On August 17th, the decentralized exchange aggregator (Dex) 1inch announced that the platform will leverage the Layer 2 solution called Optimistic Rollups, provided by the Optimism Project. The collaboration with Optimism aims to “significantly increase transaction speeds and reduce gas charges for 1-inch users”.
1 inch to use the L2 solution Optimistic Rollups via Optimism Gateway
Ever since the Ethereum network dealt with transaction congestion and much higher fees in 2021, innovations around Layer 2 (L2) scaling solutions and sidechains have come to the fore. For example, sidechains like the Binance Smart Chain (BSC) and Polygon (formerly Matic) have been used to avert expensive ether-gas fees. Other concepts include protocols that are not as battle-tested as the leading sidechains, but show the promise of reducing ether fees and network congestion.
A special concept called “Optimistic Rollups” has been a very popular L2 solution and there are two teams that want to make the solution available to the general public. Arbitrum and Optimism are the two leading projects that have developed optimistic rollup solutions. Bitcoin.com News reported on the upcoming launch of Arbitrum this month and Arbitrum One, which will provide users with real-time information on all blockchain projects using Arbitrum. Bitcoin.com News also reported on Reddit’s decision to use Arbitrum for the company’s community tokens as well.
1inch Co-Founder: Optimistic Ethereum is a promising L2 solution with a focus on scalability
A number of projects will also leverage the solution offered by Optimism, as the Dex aggregator 1inch stated Tuesday that the protocol would use Optimism’s optimistic roll-up technology. On the Optimism web portal, the project finds that Uniswap is using the project’s solution and that users can access a gateway from the website. 1inch’s announcement on Tuesday stated that the goal is to increase transactions and lower fees for 1inch users. The co-founder of 1inch, Sergej Kunz, is a proponent of optimistic rollups and spoke highly of Ethereum’s L2 solution.
“Optimistic Ethereum is a promising L2 solution with a focus on scalability, and the introduction of 1inch on Optimistic will enable a dramatic increase in transaction speed,” noted Kunz during the announcement. 1inch stated that the initial throughput offered by Optimism allows for 0.6 transactions per second. “Yes,” says the 1inch team. “Transactions on Optimistic will get faster as the project team tests and optimizes their infrastructure as part of a strategy to build a low-cost, high-speed solution that is perfect for DEX trading.”
What do you think of the Dex aggregator 1inch choosing to leverage optimism and optimistic rollups? Let us know what you think on this matter in the comments below.
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