Average fees on Arbitrum rise 97%, daily transactions increase

Average fees on Arbitrum, the largest layer-2 (L2) blockchain, have experienced a significant increase of 97.8% as daily on-chain transactions soar. Currently, Arbitrum boasts a total value locked (TVL) of $2.97 billion, solidifying its position as the leading L2 network. Data from Dune reveals that the average fees on Arbitrum surged to $0.015 per transaction before sharply declining to $0.007. This rise in fees coincided with an uptick in daily transactions on the L2 network, which rose from 1.7 million to 2.3 million on June 11. Comparatively, Zora Network stands as the most cost-effective L2 blockchain, with an average fee of $0.0029, while Scroll Network assumes the position of the most expensive platform with an average fee of $0.108. Despite these fee fluctuations, the native token of Arbitrum, ARB, experienced a slight decline of 0.33% over the past 24 hours, trading at $0.94. On June 9, Arbitrum unveiled the Gaming Catalyst Program, a initiative that earmarks 225 million ARB tokens (equivalent to approximately $215 million) to be distributed to game developers in the web3 scene. Furthermore, Arbitrum recently integrated Avail’s data availability layer, joining forces with Optimism, Polygon, StarkWare, and zkSync to foster the development of cost-effective, scalable, and composable blockchain networks.