Key Points
- Arbitrum’s average fees increased by 97.8% due to a surge in on-chain transactions.
- The native token of Arbitrum, ARB, has a market cap of over $2.7 billion.
Arbitrum, the largest layer-2 (L2) blockchain, experienced a significant rise in average fees. This increase was a result of a surge in daily on-chain transactions.
Arbitrum has a total value locked (TVL) of $2.97 billion. Data from Dune indicates that the daily average fees on Arbitrum increased by 97.8%, reaching $0.015 per transaction. However, these fees have since decreased and are now around $0.007 per transaction.
Transaction Fees and ARB Value
The increase in Arbitrum’s average fees is linked to the rise in daily on-chain transactions on the network. Specifically, transactions increased from 1.7 million to 2.3 million daily transactions on June 11.
Zora Network is currently the cheapest L2 blockchain with a daily average transaction fee of $0.0029, according to Dune’s data. In contrast, Scroll network is the most expensive L2 platform with an average fee of $0.108.
The native token of Arbitrum, ARB, has seen a slight decrease of 0.33% in the last 24 hours. It is currently trading at $0.94. The market cap of ARB is just above $2.7 billion, making it the 38th largest cryptocurrency.
Recent Developments
Arbitrum recently launched the Gaming Catalyst Program. This initiative aims to distribute 225 million ARB tokens, approximately worth $215 million, to game developers in the web3 scene.
In addition, Arbitrum, along with Optimism, Polygon, StarkWare, and zkSync, integrated Avail’s data availability layer on April 25. This integration aims to assist developers in creating cost-effective, scalable, and composable blockchain networks.
