A new era in Ethereum scalability has arrived. OKEx – the leading crypto-exchange announced on May 3 that it was integrating the Arbitrum L2 solution for allowing direct deposits/withdrawals of ETH and Ethereum assets to Layer 2, through the platform. This is the first centralized exchange to announce such measures. It’s significant because Ethereum per transaction fees has risen and retail users dealing with modest sums, need to be on-boarded, without touching the mainnet first.
By loading the tweet, you agree to Twitter’s privacy policy.
Learn more
The development is likely to bring further users to Ethereum since high fees ensure that a certain percentage of users opt-out from usage. Arbitrum L2 hasn’t launched on mainnet yet and is currently live on Kovan testnet. OKEx intends to complete the integration as soon as the production-ready version goes on Ethereum mainnet.
This begins a new era for Ethereum scalability as more and more exchanges are likely to integrate such solutions, boosting user acquisition and retention. Ethereum Layer 2 solutions or off-chain processing solutions have been around for a while, however, it took a high amount of fees to onboard them through mainnet. An issue that is resolved by relying on direct deposits/withdrawals through exchanges.
About Ethereum Scalability Layer 2 Solutions
The Layer 2 scaling solutions are decentralized protocols that increase the processing capacity of a blockchain (hence scaling) and as a result, relieve congestion on the network.
They work by delegating the network processing “off-chain” to their own chain, processing it there, before settling the final balances on the base layer mainnet.
It is super easy to buy Ethereum. Just take a look at our exchange comparison!
Trading Bitcoin is too complicated?
We highly recommend our Crypto-Starter-Kit to you!
Or are you looking for the current Bitcoin Price in USD? Look no further!
Bitcoin Price, Ethereum Price, Ripple Price
Follow us on Social Media and subscribe to our free crypto newsletter!
@Telegram
@Instagram
@Twitter
@TikTok
@Facebook
Diskutiere mit uns!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Blockchain
Can you BUY Facebook’s DIEM at launch? (X-LIBRA project)
What is the LIBRA project, why LIBRA failed, and will the newly re-branded DIEM crypto manage to turn the tables? …
Last Call For Dubai ‐ Updates from the iFX EXPO
With just over a week to go until Dubai iFX EXPO 19‐20 May 2021, it’s time to get your expo …
Ethereum breaks USD 4,000 and THOSE projects prepare to go HIGHER
Many projects build on top of Ethereum. In this article, we're going to mention 3 important projects that are highly …
