Arbitrum (ARB) announces Atlas upgrade, reducing fees and introducing additional features
Arbitrum (ARB), a leading layer-2 solution for Ethereum (ETH), has successfully launched its Atlas upgrade, a significant milestone in reducing transaction fees and improving network efficiency.
Offchain Labs, the main developer behind Arbitrum, announced the activation of the ArbOS 20 upgrade, named “Atlas,” on the Arbitrum network.
The Atlas upgrade, part of the ArbOS 20 update, incorporates Ethereum’s Dencun support and introduces blob transactions to streamline data processing at a lower cost. With the live Atlas upgrade, Arbitrum plans to further reduce execution transaction fees on March 18th.
Initially, the Atlas upgrade focuses on reducing layer-1 (L1) posting fees through EIP-4844, with additional reductions scheduled for the following week. Arbitrum aims to decrease the L1 surplus fee per compressed byte from 32 gwei to zero and lower the layer-2 (L2) base fee from 0.1 gwei to 0.01 gwei. As a result, applications on Arbitrum One will benefit from the new pricing structure without requiring any modifications.
According to Offchain Labs, Layer 3 Rollup chains built on Arbitrum One will automatically experience reduced fees.
Furthermore, self-governed Orbit L2 rollup chains are encouraged to adopt ArbOS Atlas and enable blob posting to enjoy similar benefits.
Arbitrum RaaS (Rollups-as-a-Service) providers, including Altlayer, Caldera, Conduit, and Gelato, have committed to upgrading existing Orbit chains to support the Atlas upgrade and the Ethereum Dencun upgrade.
Additionally, the Atlas upgrade aligns Arbitrum (ARB) with EVM’s security standards by incorporating support for EIP-6780, paving the way for future improvements to the EVM.
By optimizing transaction costs, the Atlas upgrade will enable previously impractical use cases like gaming, SocialFi, and DeFi exchanges to become viable, according to Offchain Labs.
The recent implementation of Ethereum’s Dencun upgrade, aimed at reducing gas fees on L2 blockchains, is expected to drive greater adoption of the Ethereum ecosystem. However, immediate fee reductions depend on project teams upgrading their architecture to accommodate the new standard.
In the evolution of Arbitrum, a series of upgrades have played a crucial role in shaping its capabilities and performance. Before the Atlas upgrade, key enhancements on the network achieved significant milestones for the blockchain project.
The Arbitrum Nitro upgrade, released in August 2022, focused on increasing network capacity and speed to address scalability challenges in the Ethereum ecosystem. This upgrade aimed to enhance transaction throughput and efficiency, establishing a strong foundation for a more robust and scalable Layer 2 solution.
In other news, the Arbitrum DAO has decided to withdraw a proposal to donate approximately $1.28 million worth of ARB tokens to assist in covering legal expenses for Tornado Cash developers Roman Storm and Alexey Pertsev. Token holders expressed concerns about potential legal liabilities associated with these donations.
The proposal, which involved donating around $1.28 million worth of ARB tokens, aimed to support legal charges against Tornado Cash developers. However, due to concerns raised by token holders regarding potential legal risks, the proposal has been withdrawn.
The willingness of the Arbitrum community to provide financial support for legal matters highlights the collaborative nature of the cryptocurrency ecosystem, emphasizing the importance of legal clarity and responsibility within the industry.
