Use L2 without expensive L1 bridges! Crypto.com has added deposits & withdrawals directly on Arbitrum
Use L2 without expensive L1 bridges! Crypto.com has added deposits & withdrawals directly on Arbitrum
The biggest complaint about Ethereum L2s is that you still need to use the bridge on L1, which can be super expensive.
However, this is no longer an issue! The Crypto.com app is the first centralized exchange to allow withdrawing directly to Arbitrum, letting you skip L1 all-together.
Technically, they added support for a few tokens back in September, however this was somewhat useless, since you couldn’t withdraw ETH to pay gas fees. They recently added ETH withdrawals, meaning you can take your ETH to Arbitrum and use any dapp there.
https://blog.crypto.com/crypto-com-app-now-supports-transfers-via-arbitrum/
This is what the future of Ethereum looks like: L1 is a settlement layer (similar to Polkadot’s relay chain or Cosmos’ hub chain), and users will only interact with cheap L2s.
Crypto.com also supports deposits and withdrawals to Polygon. Once on either of those networks you can cheaply bridge between even more chains using the cBridge dapp.
I hear Binance outside the US also supports the Polygon network, and you can bridge to Arbitrum and others from there on cBridge as well.
To add you can also use LayerSwap for Coinbase, Binance and Huobi for the time being (albeit with limits in place due to liquidity but they’re slowly raising them)