Arbitrum One, the Ethereum Layer 2 optimistic rollup, has surpassed 1 billion transactions this week. This feat was accomplished by Arbitrum One within three years of its mainnet launch in August 2021.
As of October 1st, Arbiscan recorded a total of 1.003 billion transactions.
In comparison, Coinbase’s Layer 2 network, Base, has logged 755 million transactions so far, while OP Mainnet trails with 347 million.
Notably, Arbitrum One also leads in total value locked (TVL) among Layer 2 solutions, currently sitting at $14.3 billion, with Base at $7.32 billion and OP Mainnet at $6.57 billion, according to the data compiled by L2Beat.
Earlier last month, stablecoin issuer Paxos announced its plans to launch its products on Arbitrum One. The main objective behind the partnership is to further institutional integration onto the Arbitrum network and bring real-world assets on-chain.
Via Arbitrum, the company intends will tap into Ethereum’s deep liquidity at higher speeds and low cost and engage Arbitrum’s active DeFi ecosystem.
While weighing on choosing Arbitrum One as the first Layer 2 chain to integrate with Paxos, Walter Hessert, the company’s Head of Strategy, commented,
“We are excited to partner with Arbitrum to bring more real-world assets on-chain. Arbitrum is known for its speed, security and scalability, which is critical to driving long-term adoption of digital assets across industries. In the next three years, the adoption of stablecoins by both retail and institutional users will explode and Paxos will drive that paradigm shift.”