Tornado Cash smart contracts are now available on the Arbitrum Layer 2 scaling network, owing to community efforts that secured the protocol’s stability.
Using Arbitrum, according to the Nov. 29 announcement, “enables customers to make use of all the benefits a Layer 2 may offer, with the most important competitive advantage being cheaper transactions.”
Tornado Cash is a truly decentralised Ethereum (ETH) mixer system. Tornado Cash conceals the path that tokens like ETH take from sender to receiver, allowing transactions to be completely anonymous without the need for privacy-focused currency.
While retaining Ethereum’s security and decentralisation, layer two Ethereum networks allow faster transactions and reduced prices.
Moving to Arbitrum would enable users to conduct private crypto transactions
The Tornado Cash team thinks that moving to Arbitrum would enable more people to conduct private crypto transactions while avoiding the exorbitant gas prices associated with Ethereum. According to the developers, L2 Ethereum transactions will be roughly 95% cheaper than L1 Ethereum transactions.
Users must first transmit ETH, ERC-20, and ERC-721 tokens from Ethereum to Arbitrum via the Arbitrum Bridge before they may utilise Tornado Cash on the platform.
Arbitrum is now the biggest L2 on Ethereum. With $2.68 billion in total value locked and a market share of 39%. According to L2Beat, Boba Network has $1.38 billion in TVL. Making Boba and Arbitrum the only two L2s with more than $1 billion in TVL.
The number of unique addresses on Arbitrum has steadily grown since September. And it now stands at 291,876 as of this writing. Tornado Cash’s TVL is at $847 million, according to DeFiPulse.
Tornado Cash introduced its TORN governance token in December 2020. And, as previously indicated, delivered it to users in February 2021.