Binance Added Support For Layer-2 Optimism Scaling Solution

Binance added support for Layer-2 optimism scaling solution as we can see more from the announcement that we are reading more today in our latest Binance news.

The world’s biggest exchange Binance added support for Layer-2 Ethereum scaling solution Optimism and because of it, the exchange will only support deposits at this time while withdrawals are not available until the exchange achieves optimal liquidity. The announcement reads:

“Binance will open withdrawals for ETH on Optimism Network once there are sufficient assets in our wallet.”

Optimism is a layer-2 scaling solution for ETH that is aimed at helping reduce costs and to improve transaction speeds as an Achilles heel for most blockchain networks. So far, Ethereum became the main hub for various DEFI and NFT activities, and the costs on the network surged amid the market volatility with the popular NFT drops or due to the emergence of a new yield farm. Scaling solutions such as Optimism, Polygon, and Arbitrum all emerged to solve these issues precisely. The costs associated with blockchain transactions are the cost of processing and storing information so these solutions move the activity away from the mainnet and once the series of the transactions of operations are concluded, the results of the activities are sent and secured on the mainnet.

These ease congestion by reducing the amount of information that a base layer blockchain needs to validate and secure. The gas costs of Optimism are 98 times slower than that of ETH according to the data from Dune analytics. Optimism gained popularity recently with a total value locked at $304.1 million and about 40 different DEFI projects using the technology. Besides Binance, other exchanges also took steps towards integrating Layer-2 networks. FTX, another leading exchange, integrated Arbitrum which is another Ethereum scaling solution, and Kucoin added support for Optimism in April 2022.

As recently reported, As binance opens new positions, it can only be an indicator of the company’s planning to boost efforts at securing a more significant market share across EMEA and the APJ Markets. Binance was not facing any lawsuits at the momentum and was granted da seal of approval by authorities in France indicating that the legal counsel is boosting efforts.
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