Tornado Cash Mixer All Set To Launch On L2 Arbitrum - Know More!

Tornado Cash Mixer All Set To Launch On L2 Arbitrum - Know More!

2021-12-01 | Eddy Morgan

Tornado Cash Mixer All Set To Launch On L2 Arbitrum - Know More!

Users will be able to make private transactions utilizin the popular Tornado Cash mixer on the Arbitrum layer two networks once it is completely operational. Tornado Cash is about to get a boost in growth as the Ethereum Arbitrum network prepares to adopt the privacy policy. Following community donations to assure protocol stability, Smart Tornado Cash contracts are set to debut on the thArbitrum Layer 2 rating network. The use of Arbitrum "will allow consumers to take advantage of all the benefits that Layer 2 has to offer, for a cheap transaction is a substantial advantage in contrast," according to an earlier Nov. 29 official announcement. Tornado Cash is an Ethereum (ETH) protocol that is fully integrated. Tornado Cash hides the path that tokens like ETH follow from sender to receiver, allowing for entirely anonymous transactions without the usage of private-focused coins. Fast transactions and low-cost currencies are available on the Ethereum network of two networks, which also benefits from Ethereum's security and worldwide division. The Tornado Cash team believes that by implementing Arbitrum, more users would be able to perform anonymous crypto transactions while avoiding Ethereum gas costs. According to the group, L2 Ethereum transactions will be 95 percent cheaper than L1 Ethereum transactions. Users must first send ETH, ERC-20, and ERC-721 tokens from Ethereum to Arbitrum via Arbitrum Bridge in order to utilize Tornado Cash at Arbitrum. Arbitrum is the most valuable L2 in Ethereum, with a market cap of $ 2.68 billion and a market share of 39%. According to L2Beat, this is second only to Boba Network's $ 1.38 billion in TVL, making Boba and Arbitrum the only two L2s with a TVL of over $ 1 billion. Since September, the number of various addresses on Arbitrum has continuously increased, reaching 291,876 at the time of writing. According to DeFiPulse, Tornado Cash has $847 million in TVL. Tornado Cash debuted its TORN management token in December 2020 and began sending them out to users in February 2021, as previously announced.

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