Ethereum scaling solution with layer-2 On Wednesday, Arbitrum will receive one of its most significant updates, which will speed up transaction processing, lower transaction costs, and make cross-chain communication between Arbitrum and Ethereum simpler.
In a tweet on August 29, Arbitrum reaffirmed the date of the “Nitro” update, stating that it will go into effect on August 31 at 10:30 AM Eastern Time and that a two to four hour network outage period should be anticipated. In order to aggregate huge volumes of transactions from Ethereum smart contracts and decentralised apps off-chain before submitting them to Ethereum, Abritrum is an Ethereum layer-2 scaling solution.
As per Cointlegraph, Nitro will be a “fully integrated, complete layer 2 optimistic rollup system” that builds on Arbitrum One with stronger fraud proofs, as well as newer sequencers, token bridges, and calldata compression technologies, according to Offchain Labs’ GitHub account. Offchain Labs is a blockchain-based business founded in 2018 that develops a range of scaling solutions for Ethereum. The Arbitrum One network is the most famous network the company has implemented, Cointelegraph noted.
ArbOS (Arbitrum Operating System), which is now rewritten in the software programming language Go, was also updated by Offchain Labs. The updated version will enhance data compression, transaction batching, and cross-chain communication between Arbitrum and Ethereum, all of which will reduce expenses on the Ethereum mainnet. Additionally, it was claimed in the document that the state of Arbitrum One “would be moved seamlessly” to Nitro, which, if done successfully, should completely eliminate the risk of a chain split.
Arbitrum has $936 million total value locked (TVL) on the network divided across 111 distinct protocols, with GMX, Stargate, Curve, and Uniswap among the most well-liked apps, according to decentralised finance (DeFi) aggregate DeFi Llama, Cointelegraph noted.
(With insights from Cointelegraph)
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