February 25, 2024

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.

Also Read:  Top Metaverse Tokens for Dip-Buyers Before 2023: APE, MANA, SAND

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.

Also Read:  YouTube Plans To Integrate Web3 Features As Part Of Its Scaling

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.

NFTMetaverseFinance is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Voices content) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.

Leave a Reply

Your email address will not be published. Required fields are marked *