Ethereum scaling solution Arbitrum With its new update, it aims to be faster and less costly.
There are many scaling solutions on Ethereum. Arbitrum is one of the most widely adopted solutions.
L2beat as a locked-in-contract asset (TVL) based on data Arbitrum is in first place.
Arbitrum is currently focusing on the Nitro update. The update, which was active on the testnet on July 25, is expected to arrive on the Arbitrum mainnet in about 2 weeks if things go well. With this update Ethereum Transaction fees will decrease further as the speed of the largest L2 solution on the internet will increase.
Speaking to The Block, Arbitrum CEO Steven Goldfeder said:
“The Nitro update will allow us to increase the capacity of Ethereum many times over.
Our mission is to provide users with the best scaling solutions and scale Ethereum using the best technology. This means scaling the security and decentralization of Ethereum as well.
Consider Arbitrum and Ethereum a car.
With the classic Arbitrum we made a beautiful car that looks and feels like Ethereum. We drive this car like Ethereum but when we lift the hood it looks different. Arbitrum has AVM (Arbitrum Virtual Machine) on its hood. Even the interiors are the same as the nitro.”