On November 19th, Binance reportedly disclosed details regarding the integration of the Arbitrum One core network, as well as making Ether (ETH) deposits available across the Arbitrum One layer two.
Specifically, Arbitrum reportedly functions as a third-generation layer-two optimistic rollup protocol, which operates across an off-chain Ethereum contract, offering a reduction in cost and acceleration in transaction speed, compared to the Ethereum mainnet.
The announcement further shared that Binance users will now have the ability to deposit any ERC-20 token from the Ethereum network with Arbitrum at a lowered transaction cost.
Furthermore, Binance additionally stated that it will roll out ETH withdrawals on the Arbitrum One Network layer two in the near future, helping it secure the pioneering role in doing so.
Ethereum – which many considered the most prominent blockchain network across the globe – has reportedly hit numerous obstacles in its growth, nominally network congestion and exorbitant fees.
Arbitrum One aims to provide a way to end these problems, via employing a multilayered Ethereum consensus protocol which enables limitless scalability and near-instantaneous transaction times for a much lower cost.
Binance’s integration of layer-two ETH deposits will mark a major development, reportedly surfacing amid the time decentralized exchanges and cross-chain atomic swaps are gathering interest throughout the market.
Binance is among the top-tier crypto exchange entities internationally by volume, and the Arbitrium integration will serve as a good update for Ethereum adoption.
The rollout of the Arbitrum One Network layer two did not have any updates regarding ETH withdrawals, but it did promise that extra details would be offered when this feature is released to traders.