1. A method, comprising: computing weights for one or more channels of a Network on Chip (NoC) based on a bandwidth requirement of traffic flows for each of the one or more channels; assigning the computed weights to the one or more channels of the NoC; conducting weighted arbitration at nodes of the NoC; and dynamically adjusting at least one of the computed weights assigned to the one or more channels of the NoC, based on activity of the traffic flows of the one or more channels corresponding to the at least one of the computed weights; wherein the traffic flows that go over the each of the one or more channels are based on routes used in the NoC, wherein the traffic flows are representative of source/destination pairs across the routes used in the NoC.