1inch Expands to Ethereum Layer 2 Solution Optimism
Key Takeaways
1inch has announced its deployment on Optimistic Ethereum, the Layer 2 solution.
Optimistic Ethereum provides faster transaction speed, higher troughput, and lower fees than Ethereum mainnet.
Many of Ethereum’s leading DeFi projects are due to launch on Optimism.
Share this article
1inch has launched on Optimistic Ethereum, Optimism’s Layer 2 scaling solution.
1inch Heads To Layer 2
1inch has deployed its code on Optimistic Ethereum, Optimism’s Layer 2 scaling solution.
The decentralized exchange aggregator will leverage Optimism’s fast transaction speeds and low costs. Optimism is built to help Ethereum scale. It’s one of the network’s two leading Optimistic Rollup solutions alongside Arbitrum. Sergej Kunz, the co-founder of 1inch, said of the update:
“Optimistic Ethereum is a highly promising L2 solution focused on scalability, and the 1inch launch will facilitate a dramatic increase in transaction speed.”
Optimism is still in development and, as such, only has a limited speed of 0.6 transactions/second. Still, throughput will exponentially increase as the team continues development for the public launch of Optimism. Speaking of 1inch’s move onto the network, 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 Optimistic Ethereum. This integration brings users the best prices across multiple DEXs at the fastest speeds on Optimistic Ethereum. We couldn’t be more excited for everyone to try it out!”
1inch users will be able to migrate assets to the Layer 2 solution’s network, which has also announced compatibility with Metamask wallets. Deposits to Optimistic Ethereum will be instant, but withdrawals will initially take up to seven days.
Many DeFi protocols are gearing up for Optimism’s launch, perhaps none more so than Uniswap, which announced its plans to launch on the network as part of its V3 update earlier this year.
The close partnership with Uniswap was recently criticized by Sushiswap CTO Joseph Delong, who accused Optimism of playing favorites. As a result, he confirmed that Sushi would launch on Arbitrum instead. Optimism has since responded to these allegations in a tweet, claiming that Uniswap was ahead in the queue due to their earlier engagement with Optimism.
We are whitelisting projects as quickly as possible and still maintain the safety of an alpha system. Uniswap deployed ahead of Sushiswap because they engaged with us 1.5 years ago, long before Sushiswap. First in, first out is not “playing favorites”. https://t.co/Xz94KEj2pm
— Optimism (@optimismPBC) August 11, 2021
Disclaimer: The author held ETH and several other cryptocurrencies at the time of writing.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
1inch Exchange Goes Live on Binance Smart Chain
Decentralized exchange (DEX) aggregator 1inch Exchange has launched its service on Binance Smart Chain (BSC). 1inch Expands to Binance Smart Chain 1inch Foundation has deployed its DEX aggregator and liquidity…
Optimism “Soft” Launches Layer-2 Solution Amid Ethereum Bu…
The Ethereum bull run is in full swing, the soft launch of the Optimism scaling solution will likely fuel continued appreciation. Ethereum Gets Optimistic Boost Ethereum had a huge year…
What is Impermanent Loss and How can you avoid it?
DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…
SushiSwap Says Optimism Showed Favoritism to Uniswap During Layer 2 La…
SushiSwap CTO Joseph Delong has accused Optimism, a Layer 2 scaling project, of giving preferential treatment to Uniswap. SushiSwap CTO Speaks Out Against Optimism Sushiswap and Uniswap are two of…
