World’s largest cryptocurrency exchange Binance Today we are announcing the integration of Optimism, a layer 2 scaling solution.
However, at this time, the exchange only supports deposits. Withdrawals will not be available until the exchange achieves optimal liquidity, the exchange explained.
Read “If you have enough assets in your wallet, Binance will start withdrawing ETH on the Optimism Network.” publication..
Optimism Is Ethereum’s Layer 2 scaling solution aimed at reducing costs and increasing transaction speed, and is the Achilles heel of many blockchain networks.
As long as Ethereum has become a major hub for everything DeFi When NFT Activities, network costs are skyrocketing on a daily basis. Market volatility, Popular NFT dropOr for the emergence of new Harvest farm..
Average gas tariff for Ethereum from January 2, 2020 to the present. Source: Etherscan..
Scaling solutions such as: polygonArbitrum, and Optimism have emerged to solve these problems accurately.
The costs associated with blockchain transactions are basically the costs of processing and storing information. These solutions basically move activity from the costly mainnet. After completing a series of transactions or cryptographic operations, the results of these activities (for example, which coins and how much you own) are sent to the mainnet for protection.
These alleviate congestion by reducing the amount of information that the base layer blockchain needs to validate and protect.
For example, Optimism’s gas cost is currently one-98th of Ethereum’s gas cost. Dune analysis..
Average gas savings per transaction for Optimism compared to Ethereum. Source: Dune analysis..
Optimistic growth of Ethernet Liam scaler
Optimism has gained popularity lately, with a total locked value (TVL) of $ 304.1 million and nearly 40 different DeFi projects using this technology. Defirama..
In addition to Binance, other crypto exchanges are taking steps to integrate their Layer 2 networks.
FTX, a fast-growing exchange led Sam Bankman FriedHave Integration Arbitrum, another Ethereum scaling solution. KuCoin too Added support For optimism in April 2022.
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