In Brief:
- Tornado.cash now supports Ethereum’s Layer 2 network Arbitrum.
- Users will be able to execute Ethereum transactions faster and cheaper once the system is up and running.
Tornado Cash is poised to get a boost in terms of scaling, as the privacy protocol prepares to launch on Ethereum’s layer two networks Arbitrum.
According to the Nov. 29th report on deploying on Arbitrum, “The protocol’s smart contracts are all set and ready to spin on Arbitrum. They just need help from the community to get deployed & fly with their own wings.”
The smart contracts for Tornado Cash are now live on the Arbitrum Layer 2 scaling network, owing to community initiatives that have ensured the protocol’s resilience.
Also while maintaining Ethereum’s security and decentralisation, layer two Ethereum networks offer faster transactions and lower fees.
Moving to Arbitrum, according to the Tornado Cash team, will let more users perform private crypto transactions while avoiding the expensive gas charges associated with Ethereum. According to the team, L2 Ethereum transactions will be 95 percent cheaper than L1 Ethereum transactions.
Users must first move ETH, ERC-20, and ERC-721 tokens from Ethereum to Arbitrum via the Arbitrum Bridge in order to spend Tornado Cash on Arbitrum.
Since September, the number of unique addresses on Arbitrum has continuously increased, reaching 291,876 at the time of writing. According to DeFiPulse, Tornado Cash has $847 million in TVL.
Likewise earlier, Binance and Arbitrum announced their partnership to help users to deposit their ERC-20 tokens from the Ethereum network using Arbitrum.
