1inch expands DeFi exchange to layer 2 Optimistic Ethereum

The DEX aggregator will use L2 scaling to increase transaction speeds and gas fees

DeFi exchange 1inch is expanding onto Optimistic Ethereum as a layer 2 scaling solution.

The move is aimed at increasing transaction speeds and gas fees for the DEX aggregator protocol which picks and chooses the cheapest crypto prices across all decentralised exchanges.

Sergej Kunz, co-founder of the exchange, praised the potential of the new technological opportunities afforded by the L2 solution.

“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,” he said.

1inch already runs on Ethereum (ETH), Binance Smart Chain (BSC), and another layer 2 scaling solution – Polygon (MATIC).

The DeFi exchange’s latest move has brought it closer to parity with leading exchange platforms such as UniSwap and Synthetix – both of which have already adopted the same rollup solutions used by Optimistic.

Rollups input data onto the blockchain through a validator challenge period mechanism, which facilitates the submission of fraud proofs that can signal data as incorrect and thus raise a dispute.

1inch users can already use Optimistic Ethereum which launched in January, and also connect to the Optimism Gateway with wallets such as MetaMask, thereby enabling instant deposits to the Optimistic mainnet.

Optimism is rapidly scaling its technology and plans to incorporate smart wallets, enabling payment of gas fees using any token as well as increased efforts to decentralise transaction sequencing.

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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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