Bybit integrates Arbitrum One mainnet to enable off-chain transactions
Crypto exchange Bybit has completed the integration of Arbitrum One mainnet, a scaling solution for the Ethereum network developed by Offchain Labs.
With this integration, Bybit users can now deposit and withdraw Ether (ETH), Tether (USDT) and USD Coin (USDC) on the Arbitrum network at a reduced transaction cost.
The integration of Arbitrum rollup protocol, which runs on an off-chain Ethereum contract, means lower costs as compared to the Ethereum mainnet. Previously, Bybit traders had to move funds from Arbitrum to Ethereum using the Arbitrum bridge.
“Bybit users will enjoy trustless security rooted on the Ethereum blockchain where anyone can ensure the correct results of a L2 like Arbitrum. They will also benefit from Arbitrum’s speed, low gas fees and rapid throughput,” the exchange explains.
With many more side chain and layer-2 chain integrations to follow suit in the near future, this interoperability solution bridges the integration gap that has long existed within the pioneer blockchains.
At the core, Arbitrum tackles the two most considerable challenges preventing crypto transactions from reaching mass adoption, namely the extraordinarily high gas fees and being very difficult to navigate. After the initial rollout phase, Arbitrum has since come up to include Layer-2 chains and cross-chain bridges; the former niche focuses on solving scalability while the latter solves interoperability.
Layer 2 solutions have been quite popular
Ben Zhou, co-founder and CEO of Bybit, explained that their new offering is coming rather timely, adding: “Arbitrum is a promising and innovative scaling technology that we are excited to bring to Bybit users – with its decentralized, developer-friendly and broad ecosystem support, we continue to offer next level products and services to all crypto lovers.”
Bybit has a long-standing reputation in cryptocurrency derivatives trading. At press time, the Singapore-based exchange accounts for $7 billion in 24-hour volumes. That share of the market puts Bybit just behind four global derivatives exchanges.
As part of the expansion of its retail-focused services suite, Bybit has also announced the grand opening of their cloud mining solutions. As the first entry to Bybit’s ByFi product portfolio, the cloud mining offers a chance for crypto enthusiasts to mine ether without having to pay hefty upfront costs or purchase expensive mining hardware.