Average fees on Arbitrum rise 97%, daily transactions increase

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

Arbitrum is currently the largest L2 network with a TVL of .97 billion. 

According to data provided by Dune, the daily average fees on Arbitrum rallied by 97.8% earlier today, reaching .015 per transaction. Moreover, the average fees took a sharp decline, currently hovering at .007.

Data shows that the rise in Arbitrum’s average fees comes as the number of daily on-chain transactions on the L2 network surged from 1.7 million to 2.3 million daily transactions on June 11.

At this point, Zora Network is the cheapest L2 blockchain with a daily average transaction fee of .0029, according to data from Dune. Scroll network is currently the most expensive among the leading L2 platforms with an average fee of .108.

The native token of Arbitrum, ARB, declined by 0.33% in the past 24 hours and is trading at .94 at the time of writing. The asset’s market cap is slightly over the .7 billion mark, making it the 38th-largest cryptocurrency.

On June 9, Arbitrum announced an initiative called the Gaming Catalyst Program to give out 225 million ARB tokens, worth roughly 5 million, to game developers in the web3 scene. 

On April 25, Arbitrum, Optimism, Polygon, StarkWare, and zkSync integrated Avail’s data availability layer to help developers build cost-effective, scalable and composable blockchain networks.