Covered:
- Arbitrum Upgrade Coming Wednesday
- Upgrade Rules Out Chain Split
Arbitrum Upgrade Coming Wednesday
Ethereum layer-2 scaling solution Arbitrum is set to undergo one of its most significant upgrades on Wednesday, set to increase transaction throughput, slash transaction fees and simplify cross-chain communication between Arbitrum and Ethereum.
Referred to as the “Nitro” upgrade, Arbitrum reconfirmed the date of the upgrade in a Twitter post on Aug. 29, confirming that the upgrade will take effect on Aug. 31 at 10:30 AM Eastern Time, while noting a two to four hours of network downtime period is to be expected.
Reminder — Arbitrum One is upgrading to Nitro on Wednesday 8/31.
There will be 2-4 hours of planned network downtime, starting 10:30 AM ET / GMT-4.
2️⃣ days until Nitro!
— Arbitrum (@arbitrum) August 29, 2022
Abritrum is an Ethereum layer-2 scaling solution that utilizes Optimistic Rollup technology to bundle large batches of transactions off-chain from Ethereum smart contracts and decentralized applications before submitting it to Ethereum.
According to Offchain Labs’ GitHub account, Nitro will represent a “fully integrated, complete layer 2 optimistic rollup system” that builds on Arbitrum One with newly improved fraud proofs, along with updated sequencers, token bridges and calldata compression mechanisms.
Offchain Labs is a blockchain-based company established in 2018 which builds a suite of Ethereum scaling solutions, with the Arbitrum One network being the most notable network deployed by the firm.
Arbitrum is going to flip Solana. Aribtrum nitro is days away. It’s going to bring faster transactions, cheaper fees, and a better experience for builders.@arbitrum pic.twitter.com/95Edqn881u
TrendingHow To Use Binance: The Biggest Crypto Exchange In The World— Nick Ford (@CryptoWithNick) August 23, 2022
Offchain Labs also updated its ArbOS (Arbitrum Operating System) component, which is now rewritten in the software programming language Go. The new version will improve cross-chain communication between Arbitrum and Ethereum, as well as transaction batching and data compression, which will in turn minimize costs on the Ethereum mainnet.
Upgrade Rules Out Chain Split
The document also stated that the state of Arbitrum One “will be migrated seamlessly” on to Nitro, which should, if executed correctly, rule out any possibility of a chain split.
In an Apr. 2022 article, Offchain Labs said the Arbitrum Nitro upgrade would be “the most advanced Ethereum scaling stack” and that “Nitro will massively increase network capacity and reduce transaction costs,” stating:
“Today, we throttle Arbitrum’s capacity, but with Nitro we’ll be able to release those controls and significantly up our throughput. And while Arbitrum today is already 90–95% cheaper than Ethereum on average, Nitro cuts our costs even further.”
According to decentralized finance (DeFi) aggregator DeFi Llama, Arbitrum has $936 million total value locked (TVL) on the network spread across 111 different protocols, with GMX, Stargate, Curve and Uniswap among the most popular applications.
2022’s biggest crypto catalysts are mere days away:
1) The @Ethereum Merge: Sept. 15 (21 days away)
2) @Arbitrum Nitro: August 31 (7)Not familiar and need to catch up?
Here are all my threads and Substacks in one place to get you up to speed. pic.twitter.com/Av34myVf6Y
— DeFi Surfer , (@DeFiSurfer808) August 25, 2022
*This article originally appeared in Cointelegraph.
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