Tornado.cash is one of the largest cryptocurrency mixing protocols, and it has been announced that the project will be deployed on the L2 (layer 2) Ethereum platform Arbitrum One. The creator of the Ethereum-based hybrid application explained that settling on Arbitrum will allow Tornado.cash users to benefit from cheaper transactions.
Tornado.cash is deployed on Arbitrum-“Cheaper transactions are the biggest comparative advantage”
On November 29th, the team behind the Ethereum mixing application Tornado cash Revealed this project Plan to deploy exist Arbitrator One The internet. The news was released after the project recently applied network connectivity to the collaborative efforts of Polygon, Avalanche, Binance Smart Chain and Xdai.This week, the total deposits of Tornado.cash on the Xdai chain More than $1 millionIn terms of the Ether deposited since the start of the project, the agreement has absorbed 2,222,007 Ether, or $4.3 billion.
Essentially, Tornado.cash improves the privacy of ether transmission by breaking the on-chain link between the source address and the destination address. The protocol relies on Zero Knowledge Proof (ZKP) to ensure that there is no link between deposits and withdrawals. Tornado.cash just over two years ago Launched in August 2019The project even got Gavin Andresen, a former Bitcoin core developer, notify Ether Hybrid Agreement in mid-January 2020.
May 13th, Tornado.cash developer Destroyed their private keys Use one called Multiparty Computing (MPC)The plan allows Tornado.cash developers to provide smart contracts to the community without the developer’s private key. “With a record 1,114 donations, this is the largest Trusted Setup Ceremony to date. By comparison, all other trusted setup ceremonies have less than 200 participants,” the Tornado.cash team wrote in a blog post Explained.
Arbitrum is an L2 solution that takes advantage of optimistic aggregation and Arbitrum users through the use of Ethereum (Ethereum), a small part of the cost of its token derivatives and smart contracts.Statistics from l2fees.info It shows that the average cost of an Ethereum transaction is $7.08, and the same transfer using Arbitrum will cost $2.81. Although using L1 (layer 1) to transfer ERC20 tokens may cost $16.19, the L2 fee for using Arbitrum to transfer tokens will cost $3.09.
The exchange of tokens is the most expensive on-chain (L1) transaction, and the cost of each transaction is approximately US$35.41. However, according to today’s l2fees.info metric, Arbitrum users only need to pay about $4.85 for each transfer of tokens. Tornado.cash Blog post Say “The smart contracts of the protocol are all set up and ready to run on Arbitrum.” The biggest advantage of using Tornado.cash in combination with Arbitrum is the cost of data transmission.
“Settling on Arbitrum will allow Tornado.cash users to take advantage of all the benefits that Tier 2 can provide, and cheaper transactions are the biggest comparative advantage,” the team’s blog post emphasized. “This proposal is part of the agreement’s desire to continuously improve itself and allow more users to reclaim their privacy rights. In addition, with this deployment, Tornado.cash will join the thriving ecosystem of multiple other defi applications system.”
What do you think of the encrypted hybrid application Tornado.cash deployed on Arbitrum? Please tell us your thoughts on this topic in the comments section below.
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