Binance became one of the first centralized exchanges to implement layer-2 support for its Ethereum deposits by integrating the newly announced Arbitrum One core network.
Arbitrum is now integrated into Binance
The CZ-led exchange said that it has finished the integration of the Arbitrum One mainnet into its system and that its customers may now deposit Ethereum via the new method, as well as the announcement that withdrawals will be accessible using the same mechanism in the near future.
Users of Arbitrum now have another option for moving their assets into layer-2, unlike in the past, when they had to transmit their tokens from Ethereum’s L1 via Arbitum Bridge or conduct transfers through other chains such as Celer Bridge or Synapse, among others.
Arbitrum is a layer-2 optimistic rollup aimed at making the blockchain of the second biggest crypto asset by market capitalization more scalable while also lowering its record-high transaction fees.
Because it employs a multilayered Ethereum consensus system to overcome the difficulties inhibiting the network’s expansion, Etheruem’s network congestion would be considerably decreased using Arbitrum.
The Ethereum community has reacted enthusiastically
Members of the Ethereum community, as well as the broader crypto community, have responded enthusiastically to the announcement of Binance‘s Arbitrum integration.
HOLY COW!!!!! Binance about to enable layer two withdrawals directly to Arbitrum, this is MASSIVE for #ethereum adoption! pic.twitter.com/h069X4gfZM— Lark Davis (@TheCryptoLark) November 19, 2021
Lark Davis, a well-known crypto investor and influencer, tweeted that Binance’s acceptance of Arbitrum is “huge news for Ethereum adoption,” along with a screenshot showing the integration.
Another trader in his view opined that the integration means “game over for Matic” because “transactions can happen away from Ethereum main net and take advantage of lower fees.” In particular, as developers attempt to make Ethereum a more scalable environment, more layer-2 protocols are being built on the ETH network.