On the 31st of August 2022, a year after Arbitrum’s creation, the Arbitrum Nitro upgrade was implemented. News surrounding its completion was released on their official Twitter account.
There are numerous crypto platforms, and they are always in competition with one another. To edge other projects, crypto platforms incorporate protocols and upgrades. Arbitrum has taken its platform a step ahead by integrating the Nitro Upgrade.
No doubt, the upgrade has been received with cheers. The perks of the Nitro upgrade have been enticing. It promised a faster and cheaper platform and has delivered on that promise. Some users noticed that transaction fees had reduced, as low as 0 ETH ($0.00). Users have heaped praises on the developers.
Transactions on the platform are faster than before. Before the upgrade, Arbitrum transactions had to be regulated to sustain network efficiency and stability. Transaction speed and transaction fees weren’t the only perks of this new upgrade. The number of transactions that the platform can handle has increased.
Increased interoperability is another advantage of this new upgrade. The upgrade increased Cross-chain transactions between Ethereum and Arbitrum. It was also specifically designed to improve Ethereum’s scalability.
Various projects have shown that it is essential to keep integrating upgrades. If upgrades are bug-free and efficient, they play a role in improving valuation; It is a reason upgrades require tests and all flaws corrected before integration. Poor upgrades can cripple platforms and plummet valuation. Loss of valuation repels interest in the project.
The platform is not stopping here; there are still plans to add upgrades that will keep promoting and boosting the platform. Step by step, Off-chain labs (the creators of Arbitrum) are realizing their goal to relieve and decrease the transaction fees of the Ethereum network.
