Binance Integrates Binance-Pegged BUSD On Optimism Network
02 Février 2023 - 04:00PM
NEWSBTC
Binance, a leading cryptocurrency exchange by client count and
trading volumes, has integrated Binance-Pegged BUSD on the Ethereum
layer-2 platform, the Optimism Network. Binance Integrates The
Optimism Network In a press release on February 2,
Binance said their users can now begin depositing and withdrawing
the wrapped token via the Optimism Network. The Optimism
Network is a layer-2 protocol on Ethereum seeking to scale the
smart contracting platform and drastically lower fees. Transaction
fees on Optimism are several folds lower than on
Ethereum, and dApps launching on it can benefit from rapid
transaction processing speeds. The Optimism Network is the
second largest Ethereum layer-2 platform with a total value
locked share of 32.58%. Its native token, OP, is
currently trading at $2.79. Following this integration, Binance
allows users to transfer Binance-pegged BUSD, a wrapped version of
BUSD, on the Optimism network. BUSD is a stablecoin that tracks the
USD and is issued by Paxos under the Binance brand. The
issuer of BUSD says the stablecoin, compliant with the ERC-20
standard on Ethereum, is regulated by the New York State Department
of Financial Services. The Binance-pegged BUSD is a version of BUSD
that can be used to move value beyond Ethereum to Avalanche,
Polygon, and Binance ecosystems, including the BNB Smart Chain
(BSC). Related Reading: Optimism Edges Other L2s In Gas
Efficiency, Despite Loss In TVL, Revenue Binance said holders can
swap BUSD and Binance-pegged BUSD freely between chains. As a
wrapped token of BUSD, Binance-pegged BUSD is held by a third party
and is a different product from BUSD. Nonetheless, Binance has
assured holders that it is safe to hold. Over the years, the
Binance ecosystem has grown. Although there are bridges with
Ethereum and BNB Smart Chain (BSC) remains interoperable with other
networks, association with Ethereum is critical. The decision by
Binance to integrate Optimism Network could boost activity in the
BSC. Scaling Ethereum Using Layer-2 Solutions The Optimism Network
is among the many layer-2 protocols aiming to scale Ethereum. As a
general-purpose platform, dApps can deploy and retain the base
layer’s security. Over the months, layer-2 platforms,
dominated mainly by Arbitrum and Optimism, have been processing
increasingly more transactions. Dune Analytics’ data on
January 10 showed that Arbitrum and Optimism processed 1.12 million
transactions versus Ethereum, at 1.06 million. Related Reading: How
Arbitrum and Optimism Made Millions in 2022 According to Vitalik
Buterin, scaling Ethereum through layer-2 solutions, including
Optimism, will form a base for further throughput enhancement in
the future. With the merge completed, the goal of Ethereum
developers is to gradually improve on-chain scalability through
Sharding. Then, Ethereum developers would process over 100,000
transactions per second, establishing themselves as a smart
contracting platform leader. Feature image from Canva, Chart from
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