Arbitrum, Ethereum layer-2 scaling solution, will undergo one of its largest upgrades on Wednesday. This upgrade is expected to increase transaction throughput and reduce transaction fees, as well as simplify cross-chain communication between Arbitrum, Ethereum, and Arbitrum.
Arbitrum, also known as the “Nitro”, confirmed the date in a tweet on Aug. 29. It stated that the upgrade would take effect at 10:30 Eastern Time on Aug. 31, while noting that there will be a two- to four hour downtime.
Reminder: Arbitrum One will be upgrading to Nitro on Wednesday, 8/31.
Planned network downtime will last for approximately 2-4 hours, beginning at 10:30 AM ET/ GMT-4
There are 2 days left before Nitro
— Arbitrum (@arbitrum)
August 29, 2022
Abritrum, an Ethereum layer-2 scale solution, uses Optimistic Rollup technology. It bundles large batches of transactions off-chain using Ethereum smart contracts and decentralized apps before submitting them to Ethereum.
Offchain Labs’ GitHub account states that Nitro will be a fully integrated, complete layer-2 optimistic rollup system. It builds on Arbitrum One and features improved fraud proofs as well as updated sequencers and calldata compression methods.
Offchain Labs, a blockchain-based firm founded in 2018, develops a range of Ethereum scaling solutions. The most prominent network is the Arbitrum One network.
Arbitrum will flip Solana. It is only days away that Aribtrum Nitro will be available. It’s going to bring faster transactions, cheaper fees, and a better experience for builders.@arbitrum pic.twitter.com/95Edqn881u
Nick Ford (@CryptoWithNick
August 23, 2022
Offchain Labs has also updated the ArbOS (Arbitrum Operating System), component. This is now written in Go, a software programming language. This new version will allow for cross-chain communication between Arbitrum (Ethernet) and transaction batching, data compression, and reduce costs on the Ethereum mainnet.
It also stated that Arbitrum One’s state “will be seamlessly migrated” to Nitro. This should eliminate any chance of a chain splitting if done correctly.
In an Apr. Offchain Labs stated that the Arbitrum Nitro upgrade will be “the most advanced Ethereum scaling platform” and that “Nitro would massively increase network bandwidth and reduce transaction costs.”
“Today we limit Arbitrum’s ability, but with Nitro, we can release those controls, and significantly increase our throughput. Even though Arbitrum is currently 90-95% cheaper than Ethereum, Nitro reduces our costs even more.
Decentralized finance (DeFi Llama) aggregator claims that Arbitrum holds $936 million in total value (TVL). The network is spread across 111 protocols with GMX and Stargate being the most popular.
The 2022 crypto catalysts of the greatest importance are just days away
1) The @Ethereum Fusion: Sept. 15, (21 days away).
2) @Arbitrum – August 31 (7)
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— DeFi Surfer, (@DeFiSurfer808)
August 25, 2022