Tornado Cash is a fully decentralised protocol for private transactions on Ethereum and is now ready to integrate with Arbitrum, the layer 2 solution that leverages optimistic rollups for Ethereum dApps. Faster speeds, lower fees, and transaction privacy. What’s not to love?
The Ethereum-based crypto mixer lets users swap ERC20 tokens over the Ethereum network while providing on-chain privacy by breaking the transaction link between the sender and recipient address. Tornado Cash allows withdrawals to be deposited to a different address, which cannot be linked back to the original deposit address.
Lower Transaction Fees Seal the Deal
Arbitrum’s L2 scaling solutions will not only allow Tornado Cash to process Ethereum transactions at a much faster rate, it will also make transactions cheaper for users. On-chain layer one transaction costs are notoriously expensive on the Ethereum network and can become even more so when the network is heavily congested during busy times. According to l2fees.info metrics, L1 fees on Ethereum are around US$35.41 per transaction, whereas on Arbitrum, users pay only around US$4.85 per transaction.
Arbitrum has already collaborated with other blockchains such as Polygon, Avalanche, Binance Smart Chain, and xDai.
Tornado Cash is growing in popularity and volume. Last week xDai tweeted that total deposits for Tornado Cash had crossed the US$1 million threshold.
Crypto Mixing Services of Concern to Authorities
Crypto mixing services have attracted the concern of authorities because they allow people to trade in goods and services anonymously with cryptocurrency. This anonymity makes it possible for criminals to “wash” their crypto from transactions on darknet and illegal online marketplaces such as Silk Road.
In April this year Crypto News Australia reported that the operator of Bitcoin Fog had been arrested in Los Angeles after the IRS investigated transactions that went through the Bitcoin mixing platform over a period of 10 years.
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