Layer 2 Observer Newsletter #27 | Arbitrum booming week
Arbitrum One’s data has ushered in explosive growth and will open the permission-free token bridge function.
Since Arbitrum One mainnet public beta went live on 1st September, its on-chain activities have ushered in explosive growth.
According to Arabiscan.io, the number of daily transactions on the Arbitrum reached a record of 267,608 transactions on September 12th; the number of unique addresses reached 83,905, which was 12 times that of the initial launch; currently there are more than 700 contracts deployed on the chain.
According to L2Beat, the L2 network information aggregator platform, Arbitrum’s TVL (total volume locked) reached US$2.2 billion in just a few days, increasing 2411% in 7 days, accounting for 72% of the TVL of the layer 2 network ecosystem.
In addition, according to DeBank, the TVL of ArbiNYAN is $1.6 billion, accounting for 72% of the $2.2 billion TVL.
Arbitrum will open the permissionless asset bridge function
According to Offchain Labs official blog, Arbitrum plans to open the permissionless asset bridge function on October 22nd, supporting all standard ERC-20 tokens.
At present, the Arbitrum One mainnet still holds some whitelist restrictions to ensure that the project obtains the token type that meets their needs:
- Standard ERC-20 token contract (supports basic ERC-20 contract functions and the transferability between L1 and L2)
- Custom ERC-20 token contract (support governance, snapshot and other functions).
It is worthy noting that the Standard ERC-20 contract will not be upgradeable and migrating a token from a standard ERC-20 to a token with additional affordances can be an extremely complex social coordination process at a later stage, and it may make sense to coordinate prior to having the token go live on Arbitrum.
Arbitrum One Sequencer bug incident
Beginning at 10:14 AM Eastern today (September 14th, 2021) the Arbitrum Sequencer was offline and continued for approximately 45 minutes.
An official report later stated that the root cause of the accident was a bug causing Sequencer to get stuck when receiving a large amount of transactions in a short period of time, but it will not cause any security issues for users in any way. At present, Arbitrum has successfully located the problem and deployed a fix.
Arbitrum officials also focused on clarifying the Sequencer outage (which happened this time) and a network outage (which did not happen yet). Since Sequencer is the only role that can submit transactions without delay, Sequencer outage will make users feel that it is a network interruption.
But in fact, the Arbitrum network is resilient to continuous Sequencer outage. Even if the Sequencer fails permanently, the chain can continue to run after the delay. Arbitrum users can bypass Sequencer and submit transactions directly to Ethereum, and this ability was fully preserved in this incident.
Please note that Arbitrum One is still in the early stage Beta version, so users should pay attention to control risks when using the network to avoid unnecessary losses.
Curve now runs live on Arbitrum
Curve’s core team member Charlie Watkins, stated on Twitter that a fund pool containing USDT/ETH/WBTC went live on Arbitrum, and a fund pool of USDT/USDC has been launched on Arbitrum too. And CRV token rewards will be proposed in the DAO voting on 15th September.
Optimistic Ethereum doubled the mainnet’s throughput limit
Optimistic Ethereum announced that it will double the mainnet’s throughput limit to 200,000 transactions/day.
In addition, the blockchain data analysis platform Dune Analytics announced the adds-on of transaction data tracking and analysis on the L2 scaling solution Optimistic Ethereum.
Polygon will integrate the lightweight blockchain protocol Mina as the privacy solution
Polygon will integrate the lightweight blockchain protocol Mina as the privacy solution. Mina is a lightweight blockchain with a size of about 22 KB and features a privacy protection function based on zk-SNARK.
Developers will be able to build private and verifiable applications on Polygon through Mina’s zk-SNARK-based protocol. Specific use cases include KYC on DeFi platforms, ownership and privacy of NFTs, and verification of whether social media DApp users are real people, etc.
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