Continuing on our path of innovation and fulfilling user demand, Bitso is thrilled to announce the integration of ETH on the Optimism network – our third Layer 2 solution!
Embracing Layer 2 Solutions
After the successful integration of ETH on Arbitrum and ETH on Polygon, the addition of ETH on Optimism is our latest step in providing faster, more efficient transaction methods.
A Closer Look at Optimism
Optimism stands out as a Layer 2 scaling solution for the Ethereum network, featuring advancements like its ‘Superchain’, a network of interconnected Ethereum-compatible blockchains and its ERC-20 Governance Token ‘OP’. It promises to significantly reduce transaction costs while boosting transaction speeds. As Ethereum’s popularity surges thanks to its decentralized applications and smart contracts, solutions like Optimism become essential for an enhanced user experience.
Our decision to integrate Optimism was driven by both its advantages in the crypto ecosystem and the feedback from our valued user community.
How Does Optimism Work?
Optimism utilizes a method called “Optimistic rollups,” which bundle large amounts of transaction data into digestible batches. This approach enables faster operations with enhanced stability and significantly lower costs. While the transactions are processed on the Optimism Network, details about these transactions are posted and validated on the Ethereum mainnet.
This method combines the efficiency of Optimism with the robust security and verification capabilities of the Ethereum network, ensuring the integrity and authenticity of every transaction.
Benefits of ETH on Optimism at Bitso
- Reduced Fees: Optimism offers the advantage of cheaper transaction costs compared to the Ethereum mainnet.
- Speedy Transactions: Experience faster transaction processing times for ETH, allowing for a more seamless experience.
- Direct Access to Optimism’s Ecosystem: Users now have a straightforward gateway to deposit and withdraw ETH directly from the Optimism network, leveraging various bridges for smooth ETH transfers between Ethereum and Optimism.
Our Ongoing Commitment
This latest feature is a testament to Bitso’s commitment to provide a responsive and evolving platform. As always, our focus remains on meeting user demands and keeping pace with the latest in the crypto world.
Reminder to Our Community
While we’re excited to share this update, please remember that this article is intended for informational purposes. It’s always important to do your own research before making investment decisions.
Join us in embracing the benefits of ETH on Optimism at Bitso and continue exploring the ever-evolving cryptocurrency landscape.