Fees on Arbitrum see a 97 increase with daily transactions on the rise
Fees on the largest layer-2 (L2) blockchain, Arbitrum, have seen a significant increase due to a surge in daily on-chain transactions.
Arbitrum currently stands as the largest L2 network with a Total Value Locked (TVL) of $2.97 billion. Data from Dune reveals that the daily average fees on Arbitrum spiked by 97.8% today, reaching $0.015 per transaction. However, the average fees have since dropped sharply and are now at $0.007.
The rise in Arbitrum’s average fees coincides with a jump in daily on-chain transactions on the L2 network from 1.7 million to 2.3 million on June 11.
Zora Network currently boasts the lowest average transaction fee among L2 blockchains at $0.0029, while Scroll Network is the most expensive with an average fee of $0.108.
Arbitrum’s native token, ARB, experienced a minor 0.33% decrease in value over the past 24 hours and is currently trading at $0.94. The token’s market cap sits just above $2.7 billion, placing it as the 38th largest cryptocurrency.
On June 9, Arbitrum introduced the Gaming Catalyst Program, offering 225 million ARB tokens, valued at around $215 million, to game developers in the web3 community.
Additionally, on April 25, Arbitrum, along with Optimism, Polygon, StarkWare, and zkSync, integrated Avail’s data availability layer to assist developers in creating cost-effective, scalable, and composable blockchain networks.
