Summary
TLDR: As the Dencun upgrade approaches on Ethereum mainnet, layer-2 scaling solutions like Arbitrum, Optimism, and Polygon have seen gains in their tokens. Arbitrum has seen the highest gains, with its ARB token rising 11% in the past day. Optimism’s OP token has gained 3% and Polygon’s MATIC token has gained 4.7%. The upgrade is expected to reduce transaction fees for users by as much as 75%. Ethereum’s ETH has also stayed above $4,000 in anticipation of the upgrade.
Key Points
1. Arbitrum’s ARB token has seen a significant 11% increase in the past day and a 7.5% increase compared to the previous week, reaching a high of $2.25 before settling at $2.20.
2. Arbitrum is one of the largest layer-2 Ethereum scaling solutions, holding approximately 41% of the L2 scaling solution market share with a total of $16 billion worth of assets on its platform.
3. The Dencun upgrade on Ethereum mainnet is expected to reduce operational costs for layer-2 solutions like Arbitrum, with developers estimating that users could see transaction fees reduced by as much as 75%.