The average fees on Arbitrum, the largest layer-2 blockchain, surged by 97.8% as daily transactions increased from 1.7 million to 2.3 million on June 11. This spike raised fees to $0.015 per transaction before they fell back to $0.007.
Arbitrum’s total value locked (TVL) stands at $2.97 billion, making it the leading L2 network. The ARB token, however, declined by 0.33% in the last 24 hours, trading at $0.94 with a market cap of $2.7 billion, ranking it as the 38th-largest cryptocurrency.
Notably, Arbitrum launched the Gaming Catalyst Program on June 9, aiming to distribute 225 million ARB tokens to web3 game developers. Additionally, on April 25, Arbitrum, along with other major L2s, integrated Avail’s data availability layer to support scalable and cost-effective blockchain development.
These strategic initiatives highlight Arbitrum’s commitment to driving innovation and supporting the web3 ecosystem, ensuring its long-term significance in the blockchain space.
