Arbitrum One hits 1 billion transactions on Ethereum layer 2

Arbitrum One, the Ethereum (CRYPTO:ETH) Layer 2 optimistic rollup, has achieved a major milestone by surpassing 1 billion transactions, as recorded by Arbiscan on October 1st. 

This accomplishment was made within three years of its mainnet launch in August 2021, making it a leading Layer 2 network in terms of both transaction volume and total value locked (TVL). 

According to data compiled by L2Beat, Arbitrum One currently holds the highest TVL among Layer 2 solutions, sitting at $14.3 billion. 

In comparison, Coinbase’s Layer 2 network, Base, has logged 755 million transactions and holds $7.32 billion in TVL. 

OP Mainnet follows with 347 million transactions and $6.57 billion in TVL. 

The rise of Arbitrum One in the Layer 2 landscape is further supported by partnerships that aim to integrate real-world assets into the ecosystem. 

Last month, stablecoin issuer Paxos announced its plans to launch its products on Arbitrum One. 

The partnership is expected to drive institutional adoption and increase the use of stablecoins across industries. 

Walter Hessert, Head of Strategy at Paxos, expressed enthusiasm about the collaboration, stating, "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." 

He further emphasised that Paxos expects stablecoin adoption by both retail and institutional users to grow significantly over the next three years.