Binance is integrating the Ethereum Layer 2 protocol “Arbitrum” while the scaling race is heating up
Binance, in its recent quest to maintain its leadership as the largest crypto exchange by trading volume, became one of the first centralized exchanges to incorporate Layer 2 support for its Ethereum deposits through the integration of the recently launched Arbitrum One core network Has. This was in a. revealed Press release issued by the stock exchange today.
Binance integrates arbitrum
The exchange run by CZ announced that it has completed the integration of the Arbitrum One mainnet into its system and that its users can now deposit Ethereum using the new mechanism.
With this integration, Arbitrum users have an additional solution on how to move their funds to Layer-2, unlike earlier times when they send their tokens from Ethereum’s L1 over the Arbitum Bridge or transfer funds through other chains like Celer. had to do bridge or synapse and others.
Arbitrum is an optimistic Layer 2 rollup that aims to help the blockchain of the second largest crypto asset by market capitalization be more scalable while drastically reducing its record high transaction fees.
Arbitrum would greatly reduce Etheruem’s network congestion as it uses a multi-layered Ethereum consensus protocol to solve the challenges that are hindering the network’s growth.
ETH community reacts positively
Members of the Ethereum community and the crypto community in general have responded positively to the news about Arbitrum’s Binance integration.
HOLY COW!!!!! Binance is in the process of enabling Layer 2 withdrawals directly to Arbitrum, this is MASSIVE for the #ethereum launch! pic.twitter.com/h069X4gfZM
– Lark Davis (@TheCryptoLark) November 19, 2021
Popular crypto investor and influencer Lark Davis tweeted that Binance’s acquisition of Arbitrum was massive news for the Ethereum rollout, while also posting a screenshot of the integration.
Another dealer from his point of view meant that the integration means “Game Over for Matic” because “transactions take place outside the main Ethereum network and can benefit from lower fees”.
In the ETH network in particular, more Layer 2 protocols have been developed lately as developers continue to work on making Ethereum a more scalable ecosystem.
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