Tornado Cash is set to accelerate as the Privacy Protocol prepares for deployment to the Ethereum Layer 2 Arbitrum network.
Tornado Cash’s smart contracts are ready to be launched on the scalable ThArbitrum Layer 2 network following community contributions to ensure the stability of the protocol.
The announcement on Monday states that publishing on Arbitrum “will allow users to take full advantage of the benefits that tier 2 has to offer, with cheaper transactions as the biggest comparative advantage.”
Tornado Cash is a fully decentralized Ethereum (ETH) mixing protocol. Tornado Cash hides the path where tokens such as ETH travel from sender to recipient, and enables completely private transactions without the need for privacy-focused coins.
Level 2 networks on Ethereum have faster transactions and lower fees while benefiting from the security and decentralization of Ethereum.
The Tornado Cash team believes that publishing on Arbitrum will allow more users to perform private crypto transactions while avoiding high Ethereum gas charges. L2 transactions are expected to be about 95% cheaper than L1 Ethereum transactions, according to the team.
To use Tornado Cash on Arbitrum, users must first send ETH, ERC-20 and ERC-721 tokens from Ethereum to Arbitrum via Arbitrum Bridge.
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Arbitrum is currently the largest L2 on Ethereum with a total locked volume of $ 2.68 billion, representing 39% of the L2 market share. This is second only to Boba Networks’ $ 1.38 billion on TVL, according to L2Beat, making Boba and Arbitrum the only L2s with more than $ 1 billion on TVL.
The number of unique titles at Arbitrum has grown steadily since September and has reached 291,876 at the time of writing. According to DeFiPulse, Tornado Cash has $ 847 million from TVL.
As reported by Cointelegraph, Tornado Cash unveiled its TORN Governance Token in December 2020 and sent it to users in February 2021.