The Arbitrum team has decided to pause Odyssey after an unusual spike in trading fees. Recall that Odyssey is a program aimed at introducing users to Arbitrum, the layer 2 solution of the Ethereum network.
An unusual increase caused by increased user activity
Recent data provided by Arbiscan, Arbitrum’s official blockchain explorer, revealed that Ethereum’s Layer 2 network has seen a 45% increase in daily transactions over the past few weeks. It was reported that Arbitrum hit an all-time high of over 287,000 transactions on Monday. Then, on Wednesday’s date, token trading fees on Arbitrum One have risen sharplyreaching unusual levels over several hours.
In concrete terms, according to data from the Arbiscan chain, traders had to pay an average transaction fee of nearly $5 to carry out their activity. This amount, which is much higher than normal, is the result of increased activity by users of the platform. One of the causes of this temporary congestion on Arbitrum is the campaign to encourage consumers to use this technology.
called Arbitrum Odyssey, this promotional campaign was planned to last two months. On the occasion, Offchain Labs, the developer company of the Ethereum blockchain layer 2 solution, promised a number of NFT rewards to the users. To obtain these, the rule is simple: you have to interact with several DeFi protocols based on Arbitrum.
At the same time, there has been speculation that it is possible to gain access to a airdrop tokens thanks to the NFTs promised by Offchain Labs. All of this encouraged members of the crypto community to get started on Arbitrum One.
The Odyssey program has been suspended by Arbitrum while the situation is dealt with
To manage the fallout from increased Arbitrum user activity and lower transaction fees, Offchain Labs has decided to suspend the Odyssey program. The development company announced on Twitter that the suspension will end when Arbitrum rolls out Nitro. The latter is a new update that aims to increase the computing capacity of the Arbitrum network. In the meantime, average transaction fees on Arbitrum have come down. They are currently valued at around $2.
Recall that the Arbitrum solution uses a technology called Optimistic Rollups allowing it to offer users an off-chain computing network. With this network, it is possible to carry out the transactions at high speed and at low costs. As a bonus, users benefit from the security offered by Ethereum (ETH), the main blockchain of Arbitrum.
Currently, Arbitrum technology is the market leader in Layer 2 solutions, having over $2 billion in total value locked. It is thus ahead of technologies such as Optimism, Boba and Metis.
Trading fees have temporarily increased on the Arbitrum One platform. The technology development company therefore suspended the Odyssey program, which is believed to be partly responsible for the increased activity that caused the transaction fees to rise.
Source: The Block
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.