Arbitrum [ARB] gained more than 5% since the rally, bringing relief from the gloom that had pervaded since the U.S. regulators' onslaught.
According to the tweet, the number of addresses with ARB token balance has been on an uptrend since the launch. However, what stood out was the stagnancy in transaction fees paid on the network and consequently, the protocol revenue.This was largely on expected lines as ARB still functioned as a governance token.The Twitter user highlighted the dip in Arbitrum transaction fees to bring out the upcoming Ethereum Improvement Proposal -4488.
Proposed by Ethereum co-founder Vitalik Buterin, the main purpose of EIP-4488 was to reduce the cost of uploading off-chain data to on-chain without compromising on the security aspect. While L2 rollups have undoubtedly risen to the occasion to address Ethereum’s scalability woes, a big impediment is the high upload cost of L2 data on the base layer.
With EIP-4488, this fee will be slashed by 80%, further lowering the end user’s gas fees. The upgrade was expected for a full production launch by the end of 2023. As per L2Fees, the cost of sending one ETH on Arbitrum was $0.05, a fraction of Ethereum’s cost but higher than other optimistic rollups like
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