.
As per Offchain Labs’ GitHub account, Nitro will define a “fully integrated, complete layer 2 optimistic rollup system” programmed on Arbitrum One with newly enhanced fraud proofs and revised sequencers, token bridges, and call data compression mechanisms.
Offchain Labs upgrades its ArbOS(Arbitrum Operating System) component that is now rewritten in the software programming Language Go. The upgraded version of ArbOS will enhance cross-chain communication between Arbitrum and Ethereum, including transaction batching and data compression, which will ultimately help in decreasing the cost of the Ethereum mainnet.
The document also highlighted that the state of Arbitrum one “will be migrated seamlessly” onto Nitro and, if conducted perfectly, can rule out any possibility of a chain split.
On July 30, 2022, Chief Executive Officer of Aritrum, Steven Goldfeder, said, “Nitro will allow us to increase the demand significantly to many times Ethereum’s capacity. That will massively increase our ability to scale.”
Adding more he said, “Our mission is to provide the best scale to users and scale Ethereum using the best technology today, meaning scaling Ethereum’s security and scaling Ethereum’s decentralization.”
Decentralized finance Llama tweeted on its Twitter handle that Aribitrum has approximately $936 million Total Value Locked (TVL) on 111 different protocols, including GMX, Stargate, Curve, and Uniswap.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/08/30/arbitrum-ethereum-scaling-network-ready-for-significant-updates-on-august-31/