Ethereum Layer 2 Arbitrum One Passes One Billion Transactions

Arbitrum One, the Ethereum Layer 2 bullish set, has surpassed one billion transactions this week. This feat was achieved by Arbitrum One within three years of its mainnet launch in August 2021.

As of October 1, Arbiscan recorded a total of 1.003 million transactions.

In comparison, Coinbase’s Layer 2 network, Base, has recorded 755 million transactions to date, while OP Mainnet follows with 347 million.

Notably, Arbitrum One also leads in Total Locked Value (TVL) among Layer 2 solutions, currently at $14.3 billion, with Base at $7.32 billion and OP Mainnet at $6.57 billion, according to data compiled by L2Beat.

Earlier last month, stablecoin issuer Paxos announced plans to launch its products on Arbitrum One. The main objective of the partnership is to improve institutional integration in the Arbitrum network and to incorporate real-world assets into the chain.

Through Arbitrum, the company intends to leverage Ethereum’s deep liquidity at higher speeds and lower cost and engage Arbitrum’s active DeFi ecosystem.

While considering choosing Arbitrum One as the first layer 2 chain to integrate with Paxos, Walter Hessert, the company’s chief strategy officer, commented:

“We are excited to partner with Arbitrum to bring more real-world assets to the chain. Arbitrum is known for its speed, security and scalability, which are critical to driving the long-term adoption of digital assets across industries . In the next three years, the adoption of stablecoins by retail and institutional users will explode and Paxos will drive this paradigm shift.”

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