First Monero and Ethereum Atomic Swap Completed on Arbitrum

Total
0
Shares

According to data from Arbitrum blockchain explorer Arbiscan, and Monero explorer, the first atomic swap between monero and ethereum occurred on Ethereum Layer 2, solution Arbitrum.

Elizabeth Binks, a software engineering at blockchain R&D company ChainSafe Systems and other contributors have completed “XMR->ETH atomic Swap Project”, marking the completion of their first XMR or ETH atomic Swap.

Atomic swaps are also known as atomic cross-chain trade and are considered to be one of the best peer-to-peer (p2p), methods to trade cryptoassets. They allow two parties to trade tokens on two different blockchains without the need to involve a third party.

Arbitrum is an Optimistic rollup (OR), which is a layer 2 solution. It is intercompatible with Ethereum. Ethereum is layer 1 or the base layer. Solutions built on top of Ethereum are layer 2.

“With atomic Swaps, online users can trade cryptocurrencies without having to trust anyone else,” according to to Monero Outreach.

The article stated that Monero atomic Swaps are possible because of new technologies and concepts. They are being implemented and funded by multiple teams including the Farcaster community-funded software project and an algorithmically comparable effort by the COMIT team.

Binks announced the “XMR->ETH Atom Swap Project” on November 15. He stated: “It is relatively simple, most heavy lifting happens in an ethereum Smart Contract.”

Late May saw the live on mainnet atomic swaps between XMR (BTC), and Bitcoin (XMR).

Leave a Reply

Your email address will not be published.

You May Also Like