Arbitrum Transactions Sky Rocket

The Ethereum layer 2 scaling solution Arbitrum has had a major surge in transactions since the Nitro upgrade. Report from crypto research firm Delphi Digital noted Arbitrium's number of transactions increased by 550% since August.

Built by blockchain development firm Offchain Labs, Arbitrum scales Ethereum smart contracts using optimistic rollup technology to bundle large batches of transactions off-chain from Ethereum smart contracts and dApps before submitting them to Ethereum. 

Popular Dex's such as Uniswap, SushiSwap, GMX, lending protocol AVE and liquidity transport protocol Stargate use Arbitrum.

Analysts did suggest that the surge in activity is most likely driven by the speculators trying to boost their on-chain activity in hopes of receiving larger airdrop for the native token hinted by Offchain Labs co-founder Steven Goldfeder.