Arbitrum, Ethereum’s layer 2 scaling solution, is set to undergo one of its biggest upgrades on Wednesday, to increase transaction throughput, reduce transaction fees, reduce transactions and simplify cross-chain communication between Arbitrum and Ethereum.
Arbitrum reiterated the upgrade date in a Twitter post on August 29, confirming that the upgrade will take effect on August 31 at 10:30 am EST, and noted that a network downtime period of between two and four hours.
Reminder – Arbitrum One is being upgraded to Nitro on Wednesday 8/31.
There will be 2-4 hours of planned network downtime, starting at 10:30 AM ET / GMT-4.
2️⃣ days until Nitro!
— Arbitrum (@arbitrum) August 29, 2022
Reminder – Arbitrum One is being upgraded to Nitro on Wednesday, August 31st. Network downtime is expected to be 2-4 hours, starting at 10:30 am (Eastern Time/GMT-4). 2️⃣ days until Nitro!- Arbitrum (@arbitrum) August 29, 2022
Abritrum is an Ethereum layer 2 scaling solution that uses Optimistic Rollup technology to aggregate large batches of off-chain transactions from Ethereum smart contracts and decentralized applications before submitting to Ethereum.
According to Offchain Labs’ GitHub account, Nitro will demonstrate a “complete and fully integrated layer 2 Optimistic Rollup system” that builds on Arbitrum One with newly improved cheating proofs, as well as updated blockers, signal bridges and call data compression mechanisms.
Offchain Labs is a blockchain-based company founded in 2018 that builds a series of Ethereum scaling solutions, and the most prominent network deployed by the firm is the Arbitrum One network.
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
—Nick Ford (@CryptoWithNick) August 23, 2022
Arbitrum Solana will return. Aribtrum Nitro is in a few days. It’s going to bring faster transactions, lower fees, and a better experience for developers. @arbitrum pic.twitter.com/95Edqn881u — Nick Ford (@CryptoWithNick) August 23, 2022
Offchain Labs has also updated its ArbOS (Arbitrum Operating System) component, which is now rewritten in the Go software programming language. The new version will improve cross-chain communication between Arbitrum and Ethereum, as well as transaction batching and data compression, which will minimize costs on the Ethereum mainnet.
The document also states that Arbitrum One’s state will be “seamlessly transferred” to Nitro, which, if executed correctly, should rule out any possibility of a blockchain split.
In an April 20, 2002 article, Offchain Labs said that the Arbitrum Nitro upgrade would be “the most advanced Ethereum scaling stack” and that “Nitro will greatly increase network capacity and reduce the cost of transactions” :
“Today we are limiting Arbitrum’s capabilities, but with Nitro we will be able to loosen those controls and greatly increase our throughput. And while Arbitrum today is on average 90-95% cheaper than Ethereum, Nitro reduces our costs even more.”
According to decentralized finance (DeFi) aggregator DeFi Llama, network-locked Arbitrum (TVL) has a total value of $936 million, spread across 111 different protocols, with GMX, Stargate, Curve and Uniswap among the most popular apps . .
The biggest crypto catalysts of 2022 are just days away:
1) The @Ethereum Merger: September 15 (21 days away)
2) @Arbitrum Nitro: August 31 (7)
No information and need to catch up?
Here are my threads and Sub-Stacks in one place to bring you up to speed. pic.twitter.com/Av34myVf6Y
— DeFi Surfer, (@DeFiSurfer808) August 25, 2022
The biggest crypto catalysts of 2022 are just days away: 1) The @Ethereum crash: September 15th (21 days away). 2) @Arbitrum Nitro: August 31 (7 days). Informed and need to catch up? Here are my threads and Sub-Stacks in one place for you to upgrade. pic.twitter.com/Av34myVf6Y — DeFi Surfer, (@DeFiSurfer808) August 25, 2022