Already deployed on Ethereum, Binance Smart Chain and Polygon, 1inch is now taking advantage of Optimism’s scalability stack for Ethereum
Decentralised exchange (DEX) aggregator 1inch announced yesterday that it had deployed to Optimistic Ethereum (OΞ), an Ethereum Layer 2 solution created by Optimism.
The 1inch platform enables users to take advantage of the most efficient routes for making crypto swaps by aggregating the liquidity from multiple different DEXs. The protocol is already available on Ethereum, Binance Smart Chain and Polygon, and continues to expand.
After gathering all powers of #Ethereum, #BSC and #Polygon, the #1inch mascot directed his gaze to the edge of the #DeFi world.
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 a scalability stack for Ethereum, building infrastructure to drive the growth and sustainability of the ecosystem. The Uniswap v3 DEX has already deployed to the OΞ mainnet.
Optimism co-founder Jing Wang said, “It’s been a pleasure getting to know the incredible technical minds on the 1inch team, and now we are so stoked for the launch of 1inch on OΞ. This integration brings users the best prices across multiple DEXes at the fastest speeds on OΞ. We couldn’t be more excited for everyone to try it out!”
Popular wallets such as MetaMask and WalletConnect are already compatible with OΞ and users of 1inch can now use the Optimism Gateway to migrate their assets to the Optimistic network. Although deposits to the Optimistic mainnet from Ethereum are instantaneous, until the launch of the fast withdrawal service it will take seven days to facilitate withdrawals from Optimism to Ethereum.
Cofounder of 1inch Network, Sergej Kunz, commented, “Optimistic Ethereum is a highly promising L2 solution focused on scalability, and the 1inch launch on Optimistic will facilitate a dramatic increase in transaction speed.”
The throughput on OΞ will be limited to 0.6 transactions per second in the first phase of deployment, but as the Optimism team tests and optimises its infrastructure, transactions will become faster. This is part of Optimism’s goal of creating a purpose-built DEX trading solution with high speed and low costs.
The Optimism team is also working on a range of future improvements. These include making the transaction sequencing operation decentralised, enabling gas to be paid in any token through smart wallet externally owned accounts (EOAs), and greater scaling.
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