Binance now supports Arbitrum deposits to remain the world’s top crypto exchange.
Binance, in its latest effort to maintain its lead as the largest crypto exchange by trading volume, became one of the first centralized exchanges to integrate layer-2 support for its Ethereum deposits by integrating the recently launched Arbitrum One core network. It was revealed in a press statement issued by the exchange earlier today.
Binance integrates Arbitrum
The CZ-led exchange revealed that it completed the integration of the Arbitrum One mainnet into its system and that its users can now deposit Ethereum using the new mechanism while also revealing that withdrawals would be made available in the nearest future via the exact mechanism.
With this integration, it means users of Arbitrum have an additional solution to how to move their funds into layer-2, unlike in previous times when they have to send their tokens from Ethereum’s L1 through Arbitum Bridge or make transfers through other chains such as Celer Bridge or Synapse and others.
Arbitrum is a layer-2 optimistic rollup geared towards helping the blockchain of the second largest crypto asset by market cap be more scalable and, simultaneously, help it drastically reduce its record-high transaction fee.
With Arbitrum, Etheruem’s network congestion would be significantly reduced as it uses a multilayered Ethereum consensus protocol to solve the challenges hampering the network’s growth.
TH community reacts positively.
Ethereum and crypto community members have reacted positively to the news of Binance’s integration of Arbitrum.
Famous crypto investor and influencer Lark Davis tweeted that adopting Arbitrum by Binance is massive news for Ethereum adoption while posting a screenshot of the integration.
Another trader, in his view, opoined that the integration means “game over for matic” because “transactions can happen away from Ethereum main net and take advantage of lower fees.”
Notably, the ETH network is seeing more layer-2 protocols being developed lately as developers continue to work towards making Ethereum a more scalable ecosystem.