Binance announces Optimism integration

Cryptocurrency exchange Binance has announced its integration of Optimism, a layer-2 scaling solution for ETH, which aims to lower costs and improve the speed of transactions.

Currently, the exchange only supports deposits. However, withdrawals will become available once the exchange reaches a high level of liquidity.

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

Scaling solutions like Polygon and Arbitrum alongside Optimism have emerged to solve the issues of costs on DeFi and NFT activities, which have skyrocketed due to market volatility.

The cost of a blockchain transaction comprises the expenses of processing and storing information.

Such scaling solutions try to move the activity away from the costly mainnet, an act that eases congestion by limiting the overall amount of information that needs to be processed by a base layer blockchain validation and security system.

With Optimism, the cost of gas is 98 times lower than that of Ethereum, according to data from Dune Analytics.

The scaling solution is currently gaining popularity in the crypto world, and according to data from Defi Llama, has a total value locked of $304.1m.

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Updated: 05/23/2022 — 15:00