Average fees on Arbitrum rise 97%, daily transactions increase

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

Arbitrum is currently the largest L2 network with a TVL of $2.97 billion.

Average daily fees on Arbitrum increased by 97.8% earlier today, reaching $0.015 per trade, according to data provided by Dune. Moreover, average wages have fallen sharply, currently standing at $0.007.

Average daily wages at Arbitrum | Source: Dune

The data shows that the increase in Arbitrum’s average fees was due to the number of daily on-chain transactions on the L2 network increasing from 1.7 million to 2.3 million on June 11.

At this point, Zora Network is the cheapest L2 blockchain with an average daily transaction fee of $0.0029, according to Dune data. Scroll network is currently the most expensive among the leading L2 platforms, with an average fee of $0.108.

Arbitrum’s native token, ARB, has fallen by 0.33% in the last 24 hours and is trading at $0.94 at the time of writing. The asset’s market cap is just over $2.7 billion, making it the 38th largest cryptocurrency.

On June 9, Arbitrum announced an initiative called the Gaming Catalyst Program that will distribute 225 million ARB tokens, worth approximately $215 million, to game developers on the web3 scene.

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