Ethereum Layer 2 Network Arbitrum Reaches Over 4 Million Active Accounts and $5.5 Billion in On-Chain Locking
According to reports, Dune Analytics data shows that the total number of active accounts in the Ethereum Layer 2 network, Arbitrum, has exceeded 4 million, reaching 4.003 million s
According to reports, Dune Analytics data shows that the total number of active accounts in the Ethereum Layer 2 network, Arbitrum, has exceeded 4 million, reaching 4.003 million so far. The current total number of network account creations is 4.801 million. In addition, the total value of Arbitrum’s on chain locking reached $5.523 billion, with a total of over 186 million on chain transactions.
The total number of active accounts in Arbitrum has exceeded 4 million
In recent reports, Dune Analytics data has demonstrated the remarkable growth of the Ethereum Layer 2 network Arbitrum. The number of active accounts on this network exceeded 4 million, reaching a total of 4.003 million so far. Moreover, the network has recorded over 186 million on-chain transactions and a total value of $5.523 billion for on-chain locking.
What is the Arbitrum Network?
Arbitrum is a Layer 2 Ethereum scaling solution created by the blockchain company Offchain Labs. This breakthrough technology is an off-chain network that enables faster and more efficient transactions than those observed on Layer 1. The Arbitrum network is built to alleviate congestion on the main Ethereum blockchain, allowing users to benefit from increased speed and lower gas fees.
How Does Arbitrum Work?
Arbitrum functions by using optimistic rollups as its primary scaling solution. This technology allows transactions to happen off-chain, with only the final result of each transaction being stored on the main Ethereum blockchain. In other words, Arbitrum batches together multiple transactions and validates them off-chain, only sending the final state to Ethereum’s Layer 1. This optimizes speed and efficiency without compromising on-chain security.
The Remarkable Growth of Arbitrum
The Arbitrum network has seen phenomenal growth since its inception. As the data shows, there are currently over 4 million active accounts and 4.801 million total network account creations. With such impressive statistics, it’s not surprising to see why this network continues to impress the crypto community.
On-Chain Locking on Arbitrum
One of the most significant achievements of the Arbitrum network is the value of its on-chain locking. This process involves users’ locking up their funds in smart contracts, guaranteeing their availability for transactions, and increasing network security. As of now, the on-chain locking on Arbitrum has reached $5.523 billion, demonstrating a high level of trust and confidence in the network.
Benefits of Using Arbitrum
Arbitrum has several benefits that make it an attractive choice for users looking to conduct transactions on the Ethereum network. These advantages include:
– Faster transaction times than Layer 1
– Lower gas fees
– Increased network efficiency
– It’s compatible with Ethereum smart contracts, allowing users to transfer their applications directly to the Arbitrum network.
The Future of Arbitrum
As the data shows, the growth of the Arbitrum network is undoubtedly impressive. With more than 4 million active accounts and $5.5 billion in on-chain locking, the network’s future looks promising. With this success, it’s expected that Arbitrum will continue to attract more users, driving continued growth in its on-chain transactions, account creations and on-chain locking.
Conclusion
Arbitrum is a groundbreaking scaling solution that has managed to address many of the issues that have plagued the Ethereum network for years. Its innovative use of optimistic rollups and off-chain processing has enabled faster and more affordable transactions for users. With such impressive numbers, it’s clear that Arbitrum is a network worth watching in the years to come.
FAQs
Q: How do I start using Arbitrum?
A: Users can access the Arbitrum network by connecting their wallets directly to the network.
Q: How long does it take to confirm transactions on Arbitrum?
A: Transactions are confirmed within minutes, making the network a faster alternative to Ethereum’s Layer 1.
Q: Can I transfer my Ethereum smart contract to Arbitrum?
A: Yes, Arbitrum is compatible with Ethereum smart contracts, allowing for streamlined application transfer.
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