Binance, the world’s biggest cryptocurrency exchange by trading volume, has added the support for Optimism, a Layer 2 scaling solution for Ethereum that can support all of Ethereum’s Dapps, as confirmed by the exchange in an announcement. Although, it is important to note that the exchange only supports deposits at the moment. 

The integration with Binance

Optimism integration with Binance is complete, and deposits are open for the same. However, the withdrawal for the same is not yet operational because of the absence of a suitable amount of liquidity. 

The Ethereum scaling solution has seen a huge amount of support from the crypto community recently, and it seems that the exchange’s decision has been pushed by this fact. 

“Binance has completed the Optimism Network integration and opened deposits for ETH on Optimism Layer 2. Please find your assigned ETH deposit addresses on the Optimism Network on the Deposit Crypto page,” said the announcement.

The exchange will open withdrawals for ETH on Optimism Network once there are sufficient assets in their wallet, as per the official announcement. This will allows Ether holders to sell and buy the world’s second-biggest cryptocurrency at reduced costs and improved transaction speeds, which is a major hurdle for the Ethereum network due to congestion and high gas fees.

The Optimism Collective

Optimism plans to launch a token soon, as noted in a previous report by Cryptonary. Additionally, the launch of Optimism Collective is also coming soon, which will be governed co-equally by two houses, the Citizens’ House and the Token House. The Token House will have the governance token called OP, using which “holders will be able to vote on protocol upgrades, project incentives as a part of a Governance Fund, and more.”

On the other hand, the Citizens’ House will “facilitate and govern a process to distribute retroactive public goods funding, generated from the revenue collected by the network.”