🌎 Arbitrum Fees Surge as On-Chain Transactions Increase

The average fees on the largest layer-2 (L2) blockchain, Arbitrum, have experienced a significant increase as daily on-chain transactions surged.

Arbitrum currently stands as the largest L2 network with a Total Value Locked (TVL) of $2.97 billion.

According to data from Dune, the daily average fees on Arbitrum surged by 97.8%, reaching $0.015 per transaction. However, the fees have since declined, currently averaging around $0.007.

Data indicates that the rise in Arbitrum’s average fees coincides with an increase in daily on-chain transactions, which jumped from 1.7 million to 2.3 million on June 11.

At present, Zora Network is the most cost-effective L2 blockchain, with a daily average transaction fee of $0.0029. On the other hand, Scroll network is the most expensive among leading L2 platforms, with an average fee of $0.108.

The native token of Arbitrum, ARB, has declined by 0.33% in the past 24 hours and is trading at $0.94. The asset’s market cap stands just over $2.7 billion, ranking it as the 38th-largest cryptocurrency.

On June 9, Arbitrum announced the Gaming Catalyst Program, an initiative to distribute 225 million ARB tokens, worth approximately $215 million, to game developers in the web3 sector.

On April 25, Arbitrum, along with Optimism, Polygon, StarkWare, and zkSync, integrated Avail’s data availability layer to assist developers in building cost-effective, scalable, and composable blockchain networks.