The 1inch Network expands to Optimistic Ethereum
The deployment on Optimistic Ethereum (OΞ) will help to substantially increase transaction speeds and lower gas fees for 1inch users.
As the 1inch Network continues to expand, the 1inch Aggregation Protocol has been deployed on the OΞ mainnet, an L2 solution on Ethereum provided by Optimism.
“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,” says Sergej Kunz, co-founder of 1inch Network.
At the initial stage OΞ’s throughput will be limited to 0.6 transactions per second. However, transactions on Optimistic are set to become faster as the project’s team tests and optimizes its infrastructure as part of a strategy to build a low-cost, high-speed solution perfectly suited for DEX trading.
“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,” says Jing Wang, co-founder of Optimism. “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!”
1inch users can already start migrating assets to the Optimistic network through the Optimism Gateway. OΞ is compatible with a range of the most popular wallets, including MetaMask and WalletConnect, as well as with Etherscan and The Graph.
Deposits from the Ethereum network to the Optimistic mainnet will be instant. But withdrawals from OΞ to Ethereum will take 7 days until a fast withdrawal service is launched.
Meanwhile, moving forward, the Optimism team has plans for further improvements, such as extra scaling, smart wallet EOAs enabling paying for gas in any token and decentralization of the transaction sequencing operation. All these improvements will certainly benefit 1inch users.
Also, you can visit the 1inch Help Center for a detailed guide on how to use 1inch on Optimism.
Stay tuned for more cool news and updates from the 1inch Network!