Binance Us supports abstract chains, allowing users to deposit and withdraw ETH into a Layer 2 network without bridging.
summary
- The integration is part of a broader extension of Binance US’s Ethereum Layer 2 support, following the previous adoption of the basic network of ETH and USDC transactions.
- Developed by Igloo Inc. and supported by investors including Peter Thiel’s Founders Fund, the abstract chain offers scalable, low-cost transactions with features such as account abstraction and social login.
Binance US integrates the recently launched Ethereum Layer 2 network Abstract Chain, allowing users to deposit and withdraw Ethereum (ETH) without the need for bridging. This means faster, cheaper, and safer transactions for users looking to access an abstract ecosystem, such as DAPP and NFT platforms.
The integration is part of Binance US’s ongoing efforts to expand support for its Ethereum Layer 2 solution. Earlier this year, the platform added support for the rapidly growing base network, allowing users to deposit and withdraw ETH and USDC via this Layer 2.
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Developed by Igloo Inc., Abstract Chain is the team behind the popular Pudgy Penguins NFT collection, launched this January as a consumer-centric Ethereum Layer 2 solution. Investors, including the Peter Thiel’s Founders Fund, supported the project in July last year for a total of $11 million. The abstract chain, which leverages ZK-Rollups and Eigenda technology, offers scalable, low-cost transactions, but features such as account abstraction and social login support are designed to lower barriers for new crypto users.
Integration with Binance US is the latest development that contributes to the growing expansion of abstract chains across major platforms, including NFT’s Magic Eden, Uniswap for decentralized trading, and Seedify for blockchain games and LaunchPad services.
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