Already deployed on Ethereum, Binance Smart Chain and Polygon, 1inch is now taking advantage of Optimism’s scalability opportunities for Ethereum.
Decentralized exchange aggregator (DEX) 1inch announced yesterday that it has deployed on Optimistic Ethereum (OΞ), an Ethereum Layer 2 solution created by Optimism.
The 1inch platform allows users to take advantage of the most efficient routes to perform crypto swaps by aggregating liquidity from several different DEX. The protocol is already available on Ethereum, Binance Smart Chain and Polygon, and continues to grow.
A pink bolt of lightning flashed on the horizon, and he suddenly felt that another rift in the fabric of reality took its shape somewhere near him. pic.twitter.com/vQDz4JZgHt
– 1inch Network (@1inch) August 17, 2021
Optimism provides several scalability options for Ethereum, building infrastructure to drive ecosystem growth and sustainability. The DEX Uniswap v3 has already been deployed on the OΞ core network.
Optimism co-founder Jing Wang said : “It was a pleasure to get to know the incredible technical minds of the 1inch team, and we are now very excited about the launch of 1inch on OΞ. This integration brings users the best prices on multiple DEX at the fastest speed on OΞ. We couldn’t be more excited that everyone could try it ! »
Popular wallets such as MetaMask and WalletConnect are already compatible with OΞ and 1inch users can now use Optimism Gateway to migrate their assets to the Optimistic network. Although deposits on the Optimistic mainnet from Ethereum are instant, until the launch of the quick withdrawal service, it will take seven days to facilitate withdrawals from Optimism to Ethereum.
1inch Network co-founder Sergej Kunz commented : “Optimistic Ethereum is a very promising L2 solution focused on scalability, and the launch of 1inch on Optimistic will facilitate a dramatic increase in transaction speed. »
Throughput on OΞ will be limited to 0.6 transactions per second in the first phase of deployment, but as the Optimized team tests and optimizes its infrastructure, transactions will become faster. This is part of Optimism’s goal to create a specially designed, high-speed, low-cost DEX trading solution.
The Optimism team is also working on a series of future improvements. These include decentralizing the transaction sequencing operation, allowing gas payment in any token through external accounts (EOA) of smart wallets, and expanding the system.