Arbitrum's Airdrop Leads to Whale Sell-Offs and Price FluctuationsThe Arbitrum network celebrated its 200 million milestones in terms of transactions. According to a Dune dashboard, the network has over 4 million active users.
Arbitrum surpasses BTC in transaction fees
Developed by New York-based startup Offchain Labs, Arbitrum is an “optimistic rollup” operating on the Ethereum blockchain. Recent data from Crypto Fees reveals that Arbitrum collected nearly $800,000 in transaction fees within the last day, surpassing Bitcoin’s $600,000.
While the 7-day average fees for Arbitrum (ARB) remain marginally lower than Bitcoin’s—$387,000 compared to Bitcoin’s $630,000—the steadily rising figures could signal an increasing number of users opting for transactions on the Ethereum L2 network over Bitcoin (BTC).
Arbitrum has experienced a surge in transactions since its Nitro upgrade in August of last year, even surpassing the number of transactions on Ethereum itself. Despite the growing number of transaction fees on Arbitrum, the costs to transact have remained relatively stable.
The cost to send ETH on Arbitrum is around $0.10, while the estimated cost to swap tokens is $0.28. In comparison, the average transaction fee on Bitcoin hovers at approximately $2.05.
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