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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.<\/p>\n
Referred to as the \u201cNitro\u201d 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.<\/p>\n
\nReminder \u2014 Arbitrum One is upgrading to Nitro on Wednesday 8\/31. <\/p>\n
There will be 2-4 hours of planned network downtime, starting 10:30 AM ET \/ GMT-4. <\/p>\n
2️⃣ days until Nitro! <\/p>\n
\u2014 Arbitrum (@arbitrum) August 29, 2022<\/a><\/p><\/blockquote>\n
Abritrum is an Ethereum layer-2 scaling solution<\/a> that utilizes Optimistic Rollup technology to bundle large batches of transactions off-chain from Ethereum smart contracts and decentralized applications before submitting it to Ethereum. <\/p>\n
According to Offchain Labs\u2019 GitHub<\/a> account, Nitro will represent a \u201cfully integrated, complete layer 2 optimistic rollup system\u201d that builds on Arbitrum One with newly improved fraud proofs, along with updated sequencers, token bridges and calldata compression mechanisms.<\/p>\n
Offchain Labs is a blockchain-based company established in 2018 which builds a suite of Ethereum scaling solutions, with the Arbitrum One network being the most notable network deployed by the firm.<\/p>\n
\nArbitrum 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<\/a> pic.twitter.com\/95Edqn881u<\/a><\/p>\n
\u2014 Nick Ford (@CryptoWithNick) August 23, 2022<\/a><\/p><\/blockquote>\n
Offchain Labs also updated its ArbOS (Arbitrum Operating System) component, which is now rewritten in the software programming language Go. The new version will improve cross-chain communication between Arbitrum and Ethereum, as well as transaction batching and data compression, which will in turn minimize costs on the Ethereum mainnet.<\/p>\n
The document also stated that the state of Arbitrum One \u201cwill be migrated seamlessly\u201d on to Nitro, which should, if executed correctly, rule out any possibility of a chain split.<\/p>\n
In an Apr. 2022 article,<\/a> Offchain Labs said the Arbitrum Nitro upgrade would be \u201cthe most advanced Ethereum scaling stack\u201d and that \u201cNitro will massively increase network capacity and reduce transaction costs,\u201d stating: <\/p>\n
\u201cToday, we throttle Arbitrum\u2019s capacity, but with Nitro we\u2019ll be able to release those controls and significantly up our throughput. And while Arbitrum today is already 90\u201395% cheaper than Ethereum on average, Nitro cuts our costs even further.\u201d<\/p><\/blockquote>\n
According to decentralized finance (DeFi) aggregator DeFi Llama, Arbitrum<\/a> has $936 million total value locked (TVL) on the network spread across 111 different protocols, with GMX, Stargate, Curve and Uniswap among the most popular applications. <\/p>\n
\n2022’s biggest crypto catalysts are mere days away:<\/p>\n
1) The @Ethereum<\/a> Merge: Sept. 15 (21 days away)
2) @Arbitrum<\/a> Nitro: August 31 (7)<\/p>\nNot familiar and need to catch up?<\/p>\n
Here are all my threads and Substacks in one place to get you up to speed. pic.twitter.com\/Av34myVf6Y<\/a><\/p>\n
\u2014 DeFi Surfer , (@DeFiSurfer808) August 25, 2022<\/a><\/p><\/blockquote>\n<\/div>\n