{"id":518473,"date":"2023-02-02T15:00:08","date_gmt":"2023-02-02T15:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=518473"},"modified":"2023-02-02T13:29:04","modified_gmt":"2023-02-02T13:29:04","slug":"binance-integrates-binance-pegged-busd-on-ethereum-layer-2-optimism-network","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-integrates-binance-pegged-busd-on-ethereum-layer-2-optimism-network\/","title":{"rendered":"Binance Integrates Binance-Pegged BUSD On Optimism Network"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Binance, a leading cryptocurrency exchange by client count and trading volumes, has integrated Binance-Pegged BUSD on the Ethereum layer-2 platform, the Optimism Network.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Binance Integrates The Optimism Network<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.binance.com\/en\/support\/announcement\/binance-completes-the-integration-of-binance-peg-busd-on-the-optimism-network-opens-deposits-and-withdrawals-28e97485a6b14541b201f16fba24941f\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">press release<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on February 2, Binance said their users can now begin depositing and withdrawing the wrapped token via the Optimism Network.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Optimism Network is a layer-2 protocol on Ethereum seeking to scale the smart contracting platform and drastically lower fees. Transaction fees on Optimism are\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/l2fees.info\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">several<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0folds lower than on Ethereum, and dApps launching on it can benefit from rapid transaction processing speeds.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Optimism Network is the second largest Ethereum layer-2 platform with a total value locked\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/l2beat.com\/scaling\/tvl\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">share<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0of 32.58%. Its native token, OP, is currently trading at $2.79.<\/span><\/p>\n<figure id=\"attachment_518475\" aria-describedby=\"caption-attachment-518475\" style=\"width: 1265px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-518475\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/OP-Price-on-February-2.png?resize=1265%2C528\" alt=\"OP Price on February 2\" width=\"1265\" height=\"528\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/OP-Price-on-February-2.png?w=1265 1265w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/OP-Price-on-February-2.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/OP-Price-on-February-2.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/OP-Price-on-February-2.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/OP-Price-on-February-2.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/OP-Price-on-February-2.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-518475\" class=\"wp-caption-text\">OP Price on February 2| Source: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">OPUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Following this integration, Binance allows users to transfer Binance-pegged BUSD, a wrapped version of BUSD, on the Optimism network. BUSD is a stablecoin that tracks the USD and is issued by Paxos under the Binance brand.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The issuer of BUSD says the stablecoin, compliant with the ERC-20 standard on Ethereum, 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 <a href=\"https:\/\/wncen.com\/news\/avax-jumps-22-as-avalanche-records-another-win-for-institutional-adoption\/\" target=\"_blank\" rel=\"noopener \">Avalanche<\/a>, Polygon, and Binance ecosystems, including the BNB Smart Chain (BSC).\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/optimism-edges-other-l2s\/\">Optimism Edges Other L2s In Gas Efficiency, Despite Loss In TVL, Revenue<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Binance said holders can swap BUSD and Binance-pegged BUSD freely between chains. As a wrapped token of BUSD, Binance-pegged BUSD is held by a third party and is a different product from BUSD. Nonetheless, Binance has assured holders that it is safe to hold.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over the years, the Binance ecosystem has grown. Although there are bridges with Ethereum and BNB Smart Chain (BSC) remains interoperable with other networks, association with Ethereum is critical. The decision by Binance to integrate Optimism Network could boost activity in the BSC.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Scaling Ethereum Using Layer-2 Solutions<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The Optimism Network is among the many layer-2 protocols aiming to scale Ethereum. As a general-purpose platform, dApps can deploy and retain the base layer&#8217;s security.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over the months, layer-2 platforms, dominated mainly by Arbitrum and Optimism, have been processing increasingly more transactions. Dune Analytics&#8217;\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/dune.com\/blockworks_research\/l2-comparison-dashboard\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on January 10 showed that Arbitrum and Optimism processed 1.12 million transactions versus Ethereum, at 1.06 million.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/how-arbitrum-and-optimism-made-millions-in-2022\/\">How Arbitrum and Optimism Made Millions in 2022<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">According to Vitalik Buterin, scaling Ethereum through layer-2 solutions, including Optimism, will form a base for further throughput enhancement in the future. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With the merge completed, the goal of Ethereum developers is to gradually improve on-chain scalability through Sharding. Then, Ethereum developers would process over 100,000 transactions per second, establishing themselves as a smart contracting platform leader.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, Chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Binance, a leading cryptocurrency exchange by client count and trading volumes, has integrated Binance-Pegged BUSD on the Ethereum layer-2 platform, the Optimism Network. Binance Integrates The Optimism Network In a\u00a0press release\u00a0on February 2, Binance said their users can now begin depositing and withdrawing the wrapped token via the Optimism Network.\u00a0 The Optimism Network is a layer-2 protocol on Ethereum seeking to scale the smart contracting platform and drastically lower fees. Transaction fees on Optimism are\u00a0several\u00a0folds lower than on Ethereum, and dApps launching on it can benefit from rapid transaction processing speeds.\u00a0 The Optimism Network is the second largest Ethereum layer-2 platform with a total value locked\u00a0share\u00a0of 32.58%. Its native token, OP, is currently trading at $2.79. Following this integration, Binance allows users to transfer Binance-pegged BUSD, a wrapped version of BUSD, on the Optimism network. BUSD is a stablecoin that tracks the USD and is issued by Paxos under the Binance brand.\u00a0 The issuer of BUSD says the stablecoin, compliant with the ERC-20 standard on Ethereum, 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 Avalanche, Polygon, and Binance ecosystems, including the BNB Smart Chain (BSC).\u00a0 Related Reading: Optimism Edges Other L2s In Gas Efficiency, Despite Loss In TVL, Revenue Binance said holders can swap BUSD and Binance-pegged BUSD freely between chains. As a wrapped token of BUSD, Binance-pegged BUSD is held by a third party and is a different product from BUSD. Nonetheless, Binance has assured holders that it is safe to hold. Over the years, the Binance ecosystem has grown. Although there are bridges with Ethereum and BNB Smart Chain (BSC) remains interoperable with other networks, association with Ethereum is critical. The decision by Binance to integrate Optimism Network could boost activity in the BSC. Scaling Ethereum Using Layer-2 Solutions The Optimism Network is among the many layer-2 protocols aiming to scale Ethereum. As a general-purpose platform, dApps can deploy and retain the base layer&#8217;s security.\u00a0 Over the months, layer-2 platforms, dominated mainly by Arbitrum and Optimism, have been processing increasingly more transactions. Dune Analytics&#8217;\u00a0data\u00a0on January 10 showed that Arbitrum and Optimism processed 1.12 million transactions versus Ethereum, at 1.06 million. Related Reading: How Arbitrum and Optimism Made Millions in 2022 According to Vitalik Buterin, scaling Ethereum through layer-2 solutions, including Optimism, will form a base for further throughput enhancement in the future. With the merge completed, the goal of Ethereum developers is to gradually improve on-chain scalability through Sharding. Then, Ethereum developers would process over 100,000 transactions per second, establishing themselves as a smart contracting platform leader. Feature image from Canva, Chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":518474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[84309,10768,87757,84032,1946,11738],"class_list":["post-518473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-arbitrum","tag-binance","tag-binance-pegged-busd","tag-busd","tag-ethereum","tag-optimism"],"acf":[],"yoast_head":"\n<title>Binance Integrates Binance-Pegged BUSD On Optimism Network<\/title>\n<meta name=\"description\" content=\"Binance has integrated Binance-Pegged BUSD on Ethereum&#039;s layer-2 platform, the Optimism Network, per details on February 2.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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