Arbitrum Nitro is the long-awaited upgrade to Arbitrum One, the first Ethereum Layer-2 solution that Fluid has integrated with. The Arbitrum network will be upgraded on Wednesday, 31 August 2022, 2:30 PM UTC.
As part of this Arbitrum Nitro upgrade, there will be some expected downtime. You can find a more detailed thread here. Please note that during the downtime, transactions cannot be sent on Arbitrum, and data may not be available.
Specifically, mint & redeeming from your Fluid banking app to Web3 wallets will see disrupted functionality while the network is being upgraded, and DUSD transactions on-chain will not confirm, but we’re expecting this period to be minimal.
Move money from your Fluid banking app to Arbitrum Nitro in seconds
Arbitrum Nitro & Scaling Ethereum
Ethereum has been been suffering from high gas fees due to an overload of its network. People are bridging to Arbitrum for one main reason : Reduce costs on DeFi activities. Nitro will massively increase network capacity and reduce transaction costs. Users will have an uninterrupted experience and the only thing they’ll notice are reduced fees, increased capacity, and an overall faster experience.
Anthony Sassano talking about scalability and L2:
You can think of what’s happening in the layer 2 ecosystem right now as the “adoption and innovation” phase where many different solutions are being tried and tested at once in parallel. Of course, not all of them will succeed over the long-term. Ultimately I don’t think there will be just one solution that “wins” the scalability wars. As I said, each scalability solution comes with its own trade-offs, trust assumptions and general strengths & weaknesses. Some are really good for payments, some allow for EVM-compatibility and some offer greater scalability at the cost of decentralization.
For The Dev, By The Dev
The update integrates an anti-fraud system compiled by WASM (standard tools and programming languages) but also the heart of Geth, one of the most popular Ethereum clients, into the solution. This is expected to simplify the L2 integration process, since developers won’t need to further optimize various parameters. If you want a massive adoption, you need to facilitate every aspects of programmation to bridge as many projects as possible from Ethereum to Arbitrum.
Adoption is coming
The L2 Network increase its TVL despite the market conditions : A significant gain of over 18% in 30 days with a Total Value Locked to over $919 million!
Ethereum’s Arbitrum Now Controls over 50% of All L2s’ TVL
Open finance and DeFi is one of the biggest revolution blockchain has to offer, allowing nearly 2 billion people, previously excluded, to access financial services. Individuals are taking back control of their finances, their data, and their possessions from intermediaries like social networks, banks, etc.
Fluid is ready — what benefits will our users see?
Nitro will provide a highly secure and cheaper scaling solution, optimal for gaming, social… and banking applications !
The benefits for Fluid Finance is the ability to bring the DeFi ecosystem of Arbitrum inside its core application, along with scalability, lower transaction cost and tighter interoperability with L1 Ethereum.
Arbitrum Nitro FAQ:
Will I have to update my Fluid app?
We’re continuously developing the Fluid app at a fast pace, so it’s always wise to keep on top of updates to get access to new features, however users won’t need to upgrade the app specifically for this network upgrade — everything necessary is migrated behind the scenes.
How does this affect minting and redeeming DUSD?
It was already extremely fast and cheap to mint/redeem DUSD from your Web3 wallet into our app, and this will only get better. Users should find the transaction costs are reduced at the same time as speed of transactions reducing to a near instant.
Is the Nitro network upgrade permanent?
Yes, the Arbitrum One network is permanently upgrading to the Nitro standard.
How to add Arbitrum Nitro to Metamask?
The Nitro network settings are the same as the previous settings for Arbitrum One. Details as follows:
- Network Name: Arbitrum One
- New RPC URL: https://arb1.arbitrum.io/rpc
- Chain ID: 42161
- Symbol: AETH
- Block Explorer URL: https://arbiscan.io
With Fluid Finance we are creating a brand-new, never before seen financial Application that change the way we view bank and finances.