Arbitrum
Optimism and Arbitrum flip Ethereum in combined transaction volume
Ethereum layer-2 on-chain activity has been increasing to the extent that the leading two networks now process more transaction volume than mainnet Ethereum. Layer-2 networks Arbitrum and Optimism have seen an increase in transactions over the past three months. Comparatively, aside from a few spikes, transactions on the Ethereum network have declined by around 33% since late October, according to Etherscan. This has enabled the two L2s combined to flip Ethereum for this metric, according to Dune Analytics data. The chart shows Ethereum processed over 1.06 million transactions on Jan. 10, whereas Arbitrum and Optimism combined processed over 1.12 million transactions. Additionally, Optimism has now surpassed Arbitrum in terms of daily transactions following a steady uptrend in activity sin...
Traders expect 200% upside from MATIC, but does Polygon network data support that?
In the past year, Polygon (MATIC) has focused on growing their list of high-profile partners which includes luminaries like Disney, Starbucks and Robinhood. The recent announcements of partnerships with both Instagram and JPMorgan have speculators pushing the token price up nearly 200%. In addition to partnerships, blockchain adoption through network usage is important to analyze. Blockchain adoption can be analyzed by looking into daily active users of the blockchain, protocols using the technology, number of transactions and total locked value. Total value locked on Polygon rises above $1B Total value locked (TVL) is one cryptocurrency indicator used to assess the market’s sentiment towards a particular blockchain. TVL on Polygon requires utilizing the MATIC blockchain and locking ...
White hat finds huge vulnerability in ETH to Arbitrum bridge: Wen max bounty?
A self-described white hat hacker has uncovered a “multi-million dollar vulnerability” in the bridge linking Ethereum and Arbitrum Nitro and received a 400 Ether (ETH) bounty for their find. Known as riptide on Twitter, the hacker described the exploit as the use of an initializing function to set their own bridge address, which would hijack all incoming ETH deposits from those trying to bridge funds from Ethereum to Arbitrum Nitro. Riptide explained the exploit in a Medium post on Sept. 20: “We could either selectively target large ETH deposits to remain undetected for a longer period of time, siphon up every single deposit that comes through the bridge, or wait and just front-run the next massive ETH deposit.” The hack could have potentially netted tens or even hundreds of millions worth...
Ethereum scaling network Arbitrum set for major upgrade on Aug. 31
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 utiliz...
Klaytn token down 15% in a month, but network’s TVL shows resilience
Klaytn (KLAY) had a promising start in March 2021, reaching an impressive $11 billion market capitalization following its debut. However, investors have exaggerated their expectations as the token’s current total value stands at $3 billion, down roughly 70%. KLAY/USD on Binance. Source: TradingView Although not as well known as the leading smart contract blockchains, Klaytn remains a top-35 token by capitalization rank. Moreover, the network holds $1.2 billion worth of deposits locked on smart contracts. Capital locked on smart contracts is known in the industry as total value locked, or TVL. Real use cases and strong backing Klaytn is a flexible modular network architecture created by Kakao, a publicly-traded South Korean internet giant. The Asian tech group’s shares are value...
KyberSwap DEX launches on layer-two network Arbitrum
Decentralized exchange (DEX) aggregator KyberSwap has launched on the layer-two Ethereum scaling solution Arbitrum network. The move puts Kyberswap on its seventh network or scaling solution along with Ethereum (ETH), Polygon (MATIC), Fantom (FTM), BSC (BNB), Avalanche (AVAX), and Cronos (CRONOS). KyberSwap joins SwaprEth, Balancer Labs, Curve Finance, and SushiSwap as the DEXes available on Arbitrum as of the time of writing. KyberSwap DEX Aggregator Launches Integration with L2 Scaling Solution @OffchainLabs #Arbitrum NetworkTrade tokens on #KyberSwap at faster speeds and with lower costs, with the best rates! Trade and earn now: https://t.co/Yl4MTlr0di Learn more: https://t.co/ksSu1YjQkt pic.twitter.com/sUI00hnsk5 — Kyber Network (@KyberNetwork) March 7, 2022 The KyberSwap team points t...
Arbitrum network suffers minor outage due to hardware failure
The Ethereum layer-two network Arbitrum has suffered its second outage in less than five months following a hardware failure. Arbitrum is back online at the time of writing but the team did report some downtime during the late hours of Jan. 9. The timing of the tweets suggests that the network was down for around seven hours. At the time, the Offchain Labs platform reported that it was experiencing some issues with the sequencer which prevented transactions from being processed for the period. We are currently experiencing Sequencer downtime. Thank you for your patience as we work to restore it. All funds in the system are safe, and we will post updates here. — Arbitrum (@arbitrum) January 9, 2022 On Jan. 10, Arbitrum released a post mortem explaining what had occurred to cause the brief o...
