Popular crypto exchange Gate.io has recently announced that they’ll support direct deposits and withdrawals onto Ethereum scaling solution Arbitrum and today the integration has been completed.
Arbitrum is a Layer-2-based expansion network of Ethereum. Off-chain Labs had developed this solution and it uses Optimistic Rollups technology to improve the scalability, speed, and privacy of on-chain contracts.
Now Gate.io supports the Arbitrum mainnet completely. This also enables the functionality for its users to deposit directly onto the Arbitrum mainnet. It basically negates the need for interaction with the base layer of Ethereum.
Typically, Arbitrum uses 2-3k Ethereum gas for transactions. However, using BLS signatures, the solution can allow developers to cut these costs down even further. Also, the solution is Ethereum Virtual Machine (EVM) compatible on the bytecode level.
EVM is a computation engine that acts as a decentralized computer. It contained millions of executable projects and acts as a virtual machine for the bedrock of Ethereum’s operating structure.
By doing so, developers don’t need to rewrite their code or use any custom compilers or new tools to download.
Arbitrum also breaks out of Ethereum’s contract size limit and transaction gas limit. Besides all these features, Arbitrum is cheap and quick to use and relays all transaction information back to the main Ethereum blockchain.
Traditionally, Ethereum manages a little less than 14 transactions per second. At its maximum, Ethereum can process 30 transactions per second. On the other hand, Arbitrum can process more than 40,000 transactions per second.