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Arbitrum (ARB) Hits 2 Million Daily Transaction Milestone Amid Crucial Update

Thu, 9/05/2024 – 9:39

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Ethereum layer-2 scaling solution Arbitrum has hit a major milestone within its network. According to data from crypto analytics service provider IntoTheBlock (ITB), Arbitrum’s daily transactions soared to two million as of May 8.

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As ITB noted, since March, Arbitrum has consistently hit an average of one million transactions per day. This is significant as it proves the network is more user-friendly than its peers. The Arbitrum transaction surge has been a major buildup over time. Per the one-year chart shared, Arbitrum’s transaction growth has remained relatively flat, around 100,000 to 500,000, from September through October 2023.

This Arbitrum transaction milestone comes at a time when the protocol announced its Stylus MultiVM protocol has achieved a new update. Dubbed the Giga-update, the upgrade is designed to reduce transaction fees even further, by 2 to 4x cheaper. The Stylus update also comes with better tooling, improved safety and contract size compression for enhanced functionality.

Arbitrum occupies a unique position in the Ethereum L2 ecosystem. With a rich record of price fluctuations and bullish fundamentals, the protocol has always left users wishing for more. In mid-March, as many as 1.6 billion ARB tokens flooded the market. Amid the bearish sentiment at the time, the tokens still showcased resilience.

At the moment, Arbitrum is changing hands for $1.02, up marginally by 0.17%. According to top market analyst Ali Martinez, the TD Sequential indicator currently presents a buy signal on the Arbitrum weekly chart. Per the analyst, this indicator teases a one-to-four-candlestick rebound for ARB in the near term.

It remains unclear how ARB will react to the bouts of bullish updates within its ecosystem. One thing is clear though: user count is growing. The network is more efficient, and the demand for ARB is poised to grow in the long term. This trend positions ARB for a mega rally soon.

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