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DeFi’s 1inch Network Launches on Ethereum Scaling Platform Optimism
The DEX aggregator is making a big bet on Ethereum scaling projects, with other networks under consideration.
1inch Network, a platform that aims to find the best deals across multiple decentralized exchanges (DEXs), has expanded to the Optimistic Ethereum mainnet.
CONTINÚA MÁS ABAJO
The move to the layer 2 network makes 1inch Network the second decentralized finance (DeFi) app on Optimistic Ethereum, with the first being Uniswap, 1inch spokesperson Sergey Maslennikov told CoinDesk.
Optimism is focused on scalability, and the 1inch launch on the network is expected to help to increase transaction speeds and lower gas fees for 1inch users, the project said.
Whereas deposits from the Ethereum network to the Optimistic mainnet will be instant, withdrawals to Ethereum will take seven days until a fast withdrawal service is launched.
The launch on Optimistic Ethereum “will facilitate a dramatic increase in transaction speed," 1inch Network co-founder Sergej Kunz said in a press release.
In May, 1inch Network expanded to Polygon, another Ethereum layer 2 network, providing users access to several Polygon-based liquidity sources, including Aave V2, Cometh., Curve, SushiSwap and QuickSwap.
Maslennikov, the 1inch spokesperson, told CoinDesk more protocols will be added. The platform is "also looking at some more blockchains, such as Solana, Avalanche, Tron, Near and also L2 solutions like Arbitrum and zkSync," he said.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
