The Rank of Arbitrum Is Now Nitro
On the exact anniversary of the network’s initial mainnet launch, the Ethereum Layer 2 network successfully transferred the current Arbitrum One network to Arbitrum Nitro on Wednesday. The company behind Arbitrum, Offchain Labs, tweeted that the upgrade was finished.
With Arbitrum Nitro, the network’s restrictions are lifted, and several significant enhancements are introduced. In the past, the speed at which Arbitrum could process transactions was limited to protect the integrity of the network. With the upgrade to Nitro, however, these restrictions no longer apply, greatly expanding the network’s capacity to process transactions.
Transaction data transmitted back to Ethereum’s mainnet for validation has been compressed thanks to the Nitro upgrade. Nitro is expected to decrease the amount of empty bytes in batches of Arbitrum transactions, hence lowering transaction fees for customers even further. Fees on Arbitrum are already 90–95% lower than on Ethereum’s mainnet, and the Nitro update, according to estimations, could further reduce fees by 27% by getting rid of zero bytes.
Nitro’s main improvement, though, is a new prover that can run the WebAssembly code necessary to analyze Arbitrum’s interactive fraud proofs. This means that the Arbitrum engine no longer requires a specially-designed language or compiler in order to be developed or compiled; instead, developers can make use of more widely-available languages and tools. A more streamlined and user-friendly experience for developers working on Arbitrum is the end result, with the team hoping this will lead to more work being done on the network.
Steven Goldfeder, CEO and co-founder of Offchain Labs, told Crypto Briefing that the update will “massively boost network capacity and drastically cut expenses,” which would hopefully encourage additional projects to join the ecosystem. He went on to call Arbitrum “the most Ethereum-compatible rollup ever constructed,” noting that as Nitro shares the same internal composition as Ethereum, the network is compatible with Ethereum’s developer and user tools.
Nitro has adopted the AnyTrust technology of the Arbitrum network, making it possible to scale the network in a safe and cost-effective manner, making it ideal for use in online games and social media. Similarly, the Abritrum Nova chain, which was just unveiled, uses the same technology and boasts a “Data Availability Committee” comprised of representatives from Google Cloud, FTX, Reddit, Consensys, P2P, and QuickNode.
The Arbitrum network is likely to resume its Arbitrum Odyssey Campaign now that Nitro has increased the network’s transaction throughput. Due to rising transaction volumes and gas expenses on the Layer 2, Odyssey was shut down in June shortly after its launch. The goal of the campaign is to introduce new users to the Arbitrum ecosystem by offering NFTs to those who perform on-chain operations.
Arbitrum is among the Layer 2 networks that offer Ethereum scaling options. According to L2Beat, Arbitrum One has locked up roughly $2.5 billion in value since its introduction last year, making it Ethereum’s most dominating Layer 2 network. As the project has not provided tokens or other ecosystem incentives, Goldfeder said its growth has been “completely organic.” This is in contrast to its primary competitor, Optimism, which does have a token.
Through the use of Optimistic Rollups, the project is able to increase throughput and decrease fees by batching transactions before sending them back to the Ethereum mainnet for validation. Mainnet Ethereum. Ethereum DeFi mainstays Uniswap, Curve, and Aave have all released contracts on the network. Several native protocols, like as GMX, Dopex, and Vest Finance, were also developed on the Arbitrum network.
The author owns Ethereum and other cryptocurrencies but did not receive any of these for free.
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