If you use these exchanges, you forget about Ethereum fees

If you use these exchanges, you forget about Ethereum fees

Key facts:
  • At least 4 exchanges already allow the use of the Optimism and Arbitrum rollups.

  • With this, they considerably reduce the fees when trading with ETH and ERC-20 tokens.

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Cryptocurrency exchanges Huobi and Ramp Network announced the implementation of rollupssecond layer solutions to reduce commissions when operating with Ethereum on their platforms.

Both exchanges communicated the news through their blogging and Twitter accounts. This change will allow its users to send and receive both ether (ETH), the native cryptocurrency of the Ethereum network, with a commission cost much lower than the current one.

In the case of Huobi, the exchange reported that the roll-up Optimism is available for both withdrawals and deposits. For its part, Ramp Network, being an exchange that offers the purchase of cryptocurrencies with fiat money, will support the use of the Arbitrum One rollup only for withdrawals. The sales will be available soon, the site reports, and with them could come ETH deposits using Arbitrum One.

The advantage of reducing commissions almost entirely is possible thanks to the use of rollups. These are Ethereum second layer solutions. They are so named because they do not work in the main layer of the network, which is where the transactions and operations are recorded in the block chain, but in another secondary layer.

If you use these exchanges, you forget about Ethereum fees
Ramp celebrated his agreement with Arbitrum on social media. Source: @rampnetwork/ twitter.com

Since the main layer of Ethereum is in very high demand, gas fees paid to miners have maintained high levels since 2021as CriptoNoticias has reported.

what they do rollups to solve this problem is to “wrap” or “roll” transactions to group them and then introduce them all together in the main layer of the network. In this way, a single commission is paid for many operations, which allows lower costs.

Another benefit of rollups is that they also manage to increase the speed of transactions carried out in Ethereum. As indicated by the block explorer etherscan, currently the network works with almost 14 TPS (transactions per second). Instead, some rollups they promise to raise that number up to 20,000 TPS.

Other exchanges that use Ethereum rollups

The rollups they are scalability solutions created to solve a very important problem in Ethereum, such as fees. Due to the advantages listed above, it is a highly usable resource within the framework of exchanges such as Huobi and Ramp Networkbut there are also others that have already implemented it before.

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If you use these exchanges, you forget about Ethereum fees

One of them was Binance, one of the largest exchanges in the world in terms of trading volume. As CriptoNoticias reported, on Friday, November 19, it incorporated this tool into its platform, at that time only for deposits and not withdrawals, but this alternative is also currently available.

Another one that had adopted this scalability solution was Uniswap, a decentralized exchange for Ethereum and tokens from this network.

Later, In February 2022, rollups first landed on a South American exchange. It was through Lest’sBit, which operates in Argentina, Peru and Colombia and already offers this possibility to its users, as reported by this medium.

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