Binance announced in an official blog post that it has completed the integration of Ethereum (ETH) on the zkSync Era network. According to the crypto exchange, deposits and withdrawals for Ethereum (ETH) tokens are now available on the zkSync Era network.
#Binance completes the integration of Ethereum $ETH on the zkSync Era network. Deposits and withdrawals for #ETH tokens on the zkSync Era network are now open.Find out more below.
— Binance (@binance) September 7, 2023
Binance shared the details of the Ethereum (ETH) smart contract address on the zkSync Era network while sharing the time frame for this to be completed.
Deposits of Ethereum (ETH) on the zkSync Era network are expected to take 24 hours to be credited to users’ Binance accounts due to zkSync Era finality mechanics.
zkSync is a Layer 2 Ethereum network that leverages the zero-knowledge protocol and roll-up technology to speed up transaction processing time and save costs while maintaining security standards on the main network.
The zkSync Era mainnet was launched in March and has welcomed several projects. Per DefiLlama data, zkSync Era has hit $122.38 million in DeFi total value locked (TVL).
Race for Ethereum ETF begins
Following new 19b-4 filings by the Chicago Board Options Exchange, which will «ultimately start the clock» for an SEC decision, the race for the first Ethereum exchange-traded fund in the U.S. has officially begun.
On Sept. 6, the CBOE submitted two 19b-4 applications to the U.S. Securities and Exchange Commission asking for listing of the investment products ARK 21Shares Ethereum ETF and VanEck Ethereum ETF on the CBOE’s BZX Exchange.
VanEck’s S-1 submission dates back to July 2021, while ARK Invest and 21Shares teamed up to submit an S-1 to the SEC on Sept. 6.
Bloomberg analyst James Seyffart referred to this, stating that the Spot Ethereum ETF Race is officially on. Although he says it might be too early to predict, he estimates the final deadline for these applications to be around May 23, 2024.