Ethereum layer-2 scaling solution Arbitrum prepares for one of the most important upgrades on Wednesday. It increases transaction volume, reduces transaction fees, and simplifies cross-chain communication between Arbitrum and Ethereum.
The upgrade, dubbed “Nitro,” officially confirmed the date in a Twitter post on Aug 29, confirming that the upgrade will take effect Aug. 31 at 10:30 AM. Eastern time or around 21:30 our time. Network outages are expected to last for several hours.
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.
2⃣ days until Nitro!
— Arbitrum (@arbitrum) August 29, 2022
Abritrum is an Ethereum layer-2 scalable solution that uses Optimistic Rollup technology to bundle large volumes of off-chain transactions from Ethereum smart contracts and decentralized applications before they are sent to Ethereum.
As stated in the GitHub account. Offchain Labs says Nitro will represent a “fully integrated layer 2 optimistic rollup system”.
Offchain Labs is a blockchain company founded in 2018 that creates a suite of Ethereum scalable solutions, with the Arbitrum One network being the company’s most prominent network.
Offchain Labs says that the Arbitrum Nitro upgrade will be “the most advanced Ethereum scalability” and that “Nitro will significantly increase network capacity and reduce transaction costs.”
“With Nitro we have been able to dramatically increase our throughput and while Arbitrum is currently 90–95% cheaper than Ethereum on average, Nitro will reduce our costs even further.”
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