Tornado Cash to launch on L2 Arbitrum
Tornado Cash is reportedly getting a scaling boost as news circulates of the privacy protocol preparing for deployment on the Ethereum layer two network Arbitrum.
As per the latest confirmation, Tornado Cash’s smart contracts are ready to go up on the Arbitrum Layer 2 scaling network after the community made significant contributions for ensuring the stability of the protocol.
The announcement on November 29 has explained that deploying on Arbitrum would allow users to gain the advantage of all the benefits that Layer 2 can offer, “with cheaper transactions” being their “biggest comparative advantage.”
Tornado Cash is a fully decentralized Ethereum (ETH) mixer protocol that masks the path that tokens like ETH take from sender to receiver. They are known to provide completely private transactions without the need of using privacy-focused coins.
Layer two networks on Ethereum also boast of “faster transactions” coming in “cheaper fees” while simultaneously benefiting from the security and decentralization factors of Ethereum.
The Tornado Cash team said it believes that the deployment onto Arbitrum would allow more users to undertake private crypto transactions while avoiding the high gas fees on Ethereum.
L2 transactions are expected to be around to be about 95 per cent cheaper than those on L1 Ethereum, the team informed.
For using Tornado Cash on Arbitrum, users would first have to send ETH, ERC-20, and ERC-721 tokens from Ethereum to Arbitrum via the Arbitrum Bridge.
At present, Arbitrum is the biggest L2 on Ethereum with $2.68 billion of total value locked, which represents 39 per cent of the L2 market share. This is followed by the Boba Network’s $1.38 billion in TVL, making both Boba and Arbitrum the only two L2’s with over $1 billion in TVL.
The total number of unique addresses present on the Arbitrum has grown sharply since September, currently standing at 291,876 while writing this report. Tornado Cash has $847 million in TVL.
Tornado Cash had formally unveiled its TORN governance token in December 2020 and had airdropped them to users in February 2021.