Binance has Successfully Integrated Ethereum Layer 2 Protocol
The Binance exchange has been making progress by integrating more applications on its network. The crypto exchange platform has recently announced that it has successfully integrated the Ethereum Layer 2 solution called Arbitrum One. These layer 2 solutions have been managed by ‘The Offchain Labs’ developers.
This integration has allowed the Ethereum blockchain users to deposit the contents of their digital wallets directly from the blockchain to the Binance exchange market. Before the availability of this solution, the users would bypass the same transfer with Arbitrum Bridge. According to the official declaration, Binance reported that the integration was completed on Friday.
Ethereum Layer 2 Network: Arbitrum
Explaining the process of Ethereum Layer 2 integration, the development team of Binance said that they created new addresses for the users on the Arbitrum One platform for the deposits. The team further explained that they are planning to enable the withdrawal option shortly. However, the precise date for the next update has not been provided yet.
In technical terms, the Arbitrum One uses the Optimistic rollups technology. The most noteworthy benefit of this technology is that it can reduce the transaction traffic on the Ethereum network. Furthermore, the gas fees and the speed of processing the transactions on the Ethereum network are also going to be improved significantly with this new upgrade.
While the Binance exchange market and the Binance token BNN have been performing well, the Binance Smart Chain (BSC) seems to be lagging. One GitHub developer recently posted on his timeline no one is responding about the bug reports. There are also issues with the nodes failing to sync or getting thrown off the path altogether.
On the other hand, other cryptocurrency exchanges are also trying to catch up with Binance with visible speed. OKEX has also integrated with the Arbitrum Layer 2 solution. Meanwhile, Coinbase has opted for the Layer 2 solution offered by the Polygon network. In the DEX industry, platforms like 1inch, Aave, Uniswap, and some others have also started to follow suit.