Ethereum (ETH) Set to Enter New Era with Binance’s Latest Integration

New Era for Ethereum Adoption as Binance Integrates zkSync Era Network

Binance has announced a significant advancement in Ethereum adoption by integrating Ethereum (ETH) on the zkSync Era network. This was detailed in an official blog post, indicating that users can now deposit and withdraw Ethereum tokens on this Layer 2 network.

The exchange provided the smart contract address for Ethereum on the zkSync Era network and shared that deposits might take up to 24 hours to reflect in users’ Binance accounts. This timeframe is attributed to the finality mechanics of zkSync Era.

The zkSync Era network employs zero-knowledge protocols and roll-up technology to enhance transaction speeds and reduce costs while ensuring the security standards inherent to the Ethereum main network. Since its mainnet launch in March, zkSync Era has onboarded multiple projects and currently boasts a total value locked in DeFi amounting to $122.38 million, according to DefiLlama data.

Competition for Ethereum ETF Approval Intensifies

In other developments, the race for the first Ethereum exchange-traded fund (ETF) in the U.S. has officially commenced, triggered by recent filings by the Chicago Board Options Exchange (CBOE). These filings will initiate the timeline for the U.S. Securities and Exchange Commission (SEC) to make a decision on the matter.

On September 6, the CBOE submitted two applications seeking the listing of the ARK 21Shares Ethereum ETF and the VanEck Ethereum ETF on its BZX Exchange. Notably, VanEck’s application dates back to July 2021, while ARK Invest partnered with 21Shares to file their application on the same day.

A Bloomberg analyst highlighted that the competition for a spot Ethereum ETF is now in full swing. Although predicting outcomes at this stage may be premature, he estimated that the SEC’s final decision on these applications could arrive around May 23, 2024.