Arbitrum One Network
About the network
Arbitrum One is a prominent Layer 2 scaling solution for Ethereum. It aims to enhance the scalability and reduce transaction costs of the Ethereum network without compromising its security or decentralization.
The Arbitrum One network operates as an optimistic rollup. This technology bundles multiple transactions off-chain into a single batch, which is then submitted to the Ethereum mainnet. A key feature of optimistic rollups is the assumption that all transactions in a batch are valid. This 'optimistic' approach allows for faster transaction processing.
To ensure the integrity of the processed transactions, Arbitrum One implements a fraud-proof mechanism. If any party suspects a fraudulent transaction within a batch, they can submit a 'dispute' or 'challenge' to the network. This challenge triggers a process where the validity of the disputed transaction is verified on the Ethereum mainnet. If the challenge is successful, the fraudulent actor is penalized, and the incorrect state is reverted.
This system allows Arbitrum One to achieve higher transaction throughput and significantly lower gas fees compared to transacting directly on Ethereum's mainnet. Developers can deploy Ethereum Virtual Machine (EVM) compatible smart contracts on Arbitrum One, making it relatively seamless for existing Ethereum dApps to migrate or expand to the Arbitrum ecosystem.
The native coin of the Arbitrum One network is Ethereum (ETH). ETH is used to pay for transaction fees (gas) on the network, as well as for staking and other operational aspects of the Arbitrum ecosystem.
Arbitrum One supports a wide range of ERC-20 tokens, enabling a diverse decentralized application (dApp) landscape. Some of the notable tokens found on Arbitrum include:
- ether.fi (ETHFI)
- WOO (WOO)
- Maverick Protocol (MAV)
- Pendle (PENDLE)
- Stargate Finance (STG)
- Hyperlane (HYPER)
- DODO (DODO)
- Xai (XAI)
- Synapse (SYN)
- TetherUS (USDT)
- USDC (USDC)
- KernelDAO (KERNEL)
The network hosts a substantial number of tokens, with a reported token count of 30. This indicates a vibrant ecosystem of projects utilizing Arbitrum One for their operations.
Arbitrum One's chain ID is 42161. This unique identifier is crucial for connecting wallets and interacting with dApps on the Arbitrum network.
The network is currently active and operational, serving as a primary platform for many DeFi and NFT projects seeking to leverage Ethereum's security with improved performance.
For users and developers looking to explore transactions and smart contracts on Arbitrum One, the block explorer is available at https://arbiscan.io. This platform provides transparency and detailed information about network activity.
As an EVM-compatible network, Arbitrum One maintains compatibility with Ethereum's smart contract language (Solidity) and development tools. This ease of integration has contributed to its rapid adoption and growth.
The optimistic rollup technology employed by Arbitrum One is designed to eventually inherit the full security guarantees of the Ethereum mainnet. While transactions are processed off-chain, their finality and security are anchored to the Ethereum blockchain.
Arbitrum One is a key player in the Layer 2 scaling landscape, offering a robust and widely adopted solution for users and developers looking to experience more efficient and cost-effective blockchain interactions within the Ethereum ecosystem.
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