ETH Layer 2 Deposits Now Open On Binance

Ethereum layer 2 deposits are now live on Binance, post completion of the optimism network integration. The key highlight includes the direct deposit of ETH to layer 2 without the use of the mainnet. Ethereum continues to dip despite major announcements.

Binance is optimistic about the Optimism Network

Optimism is Ethereum’s layer 2 scaling solution that supports all of its Dapps. It is one of many networks working to help ETH grow. Binance updated its users about the completion of integration earlier today. The deposit crypto section on the network holds all the users’ ETH addresses. The announcement stated,

“Binance will open withdrawals for ETH on Optimism Network once there are sufficient assets in our wallet. No further announcement will be posted.”

Binance had previously integrated into the Arbitrum network in November last year. The new addition however allows customers to move their assets at a much lower cost. They can access the Ethereum network easily without using a bridge to migrate to layer 2. Optimistic rollup technology leveraged here is significant in traffic reduction on ETH. The transactions are processed on a new separate network and are later sent to the mainnet. Optimistic Rollups are much cheaper and faster.

What’s next for Ethereum?

The much-awaited “Merge,” a proof-of-stake protocol transition will roll out soon. The founder of Ethereum announced the merge date to be around August of this year. Ethereum is simultaneously working on several other upgrades and additions of layer 2 technologies. ETH followers can expect the ZK roll-up to be the next big update. The Zero Knowledge concept is a bet on being more user-friendly for Ethereum. The last week has been hard on ETH just like the rest of the market with no positive spikes. Even with some major updates, Ethereum has not yet started the green journey.

“Note to trolls: no, ethereum was not a mistake,” the founder tweeted earlier today.

The price drop has been close to 7% in the last 7 days with about 4% just in 24 hours today. The 24-h trading volume currently stands at $15B approximately. With a current price of $1907, Ethereum is the second-highest ranked crypto globally. According to recent statistics, holders are making a 56% profit when buying in at current rates.