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Arbitrum is rolling out the Nitro update tomorrow; Fees are reduced by 50%

Arbitrum is rolling out the Nitro update tomorrow;  Fees are reduced by 50%

Arbitrum’s second layer scaling solution is gearing up for one of its most significant updates on Wednesday. This update, called Nitro, increases the efficiency and scalability of the chain, reduces transaction fees (up to 50%), and improves the communication between Arbiterum and Ethereum chains.

According to Mihan Blockchain and quoted by Coin Telegraph, on August 29 (7 September) on Twitter, Arbitrum announced the release date of the Nitro update and confirmed that this update will be implemented on August 31 (9 September). Arbitrum is one of Ethereum’s second layer scaling solutions that uses Optimistic Rollup technology for the off-chain classification of large transaction packets from Ethereum smart contracts and decentralized programs and recording and sending them to the Ethereum network. According to the Arbitrom team, the transaction fee will be reduced by 50% in the Nitro update.

Arbitrum also announced that during this update, the Arbitrum network is expected to be unavailable for 2-4 hours.

According to account information Offchain Labs GitHub (developer of Arbitrum), the Nitro update will introduce a fully integrated and seamless system of Optimistic Layer 2 rollups running on the Arbitrum One platform. This update also includes new and improved anti-fraud proofs and updated sequencers, token bridges, and Calldata compression mechanisms.

Offchain Labs is one of the blockchain companies that was founded in 2018 and develops a set of Ethereum scaling solutions. It should be mentioned that the Arbitrum One network is the most important network developed by Offchain Labs.

According to the previous report of Blockchain Homeland, Arbitrum also launched its Nova chain last month, and now Offchain has 2 Arbitrum One and Nova chains on the Ethereum network, but the Nitro update only runs on the Arbitrum One chain.

Offchain Labs has also updated Arbitrom’s operating system, ArbOS, which is now rewritten in the Go programming language. This new version of the operating system improves the communication between the arbitrum and ethereum chains, and improves transaction classification and data compression. This will lead to lower costs on the Ethereum mainnet.

In the information related to the nitro update, it is stated that the status of Arbitrom One will be seamlessly and perfectly transferred to nitro, and if this update is implemented correctly, any possibility of network separation and fork creation will be eliminated.

In an April 2022 paper, Offchain Labs said that the Nitro upgrade will be the most advanced Ethereum scalability stack and that Nitro will dramatically increase network capacity and reduce transaction costs and fees. In this article it is written:

Today we have reached the maximum capacity of Arbitrum, but with the release of the Nitro update we will be able to release new features and increase network efficiency dramatically. Although arbitrum is on average roughly 90-95% cheaper than Ethereum, the nitro update will further reduce the associated costs.

According to information DeFi LlamaArbitrum’s total locked capital in 3 different protocols is equal to 936 million dollars. It should be said that GMX, Stargate, Curve and Uniswap are the most popular programs related to Arbitrum.

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