Arbitrum overtakes Bitcoin in transaction fees
Arbitrum, an “optimistic rollup” developed by New York-based startup Offchain Labs, runs on the Ethereum blockchain. Recent data from Crypto Fees show that, within the last day, Arbitrum amassed nearly $800,000 in transaction fees, outpacing Bitcoin’s $600,000.
Although the 7-day average fees for Arbitrum (ARB) are slightly lower than Bitcoin’s—$387,000 compared to Bitcoin’s $630,000—the consistently rising numbers may indicate a growing preference among users for conducting transactions on the Ethereum L2 network instead of Bitcoin (BTC).
Since its Nitro upgrade in August of last year, Arbitrum has seen a significant increase in transactions, even exceeding the transaction volume on Ethereum itself. Despite the rising number of transaction fees on Arbitrum, the cost of transacting has remained fairly stable.
Currently, the cost of sending ETH on Arbitrum is approximately $0.10, while the estimated cost for token swaps is $0.28. In contrast, Bitcoin’s average transaction fee stands at around $2.05.