Here’s What You Need to Know About Arbitrum’s Major Upgrade

Arbitrum – an Ethereum layer-2 scaling solution – is poised to undergo a major network upgrade on Wednesday.

The upgrade will help Ethereum address the onerous transaction fees that have plagued the network over the past two years. 

  • Per a tweet from Arbitrum on Monday, the “Nitro” upgrade will go live on August 31st. It will be accompanied by at least two hours of planned network downtime, starting a 10:30 am EST.
  • According to Offchain Labs – the developers behind Arbitrum One – Nitro “is a fully integrated, complete layer 2 optimistic roll-up system, including fraud proofs, the sequencer, the token bridges, advanced call data compression, and more.”
  • Optimistic rollups are a scaling approach that processes and stores Ethereum transactions off-chain. Transactions are later “rolled up” in batches of any size, and settled on the Ethereum mainnet as call data. 
  • The new Arbitrum features a new prover, allowing the L2 Arbitrum engine to be written using standard tools and languages. Specifically, Geth – the most popular Ethereum client – will be compiled directly into Arbitrum. 
  • Furthermore, Offchain Labs updated Abitrum’s operating system by rewriting its component in Go. This will assist cross-chain communication between Arbitrum and Ethereum while minimizing the L1 costs of batching transactions. 
  • “Essentially, Nitro runs Geth at layer 2 on top of Ethereum, and can prove fraud over the core engine of Geth compiled to WASM,” explained Offchain Labs. 

  • According to data from Defi llama, Arbitrum currently has a TVL of $926 million. By that metric, it’s the 8th largest chain for DeFi.
  • Nitro arrives on the brink of the merge – the Ethereum mainnet upgrade that will convert its consensus mechanism to proof of stake next month. 
  • Though it will not directly lower fees, the merge will move Ethereum further down its roadmap towards sharding, which will exponentially increase transaction throughput.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

You Might Also Like:


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 97,066.01 2.76%
Ethereum (ETH) $ 3,322.45 7.15%
Tether (USDT) $ 0.999784 0.34%
Solana (SOL) $ 253.65 7.63%
BNB (BNB) $ 619.30 1.14%
XRP (XRP) $ 1.11 0.87%
Dogecoin (DOGE) $ 0.38263 0.01%
USDC (USDC) $ 0.999351 0.21%
Lido Staked Ether (STETH) $ 3,322.15 7.25%
Cardano (ADA) $ 0.788549 4.86%