ETH on Optimism

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What is Optimism?

Optimism represents a breakthrough in Ethereum's scaling solutions, aiming to accelerate transaction capabilities without compromising security.

At Bitso, we have integrated ETH as our inaugural cryptocurrency for deposits and withdrawals on the Optimism network.

 

How Does Optimism Work?

While the core Ethereum network processes transactions on-chain, Optimism takes a different approach. It employs "Optimistic rollups," which execute transactions off-chain. The beauty of this method lies in its ability to regularly submit a summary of these off-chain transactions to Ethereum's mainnet, ensuring security and final verification.

 

What makes it unique

  • Layer 2 Solution for Ethereum: Optimism provides a distinct Layer 2 scaling solution tailored to enhance Ethereum's performance.
  • Reduced Transaction Fees: Engaging with ETH on Optimism can result in notably lower transaction fees in contrast to the primary Ethereum network.
  • Increased Speed: ETH transactions executed on Optimism are confirmed more swiftly, allowing users to experience reduced waiting periods.
  • Streamlined Access to Optimism: Bitso patrons can now deposit and withdraw ETH directly via the Optimism network, granting easy entry to the entirety of Optimism's ecosystem.

 

How to Use USDT on Optimism in Bitso?

Deposits:

  1. Open the Bitso app and touch the "Deposit" button.
  2. Select "Crypto" and choose "Ether" as the cryptocurrency.
  3. Then select the Optimism network and copy the address with just one click.
  4. Paste your Optimism address on the platform from which you will make the deposit.
  5. Enter the amount of ETH and send it to Bitso efficiently.

Withdrawals:

  1. Open the Bitso app and touch the "Send" button.
  2. Select "Crypto" and choose "Ether" as the cryptocurrency.
  3. Then select the Optimism network and enter the amount of ETH you want to send over this network.
  4. Copy the address where you want to receive your ETH and paste it on our platform.
  5. Click Continue, and that's it! Your ETH will be on its way to any wallet or protocol that supports the Optimism network.

 

Purpose

With the inclusion of ETH on Optimism within Bitso's offerings, the aim is to provide an optimized transaction medium for Ethereum enthusiasts. By leveraging the benefits of Optimistic rollups, users can enjoy quicker and more cost-effective transactions, all while staying protected by the fortifications of the Ethereum mainnet.

 

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