Binance in Partnership With Arbitrum One Will Open ETH L2 Deposits
Binance in partnership with the Arbitrum One core network opened Ether (ETH) deposits on Arbitrum One Layer 2.
According to the announcement, Binance users can now deposit any ERC-20 token from the Ethereum network into Arbitrum at a reduced transaction cost. In addition, Binance also stated that it will allow ETH to be withdrawn to Arbitrum One Network Layer 2 in the near future, making it one of the first centralized exchanges with level 2 support.
According to Lark Davis, a crypto investor based in New Zealand, Binance intends to allow users to withdraw their funds directly to Arbitrum.
The integration of L2 functionality is a big step forward in the right direction as Ethereum strives for scalability and Ethereum 2.0. It is worth noting that the launch of Ethereum 2.0 will not prevent second-tier platforms from working on solving the scalability problem. Instead, technologies such as convolutions or side chains will continue to help Ethereum 2.0 scale beyond its current capabilities after sharding is fully implemented.