The top cryptocurrency exchange Binance announced it has finally finished integrating Ethereum Layer 2 Network Optimism, and opened deposits for ETH on Optimism Layer 2.
Customers can now deposit ETH directly into Optimism without first depositing on Ethereum mainnet and then using a bridge to migrate to Layer 2 through a bridge.
They’ll be able to shift their assets and connect to the Ethereum network at a lesser cost as a result.
Right now withdrawals are not possible according to the exchange. “Binance will open withdrawals for ETH on Optimism Network once there are sufficient assets in our wallet,” the statement reads.
Optimism is one of the numerous Layer 2 scaling solutions aimed at assisting Ethereum with scaling. It makes use of Optimistic Rollups, a method that minimizes Ethereum traffic by processing transactions on a separate network and then transmitting them as call data to the Ethereum mainnet.
Also Read: Binance Allows Users to Deposit ETH on Layer-2 Scaling Solution Arbitrum
Optimistic Rollups provide considerable speed and transaction cost advantages over Ethereum, although they do have extended mainnet withdrawal periods of up to a week.
Optimism and Arbitrum are Ethereum’s two main Optimistic Rollup solutions, with Aave and other prominent DeFi projects already using them. Optimism made headlines last month when it announced the launch of ‘Optimism Collective’ DAO along with an entire season of airdrops of their governance token OP.
