RRUPDATES📍: Move Over, Bitcoin: Arbitrum Takes the Lead in Daily Transaction Fees

Carried by surging activity in its ecosystem following its Nitro upgrade in August last year, daily transactions on Arbitrum have surpassed those on Ethereum at the time.

Arbitrum is a layer-2 scaling solution built on the Ethereum blockchain by New York City-based Offchain Labs that improves the efficiency of the main blockchain.

While the 7-day average fees received on Arbitrum are still slightly lower than those received on Bitcoin — $387,000 vs. $630,000, the steady rise in numbers might suggest that more users are now submitting transactions on the Ethereum L2 network than on Bitcoin.

Even with an increase in the number of transaction fees on Arbitrum, the cost of transacting remains largely unchanged.