1.1 Million: Arbitrum Eclipses Ethereum on Daily Transactions

Lavina Daryanani
Source: Altcoin Buzz

Arbitrum has been on a record-creating spree. On Feb. 21, Watcher Guru reported that the layer 2 scaling solution eclipsed Binance Smart Chain on the DEX volume aspect. Now, another milestone has been achieved.

According to on-chain data, the number of Arbitrum transactions reached 1.14 million on Tuesday. Notably, its number was higher than the Ethereum mainnet, which managed to settle only 1.05 million transactions.

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Commenting on the latest feat achieved, Steven Goldfeder, Co-Founder, and CEO at Offchain Labs—the firm behind Arbitrum—said,

“We’re witnessing history as Ethereum’s rollup-centric roadmap becomes a reality.”

Others from the community also went on to exclaim that this is “quite the milestone” and “the future is L2.”

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According to data from Dune Analytics, Solana settled the most number of transactions yesterday (18.35 million). BNB Chain and Polygon stood next with readings of 3.25 million and 2.7 million, respectively. Arbitrum and Ethereum stood right behind.

The number of transactions settled on Optimism, Gnosis Chain, Avalanche, and Fantom was fairly low and revolved in the 52K to 391K bracket.

Also Read: Arbitrum Beats Binance Smart Chain With Higher DEX Volume

Zooming out

On the aggregate front, Solana possesses the baton. It has registered a total of 22,492 million transactions. The gap between Ethereum and Arbitrum was significantly wide. Ethereum, on the other hand, has fostered 1,755.88 million transactions to date, while Arbitrum’s aggregate number stands around 15 times lower, at 118.09 million.

The numbers for other chains revolved in the 3540 million to 71 million range.

In other related news, an algorithmic stablecoin project based on Arbitrum was hacked. The official Twitter handle of the project alleged that a Nigerian national had carried out the scam and asserted that he “claimed everything” from the Genesis Protocol. The perpetrator allegedly walked away with approx. $2 million in user funds.

Also Read: 2023’s ‘Largest Exit Scam’ on Arbitrum Unfolds, $2M Stolen