In another major update for Binance, the exchange will now utilize the Ethereum scaling solution.
Ethereum and Arbitrum on Binance
Binance has completed the Arbitrum One mainnet integration. The news means that Binance users will be able to deposit Ethereum (ERC-20) tokens with Arbitrum’s layer-2 solution. Users will be able to find their assigned Arbitrum One ETH address from the Deposit Crypto page.
The news of Arbitrum’s integration was met with considerable excitement within the Ethereum community.
“HOLY COW!!!!! Binance [is] about to enable layer two withdrawals directly to Arbitrum, this is MASSIVE for #ethereum adoption,” exclaimed crypto influencer Lark Davis in a tweet on Friday.
It wasn’t just influencers and community members who took notice of the developments either. On the Arbitrum Discord, Vitalik Buterin weighed in on Sunday to say that the company, “should be proud of getting accepted as a withdrawal method by Binance.”
While Binance is already accepting Arbitrum deposits, Arbitrum withdrawals will follow at a later date. Binance has yet to reveal the full details of when users can expect Arbitrum withdrawals.
Binance’s decision to integrate Arbitrum over alternative scaling solution Matic adds some additional salt to an Ethereum community with an already high sodium intake.
One community member even tweeted on Friday that the choice was, “Game over for Matic”.
Meanwhile 3ac CEO Zhu Su has reinforced the need for scaling solutions because “zero newcomers can afford the chain”. In a Twitter thread on Sunday the CEO went on to conclude, “Ethereum culture suffers massively from the Founders Dilemma. Everyone is already far too rich to remember what they originally set out to do.”
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.