Arbitrum surpasses Bitcoin in fees collected after reaching 200 million transactions

This Friday (21) the Arbitrum network (ARB) announced on his Twitter account that reached the 200 million transaction mark. As the number of transactions increased, so did the amount that the Ethereum tier two platform collected in fees.

According to data from the Crypto Fees platform, Arbitrum collected almost US$ 800,000 (R$ 4 million) in transaction fees on the last day. In this way, the network left Bitcoin, with a daily collection of US$ 600,000 (R$ 3 million) behind.

Arbitrum is also ahead of Binance’s BNB Smart Chain in terms of daily fee collection. The layer two network is second only to Ethereum ($15.7 million), Uniswap ($2 million) and GMX ($983,000).

Arbitrum registers growth
Arbitrum’s average collection rates over the past seven days remain lower than Bitcoin’s. While the former has an average collection of $387,000, Bitcoin collects an average of $630,000.

Despite this, the ever-increasing numbers could signal a growing number of users opting to transact on the Ethereum L2 network. According to a Dune panel, the network has over 4 million active users.

The cost to send ETH on the Arbitrum network is around $0.10 and the estimated cost to exchange tokens is $0.28. By comparison, the average transaction fee on Bitcoin hovers around $2.05.

ARB token also goes up
Developed by New York-based startup Offchain Labs, Arbitrum is a “rollup” that operates on the Ethereum blockchain. Its native token is the ARB, which in the last 24 hours is up 4%.

At the time of this writing, the crypto asset is costing US$ 1.47 in dollars and R$ 7.40 in reais, according to data from CoinGecko. With a market cap of $1.87 million, the ARB token is the 35th largest by market cap.

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