The First Atomic Swap Between XMR And ETH Occurred On Arbitrum

The first atomic swap between Monero (XMR) and Ethereum (ETH) occurred on Arbitrum, the Ethereum layer 2 solutions as per the data from blockchain explorer Arbiscan and monero explorer. In our latest Monero news today, we are reading more about it.

Elizabeth Binks, the software engineer at blockchain R&D company chains Systems, as well as teh contributors completed the first atomic swap between XMR and ETH on the Arbitrum Layer 2 solution based on Ethereum. Atomic Swaps are referred to as atomic cross-chain trading and are usually regarded as one of the most genuine peer-to-peer methods for trading crypto currencies as they allow two parties to trade the tokens from different blockchains, without a third party.

We're excited to share that the first XMR<->ETH atomic swap of this project has occurred on Arbitrum! https://t.co/B8w4FwXfNd

We thank elizabethereum and all other contributors for their incredible work! https://t.co/kOyJW43bK3

— Monero || #xmr (@monero) November 29, 2021

Arbitrum is an Optimistic Rollup as a layer 2 solution it is also incompatible with Ethereum while ETH is the base layer or layer 1 but these solutions are built on top of Layer 2. Monero Outreach reported:

“With atomic swaps, online users trade cryptocurrencies without needing to trust each other or anyone else. Monero atomic swaps are made possible by new technologies and concepts and are being implemented by multiple teams, including a community funded software project called Farcaster and an algorithmically similar effort by the COMIT team.”

Binks revealed the XMR-ETH atomic swap project and stated it is quite simple with most of the heavy lifting occuring in the Ethereum smart contract. In late May, the atomic swaps between BTC and XMR also went live on the mainnet.

As recently reported, The new Monero malware installs a monero crypto-miner which is quite aggressive compared to other variants. In most cases you would need to update your antivirus software otherwise this miner could enter your network and eat it up. In a new report released today by Sophos, that boasts over 500,000 businesses as customers, a new variant of the Tor2Mine crypto-miner infects company networks to mine XMR as the most popular privacy coin for being hard to trace. Sophos threat researcher Sean Gallagher said that all of the miners that they studied were Monero miners.

Monero as a privacy coin became a favorite tool for cybercriminals because of its many privacy features that make trading harder than BTC and ETH. Monero wallet addresses and transactions are also hard to trace because of the use of ring signatures and stealth addresses that are able to hide the identities of both the receiver and sender.