Timeboost by Arbitrum is a new system that allows users to pay for their transactions to be processed faster. But what exactly is it and how is it changing the game for small fintech startups?
What Is Timeboost?
Timeboost is a revolutionary transaction ordering policy introduced by Arbitrum. What does it do? It allows users to bid for the express lane, ensuring faster processing of transactions. They replaced the traditional First Come, First Served (FCFS) system with a bid-based model. This change is supposed to make transactions more efficient and cost-effective for users, which is something they are always looking for.
But how well does it work? Apparently, it works very well. Just three months after its launch, Timeboost has generated over $2 million for the Arbitrum DAO in fees. Users can now secure faster inclusion of their transactions by participating in off-chain auctions, paying a fee to access a queue that prioritizes their transactions.
