Binance Integrates Layer-2 Ethereum Scaling Solution Optimism

Binance, the world’s largest cryptocurrency exchange by trading volumes, has announced the integration of Optimism, a layer two scaling solution designed for the Ethereum blockchain. Binance Adds ETH Layer-2 Ethereum Scaling Solution According to a blog post, Binance would only allow ETH deposits via the scaling network for now. Withdrawals, however, would be opened at a later date when the platform has enough liquidity. “Binance has integrated Optimism. Customers can now deposit ETH to the Layer 2 network without having to use the Ethereum mainnet. Binance will open withdrawals for ETH on Optimism Network once there are sufficient assets in our wallet,” the announcement post read. Binance is not the first crypto exchange to integrate an Ethereum layer 2 scaling solution into its platform. Other leading crypto exchanges like KuCoin and FTX have also integrated it previously.  KuCoin added support for Optimism back in April, while FTX has also integrated Arbitrum into its platform. Gaining Popularity of Optimism Optimism is a layer-2 scaling solution for Ethereum which is aimed at reducing costs and improving transaction speeds for blockchain networks. The scaling solution is gaining popularity lately, with a total value locked (TVL) at $304.1 million and nearly 40 DeFi projects using the technology, according to data from Defi Llama.

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