1inch Exchange Expands Support to Optimisms ETH Layer-2 Scaling Solution

1inch has become just the second DeFi app to move to the layer 2 network Optimism.

By
Dardania Havolli
on
August 18, 2021
Category:
Blockchain News

Reason to be Optimistic

1inch will join UniSwap in becoming the second decentralised finance app to move to Optimism on Ethereum. 

The decision was confirmed by 1inch spokesperson Sergey Maslennikov on August 17th via Coindesk.  The move comes in an effort to enhance the user experience by lowering gas fees and increasing transactions per second.

[The move] “will facilitate a dramatic increase in transaction speed,” was how the statement was worded through a press release from 1inch network co-founder Sergej Kunz.  
(Source)


1inch Looking Further Ahead

The move by 1inch is in sync with the larger expansion vision. Just weeks ago, 1inch Network expanded to Polygon, another of Ethereum’s layer 2 networks, helping offer users access to different Polygon-based liquidity sources such as Cometh, Curve, SushiSwap and QuickSwap. 

The intention and effort by 1inch is to enhance their product through offering users more, and so far the expansion is going to plan. 

[1inch is] “also looking at some more blockchains, such as Solana, Avalanche, Tron, Near and also L2 solutions like Arbitrum and zkSync,” Sergey Maslennikov explained to Coindesk. 

The ambition and sense of direction is evident, things are progressing accordingly thus far. 

(Source)


What is 1inch?

1inch is a decentralized exchange (DEX) aggregator that provides the best rates by discovering the most efficient swapping routes across all leading DEXes. 1inch operates on multiple networks, including Ethereum, Binance Smart Chain, Polygon and Optimistic Ethereum.'

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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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