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Arbitrum One, a Layer 2 solution, has achieved significant success by surpassing 1 billion transactions since its mainnet launch in August 2021.

This figure, achieved over a three-year period, demonstrates Arbitrum's rising influence in the Tier 2 space.

According to Blockscan data, Arbitrum’s rival Base, powered by Coinbase, processed 755 million transactions, while OP Mainnet recorded 347 million transactions. Base is currently the leader in daily transaction volume, but Arbitrum holds the second place.

Despite the competitive landscape, Arbitrum maintains the highest total value locked (TVL) among Tier 2 networks at $2.5 billion, according to data from DeFiLlama, with Base following at $2.2 billion in TVL.

Developed by Offchain Labs, Arbitrum One secures transactions on the Ethereum blockchain while offering faster and lower-cost transactions thanks to optimistic aggregation technology. The system considers transactions valid by default and only verifies them in the event of a dispute. This approach lightens the computational load on Ethereum and reduces transaction costs.

Arbitrum One operates with a security mechanism that allows for active fraud proofs and transaction disputes, but it is still in its early stages and not fully permissioned. Offchain Labs also operates another Layer 2 network, Arbitrum Nova, which uses the AnyTrust protocol for off-chain data availability and aims to scale decentralized applications.

In October 2023, Offchain Labs released Orbit, a toolkit for Layer 3 blockchain development. This tool further expands the ecosystem of Ethereum-based Layer 2 and Layer 3 chains by allowing developers to launch their own blockchains on Arbitrum One or Arbitrum Nova.

Arbitrum continues to be a major player in the Ethereum scaling space with its continuous innovations and strategic developments.