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Binance, the largest cryptocurrency exchange in the world by volume, announced on Friday that it has integrated the Optimism Layer 2 scaling solution, because Binance is optimistic about the future of Ethereum’s Layer 2.
The exchange explained that only deposits are supported at this time. Withdrawals will not be available until Binance reaches optimal liquidity.
The announcement reads:
Binance will open withdrawals for ETH on Optimism Network as soon as there are enough assets in our wallet.
Optimism is a layer 2 scaling solution for Ethereum that will help reduce costs and increase transaction speed, which is the biggest problem with many blockchain networks.
The exchange will allow customers to deposit ETH directly to Optimism without depositing on the Ethereum mainnet and using a bridge to emigrate to Layer 2. This means that you will be able to move your assets and use the Ethereum network at a lower cost. The Ethereum network has become known for activities such as DeFi and NFTs. However, the network is often very busy, which can drive up transaction costs.
The costs associated with a blockchain transaction are the costs of processing and storing information. These solutions (Polygon, Arbitrum and Optimism) shift the activity away from the costly mainnet.
As soon as a series of transactions or crypto operations are completed, the results of these activities are sent to the mainnet and stored there, for example, who owns which coins and how much.
Optimism uses Optimistic Rollups, a technology that reduces traffic on Ethereum, processes transactions on a new network, and then sends them to the Ethereum mainnet as connection data.
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The optimistic growth of Ethereum
Nowadays, Optimism and Arbitrum are the two leading Optimistic rollup solutions for Ethereum, which already host Aave and other top DeFi projects. According to data from Dune Analytics, Optimism’s gas fees are 98 times lower than Ethereum’s.
According to the data of Defi Llama, Optimism has recently gained popularity, with a total value of 290,96 million dollars and almost 40 different DeFi projects using this technology.
Optimism was in the spotlight with the announcement of the launch of the OP token last month, and rumors suggest that the arbitrum will also come with its token in the future.
Proof of text: Bitcoinist
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