Bitfinex, a popular cryptocurrency exchange, has announced that it now accepts deposits and withdrawals of Ethereum (ETH) on the Arbitrum One chain. This change lets users exchange ETH on Arbitrum One (ARBETH) and ETH on the mainnet without any problems.
Bitfinex Enables Integration of Ethereum’s Smart Contracts via Arbitrum One
Offchain Labs made Arbitrum One, a layer-2 blockchain solution that can be scaled, is secure, and is cost-effective. Using optimistic roll-up technology, Arbitrum One can combine several transactions into a single, smaller transaction, which makes the company more efficient.
With this integration, users will be able to take advantage of Ethereum’s decentralized platform and its smart contracts. Smart contracts make it possible for programs to run without downtime, censorship, fraud, or third-party interference. The blockchain infrastructure that Ethereum is built on makes it possible to transfer value and record ownership without a trusted third party.
Since June 2, the Currency Conversion tool on Bitfinex can now convert both ETH on the mainnet and ARBETH tokens. For token holders to be eligible for staking rewards, they must first use the Currency Conversion tool on the mainnet to convert their ARBETH tokens to ETH and then convert to ETH2 Pending.
Bitfinex Continues ARB Token Support
Bitfinex lets you buy and sell ARBETH tokens, but it’s important to know that at the moment, the platform only lets you trade ETH on the mainnet. So, before ARBETH tokens can be traded, they must be turned into mainnet tokens.
Bitfinex Derivatives users will also be able to trade the ARB token with up to 100 times the amount of money they put up as collateral. In addition, the introduction of the permanent futures contract for ARB, lets users bet on the direction of the token’s price and protect their spot holdings.
Bitfinex was one of the first exchanges to offer ARB/USD and ARB/USDt spot pairings on March 23, 2023. Now, Bitfinex Derivatives has started offering ARB perpetual futures contracts. Bitfinex wants to give its users more ways to interact with decentralized finance (DeFi) protocols by integrating with Arbitrum One. Notable DeFi projects built on the Arbitrum blockchain include Radiant and GMX, which offer cross-chain deposit and borrowing services and a decentralized exchange that specializes in perpetual contracts, respectively.
The fact that Bitfinex and Arbitrum One are working together shows that people are still trying to improve blockchain scalability and interoperability, which will give cryptocurrency users more options and make their transactions faster and easier.