A new announcement from the 1inch decentralized exchange reveals that it has deployed to the layer 2 Optimism network on Ethereum for improved transactions and cheaper rates. Per the release issued last night, 1inch’s aggregation network has been expanded to the optimistic Ethereum (Ethereum’s layer 2 scaling solution). However, 1inch’s protocol is also on the polygon and Binance smart chain. 1inch offers its users cheaper fees for swaps on various liquidity platforms.

More Platforms Now Use Optimistic Rollups

The decentralized exchange (DEX) aggregator joins an increasing number of networks deploying optimistic Ethereum (OE) for their operations. Uniswap and Synthetix are platforms that recently did so. Commenting on the news, 1inch’s co-founder revealed that “launching 1inch on Ethereum’s layer 2 scaling solution will facilitate faster transactions.” 

According to the announcement, there would be stages in the rollout, but the first stage will make possible 0.7 transactions every second. Then, transaction speeds will improve with better optimization of the system with time. The DEX protocol also revealed that its community members could begin to move into the new scaling solution. 1inch has already made available a gateway compatible with the most common wallets like Trezor and BitGo.

While users can expect instant deposits into the optimistic mainnet, the fastest period for withdrawals into Ethereum is one week. However, making withdrawals instant like deposits is instant will be achieved with time.

OE permits data publishing on the blockchain but gives a “challenge window.” as the name implies, the challenge window is for anyone to give reason(s) why the published data cannot be approved. Despite all the positive reviews about Optimism, the team is still planning to improve it by adding more functionalities like payments for gas fees with any token and additional scaling capabilities.

Meanwhile, following Uniswap’s announcement of a launch on the Optimism V3, a top-level executive at Sushiswap has opined that Optimism has favorites in providing the right information to some protocols than the others. He opined that there is more to the relationship between Uniswap and Optimism than what is known publicly.

Hence, the executive noted that Sushiswap would not be launching on Optimism for that reason. But in its defense, Optimism claimed that Uniswap’s earlier association with the scaling network is their only edge over other DEXs.

1INCH Gains 2.4%

CoinGecko data reveals that 1inch’s governance token, 1INCH, surged by 2.4% within the past 24 hours. It trades at about 3.14% as of this writing. It has gained 14% in the last seven days, making its total gain for the past fourteen days about 45%.

1inch Joins The Layer 2 Optimistic Ethereum Family

A new announcement from the 1inch decentralized exchange reveals that it has deployed to the layer 2 Optimism network on Ethereum for improved transactions and cheaper rates. Per the release issued last night, 1inch’s aggregation network has been expanded to the optimistic Ethereum (Ethereum’s layer 2 scaling solution). However, 1inch’s protocol is also on the polygon and Binance smart chain. 1inch offers its users cheaper fees for swaps on various liquidity platforms.

More Platforms Now Use Optimistic Rollups

The decentralized exchange (DEX) aggregator joins an increasing number of networks deploying optimistic Ethereum (OE) for their operations. Uniswap and Synthetix are platforms that recently did so. Commenting on the news, 1inch’s co-founder revealed that “launching 1inch on Ethereum’s layer 2 scaling solution will facilitate faster transactions.” 

According to the announcement, there would be stages in the rollout, but the first stage will make possible 0.7 transactions every second. Then, transaction speeds will improve with better optimization of the system with time. The DEX protocol also revealed that its community members could begin to move into the new scaling solution. 1inch has already made available a gateway compatible with the most common wallets like Trezor and BitGo.

While users can expect instant deposits into the optimistic mainnet, the fastest period for withdrawals into Ethereum is one week. However, making withdrawals instant like deposits is instant will be achieved with time.

OE permits data publishing on the blockchain but gives a “challenge window.” as the name implies, the challenge window is for anyone to give reason(s) why the published data cannot be approved. Despite all the positive reviews about Optimism, the team is still planning to improve it by adding more functionalities like payments for gas fees with any token and additional scaling capabilities.

Meanwhile, following Uniswap’s announcement of a launch on the Optimism V3, a top-level executive at Sushiswap has opined that Optimism has favorites in providing the right information to some protocols than the others. He opined that there is more to the relationship between Uniswap and Optimism than what is known publicly.

Hence, the executive noted that Sushiswap would not be launching on Optimism for that reason. But in its defense, Optimism claimed that Uniswap’s earlier association with the scaling network is their only edge over other DEXs.

1INCH Gains 2.4%

CoinGecko data reveals that 1inch’s governance token, 1INCH, surged by 2.4% within the past 24 hours. It trades at about 3.14% as of this writing. It has gained 14% in the last seven days, making its total gain for the past fourteen days about 45%.

However, it is still way short of its peak price of $7.85, which it attained three months ago. Again, the entire cryptocurrency market experienced that price correction. A Dappradar data shows that inch’s total value locked is about $15.5m, which is low compared to other DEXs such as Uniswap. Meanwhile, Ethereum’s increasing retail demand is causing its price and the number of active wallet addresses to increase every day.

However, it is still way short of its peak price of $7.85, which it attained three months ago. Again, the entire cryptocurrency market experienced that price correction. A Dappradar data shows that inch’s total value locked is about $15.5m, which is low compared to other DEXs such as Uniswap. Meanwhile, Ethereum’s increasing retail demand is causing its price and the number of active wallet addresses to increase every day.

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