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The Ethereum transaction mixing protocol, Tornado Cash, is set to launch on the Layer 2 network Arbitrum.
Users will be able to process transactions faster and cheaper
The November 29 announcement states that deployment on Arbitrum “will allow users to take advantage of all the benefits that a Layer 2 can offer, with cheaper transactions being the biggest comparative advantage”. The team at Tornado Cash believes that the deployment on Arbitrum will allow more users to perform private crypto transactions while avoiding Ethereum’s high gas fees. It expects L2 transactions to be about 95% cheaper than those on L1 Ethereum.
To use Tornado Cash on Arbitrum, users must first send ETH, ERC-20, and ERC-721 tokens from Ethereum to Arbitrum via the Arbitrum Bridge. It said that members of the Tornado Cash community willing to support the deployment on Arbitrum could contribute to the deployment.
What is Tornado Cash?
As an Ethereum mixer, Tornado Cash improves the privacy of transactions. It does this by breaking the on-chain link between the sender and recipient addresses. In other words, it allows withdrawals to be made to a different address that cannot be linked to a deposit address, ensuring privacy. This means that it can enable completely private transactions without the need to use privacy-friendly coins. It also uses zkSnark proof technology and is non-custodial, meaning users retain complete control over their deposits into the protocol.
Launching on Arbitrum is a logical step as Layer 2 solutions continue to gain traction. Arbitrum is currently the largest L2 on Ethereum, with $2.68 billion in total value locked, representing 39% of the L2 market share. The top three projects on Arbitrum in TVL are the DeFi protocols Curve, AnySwap, and SushiSwap. The number of unique addresses on Arbitrum has also increased and currently stands at 291,876. With the introduction of Tornado Cash, these users can now remain private.
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