Binance integrates BUSD on 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

Binance, a leading crypto currency exchange in terms of client numbers and trading volumes, has integrated Binance-Pegged BUSD on the Ethereum layer-2 platform, the Optimism Network.

In a February 2 press release (PR), the crypto exchange said that their users can now start depositing and withdrawing the wrapped token through the Optimism Network.

The Optimism Network is a layer-2 protocol on Ethereum which seeks to scale the smart contracting platform and acutely lower fees. Transaction fees on Optimism are a number of times lower than on Ethereum, and dApps launching on it can benefit from high transaction processing speeds.

The Optimism Network is the second largest Ethereum layer-2 platform with a total value locked share of 32.58 per cent. At present, its native token, OP, is trading at $2.79.

After the integration, Binance will now permit its users to transfer Binance-pegged BUSD on the Optimism network.

BUSD issuer says that the stablecoin 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 other ecosystems, including the BNB Smart Chain (BSC).

According to Binance, holders can trade BUSD and Binance-pegged BUSD freely between chains. As a wrapped BUSD token, Binance-pegged BUSD is held by a third party and is a different product from BUSD. Nonetheless, Binance has assured holders about its safety.

Now, the aim of Ethereum developers is to slowly enhance on-chain scalability via Sharding. Then, Ethereum developers would process more than 100,000 transactions per second, establishing themselves as a leader among smart contracting platforms.