Binance exchange integrates Arbitrum One to reduce the cost of ERC-20
Binance Exchange integrated Arbitrum One to reduce the cost of the tokens’ transactions of ERC-20 over the Ethereum network.
At present, Ethereum is the biggest crypto asset of the crypto industry in terms of adoption. No doubt Bitcoin is at that level, where it can be used as legal currency in El Salvador but in practical use cases of the Ethereum blockchain is at the next level than Bitcoin.
Binance exchange recently announced the integration of the Arbitrum One in the platform. And also claimed that Binance will become one of the first centralized crypto exchanges to bring the layers-2 integration.
Arbitron One is an off-chain Ethereum network-based project, which allows the ERC-20 tokens transactions at low cost and high speed.
So, now all the Binance users will be able to receive ERC-20 tokens on the exchange through the Arbitrum One network at a low cost. However, right now users can’t use the same service for ETH but the exchange will soon implement it for Ethereum native token also.
Binance move, growing demand
It is worth noting, in the past, most of the crypto firms and developers teams were doing their development work in the cross-chain interoperability blockchain network. And it seems that the next era of the crypto industry will be cross-chain projects.
So there are huge chances that Binance is trying to stay under the trend of the crypto market and trying to give its services at the top level to remain always at the top in terms of the trading volume.
A New Zealand-based crypto investor shared development details of the Binance exchange and said that Binance is working on the integration that will be “MASSIVE for Ethereum adoption. And also added a screenshot that shows times of transactions completion & cost ~$20
However, some Twitter users claimed that Binance needed to do work at the next level because here, the blockchain industry is moving toward very low fees ~$0.05, and here $20 is still high.
In the past, Binance CEO said that low fees transactions based crypto will win the race in the crypto industry.
So here we can say that efforts of the Binance exchange are good but need to be done at the next level, otherwise, we have to wait for the Ethereum 2.0.
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