Binance adds second Ethereum rollup for cheap and fast transfers

Optimism, is a second layer solution built on Ethereum. It allows for off-chain transactions, which are packaged and then confirmed in a single transaction on the blockchain. This allows trading while paying less commissions, but at the same time without losing the security offered by the Ethereum network.

Along with Web3 development (generally using open source code from Tea protocol developers) Optimism is compatible with Ethereum smart contracts. This allows all decentralized finance platforms (DeFi) to migrate from Ethereum to Optimism without any drawbacks.

Now, thanks to the addition of Binance, users of these rollups have another (centralized) alternative to enter or exit the rollup. This without the need to use a bridge to the Ethereum network, which would involve paying commissions to miners.

This integration allows users to see reduced payment for network commissions. According to the L2fees portal, current Ethereum mainnet fees hover around USD 2.7, and have seen peaks of up to USD 64 on average. In case of second-layer solutions such as Optimism, fees can be USD 0.5, with much faster confirmations.

This is the second rollup (second layer scalability solution) that Binance has incorporated into its platform. Since November last year Binance has made deposits and withdrawals available on another rollup, Arbitrum.

Platforms such as Aave, Uniswap and Curve Finance, which have the largest number of active Ethereum users, currently support Optimism.