The significant surge in daily on-chain transactions on Arbitrum, the largest Layer-2 (L2) blockchain network, has led to a substantial increase in average fees. Arbitrum currently boasts a Total Value Locked (TVL) of $2.97 billion, solidifying its position as the prominent L2 network in the crypto space.

Data from Dune reveals that the daily average fees on Arbitrum saw a notable spike of 97.8%, reaching $0.015 per transaction earlier today. However, the average fees have since decreased, now standing at $0.007 per transaction.

The rise in fees correlates directly with the surge in daily on-chain transactions on Arbitrum, which rose from 1.7 million to 2.3 million daily transactions on June 11, as per the available data.

Zora Network emerges as the most cost-effective L2 blockchain with a daily average transaction fee of $0.0029, while Scroll Network ranks as the priciest among the major L2 platforms, charging an average fee of $0.108.

The native token of Arbitrum, ARB, witnessed a minor decline of 0.33% in the last 24 hours and is currently trading at $0.94. With a market cap slightly surpassing $2.7 billion, ARB stands as the 38th-largest cryptocurrency.

In a recent move on June 9, Arbitrum launched the Gaming Catalyst Program, offering 225 million ARB tokens valued at approximately $215 million to game developers within the web3 ecosystem.

Moreover, on April 25, leading blockchain projects including Arbitrum, Optimism, Polygon, StarkWare, and zkSync, integrated Avail's data availability layer to enhance the development of cost-effective, scalable, and composable blockchain networks.

These developments in the Arbitrum ecosystem underscore the dynamic growth and innovation within the L2 blockchain space, driving forward the adoption and efficiency of decentralized technologies.