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Privacy-Focused Crypto Mixing Protocol Plans To Deploy On L2 Arbitrum Platform – Privacy Bitcoin News

One of the largest cryptocurrency mixing protocols,, has announced that the project will be deployed on the Ethereum L2 (Layer 2) Arbitrum One platform. The creators of the Ethereum-based mixing app explain that moving to Arbitrum will allow users to benefit from cheaper transactions. to deploy on Arbitrum – “Cheaper transactions being the biggest comparative advantage”

On November 29, the team behind the ethereum mixer app revealed the project plans to deploy on the Arbitrum One network. The news follows the project’s recent collaborative efforts that applied network connections to Polygon, Avalanche, Binance Smart Chain, and Xdai. This week, total deposits for on the Xdai channel crossed $ 1 million. In terms of ether deposited since the start of the project, the protocol took 2,222,007 ether, or $ 4.3 billion.

Essentially, improves the privacy of ether transfers by breaking the chain links between source and destination addresses. The protocol relies on zero-knowledge evidence (ZKP) to ensure that there are no links to deposits and withdrawals. is just over two years old since it was introduced in August 2019. The project even got former Bitcoin Core developer Gavin Andresen to notice the ether blending protocol in mid-January 2020. .

On May 13, the developers of destroyed their private keys using a process called multi-party computation (MPC). The program allowed developers to give the smart contract to the community without the developer’s private key. “With a record 1,114 contributions, this was by far the largest trust installation ceremony to date. By comparison, all of the other Trusted Installation ceremonies had less than 200 attendees, ”the team explained in the blog post.

Arbitrum is an L2 solution that takes advantage of optimistic stacking and Arbitrum users benefit from using Ethereum (ETH), its token derivatives and smart contracts for a fraction of the cost. Statistics from show that an average ethereum transaction can cost $ 7.08, while with Arbitrum the same transfer would cost $ 2.81. While the ERC20 token transfer can cost $ 16.19 using L1 (Layer 1), the L2 fee using Arbitrum to transfer a token will cost $ 3.09.

The token exchange is the most expensive onchain (L1) transaction, costing around $ 35.41 per transaction. However, Arbitrum users exchanging tokens only pay around $ 4.85 per transfer according to today’s metrics. The blog post states that “protocol smart contracts are all defined and ready to run on Arbitrum.” The biggest benefit of using with Arbitrum is the cost of data transfer.

“Moving to Arbitrum will allow users to reap all the benefits that Layer 2 can offer, with cheaper transactions being the biggest comparative advantage,” the team blog points out. “This proposal is part of the protocol’s desire to constantly improve and allow more users to claim their right to privacy. Additionally, with this rollout, will join a thriving ecosystem made up of several other challenge apps.

Tags in this story

Arbitrum, Arbitrum One, Crypto Mixing, ETH Fees, ether, Ether swaps, Ethereum, Ethereum (ETH), Fees, Gavin Andresen, L1, L2,, Layer 1, Layer 2, Mixing Crypto, Onchain, onchain fees, Optimistic Stacks, Privacy, Privacy Crypto, Private, Tornado Money, Transfer Fee

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