Arbitrum upgrade on Ethereum scaling will take place on August 31
According to the developers of the layer-2 solution, the Nitro upgrade will increase speed and reduce fees on the mainnet
30.08.2022 - 13:00
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What’s new? Arbitrum, a layer-2 (L2) solution for scaling the Ethereum blockchain, will go through a major upgrade called Nitro. The event will take place on August 31. Developers expect the upgrade to increase network throughput, reduce transaction fees and simplify cross-chain communication between Arbitrum and Ethereum.
Reminder — Arbitrum One is upgrading to Nitro on Wednesday 8/31. 🚀There will be 2-4 hours of planned network downtime, starting 10:30 AM ET / GMT-4. 📅2️⃣ days until Nitro! 🥳— Arbitrum (@arbitrum) August 29, 2022
What else is known about the event? As part of the upgrade, the network will shut down at 14:30 UTC, with a downtime of 2 to 4 hours. According to the developers, Nitro will become “the most advanced Ethereum scaling stack.” At the time of writing, the Arbitrum network has a $948,97 million total value locked (DefiLlama data) distributed across 102 different protocols, including GMX, Stargate, Curve, and Uniswap.
The Abritrum network was developed by Offchain Labs. It uses Optimistic Rollup technology to bundle large batches of off-chain transactions from Ethereum smart contracts and decentralized applications (dApps) before sending them to Ethereum. The solution is designed to increase the speed and scalability of the Ethereum blockchain.
Earlier, Ethereum developers updated the roadmap for The Merge upgrade, which would change the consensus algorithm from Proof of Work (PoW) to Proof of Stake (PoS). According to the document, the transition could take place as early as September 10. It will be done in two stages: the first upgrade, called Bellatrix, will be released on September 6 at 11:34:47 UTC, in case of its successful integration, the second upgrade, Paris, will be launched.
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