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Dune Data Reveals Over 2 Million Smart Contracts Created on Ethereum’s Arbitrum Chain

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According to reports, Dune data shows that the total number of smart contracts created on the Ethereum Layer2 network\’s Arbitrum chain has exceeded 2 million. As of now, there are

Dune Data Reveals Over 2 Million Smart Contracts Created on Ethereums Arbitrum Chain

According to reports, Dune data shows that the total number of smart contracts created on the Ethereum Layer2 network’s Arbitrum chain has exceeded 2 million. As of now, there are 2001535 ERC-20 assets on the chain with a total value of over 8.5 billion US dollars.

The total number of smart contracts created on the Arbitrum chain has exceeded 2 million

Ethereum’s Layer2 network has been gaining traction for being a faster and more affordable alternative to its mainnet. Recently released data by Dune Analytics shows that the total number of smart contracts created on the Ethereum Layer2 network’s Arbitrum chain has exceeded 2 million. This article will deep dive into what Ethereum’s Layer2 network, Arbitrum, is and the significance of 2 million smart contracts on the network.

What is Ethereum’s Layer2 network?

Ethereum’s Layer2 network is a scaling solution for the main Ethereum blockchain. It was created to handle the high number of transactions that were causing congestion on the mainnet. The Layer2 network achieves this by moving some of the transaction processing off-chain, leading to faster transaction speeds and lower gas fees. Arbitrum is one of the Layer2 networks built on Ethereum.

Understanding Arbitrum and its Importance

Arbitrum is a Layer2 network that functions by creating sidechains that are cached on the main Ethereum network. The Arbitrum team has built a smart contract platform that is Turing complete, meaning it can handle complex processes. Developers can create decentralized applications (dApps) on the Arbitrum network using Solidity, the same programming language used on the Ethereum mainnet.
The Arbitrum network’s importance lies in its ability to reduce congestion on the Ethereum mainnet without sacrificing security or decentralization. As more dApps move to Layer2 networks, the congestion on the mainnet reduces, leading to faster and cheaper transaction processing. In addition, Arbitrum has a simple user experience, allowing developers to easily migrate their dApps from the Ethereum mainnet to the Arbitrum network.

The Significance of Over 2 Million Smart Contracts on the Arbitrum Chain

The fact that over 2 million smart contracts have been created on the Arbitrum network is a testament to the growing adoption of Layer2 networks. These smart contracts are created for various reasons, including creating decentralized exchanges, yield farming, NFT trading, among others. The network’s total value of over 8.5 billion US dollars shows that users are transacting significant amounts of value on the network.
The 2 million smart contracts also indicate that the Ethereum network’s congestion is likely to reduce even further. As more dApps migrate to Layer2 networks such as Arbitrum, the number of transactions on the Ethereum mainnet reduces, leading to faster transaction processing times and lower gas fees.

Conclusion

Ethereum’s Layer2 network is a critical scaling solution that is seeing growing adoption. The Arbitrum network, one of the Layer2 networks, has seen over 2 million smart contracts created, indicating a significant shift towards Layer2 adoption. As the congestion on the Ethereum mainnet reduces, the speed and affordability of transactions increase, leading to more development and innovation on the network.

FAQs

What Is Ethereum Layer2 Network?

It is a scaling solution created to reduce the congestion on the Ethereum mainnet by moving transaction processing off-chain.

What Is Arbitrum?

Arbitrum is one of the Layer2 networks built on Ethereum, designed to reduce congestion on the Ethereum mainnet without sacrificing security or decentralization.

Why Are Over 2 Million Smart Contracts on the Arbitrum Chain Significant?

It signals the growing adoption of Layer2 networks and the reduction of congestion on the Ethereum mainnet. It also shows that users are transacting significant amounts of value on the network.

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