Tornado Cash’s smart contracts, the Ethereum privacy protocol, are set to launch on the Arbitrum layer two network following contributions from the community to ensure the protocol’s stability.
Deployment of the protocol on the layer two network, Arbitrum, will give Ethereum users the ability to make private transactions.
Read Also: Crypto Enthusiasts Raise $47 Million in Ethereum (ETH) To Purchase Rare Copy of U.S. Constitution
The announcement that came on 29th November explained that the protocol that is set to get deployed on Arbitrum will “allow users to take advantage of all the benefits a Layer 2 can offer, with cheaper transactions being the biggest comparative advantage.”
Tornado Cash is a fully decentralized Ethereum mixer protocol, which masks the path that digital tokens such as ETH take from sender to receiver, giving users the ability to initiate private transactions without the need for privacy-based tokens.
Layer two networks on Ethereum enjoy faster transactions and cheaper fees while still leveraging the security and decentralization of the Ethereum network.
Read Also: Ethereum (ETH) Outflows from Exchanges Surge to New All-Time High, Signal “Buy the Dip” Sentiment
The team behind the protocol believes that once it’s fully deployed on Arbitrum, users will be able to initiate private transactions without the high gas fees on the Ethereum network.
According to the team, layer two network transactions are expected to be around 95% cheaper than those transactions effected on layer one network.
To use Tornado Cash on Arbitrum, users must first send ETH, ERC-20, ERC-721 tokens from Ethereum to Arbitrum through Arbitrum Bridge.
Read Also: Discord to Integrate Ethereum in Its Network via Metamask and WalletConnect
Meanwhile, Arbitrum has been experiencing a steady growth in terms of the number of unique addresses since September. The Number of unique addresses created on the network currently stands at 291,876. According to DeFiPulse, Tornado Cash has $847 million in TVL. It’s second only to Boba Network with $1.38 billion in TLV.
Follow us on Twitter, Facebook, Telegram, and Download Our Android App
Binance, the world's largest cryptocurrency exchange, has been a strong supporter of the Terra Classic…
As the cryptocurrency ecosystem evolves in 2024, discerning the most promising investment opportunities becomes crucial…
The Shiba Inu development team is gearing up for a significant upgrade of the Shibarium…
As the cryptocurrency market flourishes, BlockDAG captures attention with its distinctive DAG architecture and sophisticated…
As the digital currency market evolves, blockchain technology serves as the foundation for major cryptocurrencies…
Following Shiba Inu's massive surge in late February and early March 2024, there has been…