A few days ago, the first direct atomic swap between XMR (Monero) and ETH (Ethereum) took place on the Arbitrum network.
We’re excited to share that the first XMR<->ETH atomic swap of this project has occurred on Arbitrum! https://t.co/B8w4FwXfNd
We thank elizabethereum and all other contributors for their incredible work! https://t.co/kOyJW43bK3
— Monero || #xmr (@monero) November 29, 2021
Arbitrum, the layer 2 of Ethereum
Direct atomic swaps with XMR were announced a few months ago, but yesterday’s was the first on the Arbitrum network.
Arbitrum is one of the best second layer solutions out there for Ethereum, along with Polygon.
It is an Optimistic Rollup (OR) compatible with the Ethereum network and is one of the possible solutions to the problem of congestion on the world’s most widely used blockchain.
The high number of transactions that have to be registered on the Ethereum blockchain every day causes very high fees and sometimes long confirmation times.
Solutions such as Arbitrum, on the other hand, enable fast and cost-effective transactions.
Rollups actually inherit the security of the underlying network, but improve the performance of transaction execution.
Fees for the atomic swap between Monero and Ethereum
The atomic swap of XMR and ETH took place on both blockchains, although on the Ethereum blockchain it took place within the Arbitrum smart contract.
Its fees were around $13, compared to the median fee of $21.5 on the Ethereum blockchain on the same day.
Fees on the Monero blockchain were insignificant, so much so that they can be considered negligible.
This swap allowed a direct exchange of XMR into ETH, and vice versa, between two individual users, without going through an exchange. As Monero is a cryptocurrency with a high level of privacy, the amount of XMR sent is not public, although the transaction was recorded on its public blockchain.
The latest Monero news
Monero recently introduced another important innovation for its users.
The MyMonero wallet has activated a new feature that allows users to purchase XMR with fiat currency.
We’re delighted to share that MyMonero users can now directly purchase #Monero with fiat! https://t.co/Nk0JUmRzTa
— Monero || #xmr (@monero) December 1, 2021
This means that it is now possible to exchange fiat currency for XMR on MyMonero and then use atomic swaps on Arbitrum to exchange XMR for other cryptocurrencies anonymously without having to go through any intermediary.
The post Arbitrum: the first direct swap between Monero (XMR) and Ethereum (ETH) has taken place appeared first on The Cryptonomist.
