Arbitrum, an Ethereum Layer2 solution, looks to regain its lost charm in the cryptocurrency space. The roll-up solution will undergo a massive Nitro upgrade next week. Meanwhile, Arbitrum witnessed an enormous surge in daily transactions, crossing 180,000 this week.
Indeed, Arbitrum appears healthy compared to its rival, Optimism. Arbitrum’s organic growth saw it maintaining a double transacting address count without incentives.
Nansen, a blockchain analytic site, confirmed a massive network activity surge on Arbitrum. Around 160K new addresses utilized Arbitrum within the previous week, with the figure at 360K over the last month.
The update revealed Arbitrum’s top three entities (by weekly users): Project Galaxy – 33,381, Uniswap – 17,087, and Center/USDC – 16,489. Meanwhile, the leading projects by weekly transactions are GMX -83,411, Uniswap -70,258, and SushiSwap – 49,083.
Meanwhile, Arbitrum maintained steady activity on the development side, awaiting several upgrades in the upcoming days. Recently, Arbitrum developers rolled out a shadow-fork shift to Arbitrum One.
They revealed the mainnet migration planned for August 31. Meanwhile, developers expect this to take two-four hours. It will lead to downtimes at the infrastructural and chain levels.
Also, Arbitrum unveiled a new Nitro node v2.0.0. It’s the first nitro node version that supports Arbitrum one. Meanwhile, the upgrade will enhance node lifecycle management within the network.
The update confirmed the node version would be essential for chain consensus on Arbitrum Rinkeby and Goerli testnets scheduled for September 1. It will be fascinating how the upgrade will impact Arbitrum. The fight with Arbitrum will like change after the nitro version.
The Crypto Market
The digital asset space remains bearish as assets fail to secure steady upsides. While writing this content, the market attempted to recover following the latest slump.
However, bears dominate the space, with the global cryptocurrency market cap hovering below the crucial $1 trillion mark. The metric changed hands at $992.26 billion at this publication, surging 4% in the last day.
Also, Bitcoin has regained the $20K mark after dropping beneath it the previous day. While writing these lines, BTC changed hands near $20,408, gaining more than 2% over the last 24 hours. Moreover, the bellwether crypto lost 2.88% within the past seven days.