1inch Network announced last Tuesday, August 17, through its Twitter account, its expansion into Optimistic Ethereum, to increase transaction speeds and reduce gas rates for 1inch users.
“The implementation in Optimistic Ethereum (OΞ) will help to substantially increase transaction speeds and reduce gas fees for 1-inch users”, he said through an article published on the Medium platform.
According to the company, as the 1-inch network continues to expand, the 1-inch Aggregation Protocol has been implemented on the main OΞ network, an L2 solution on Ethereum provided by Optimism.
“Optimistic Ethereum is a very promising L2 solution focused on scalability, and the launch of 1-inch on Optimistic will facilitate a dramatic increase in transaction speed”, commented Sergej Kunz, co-founder of 1inch Network.
Similarly, he detailed that, in the initial stage, the performance of OΞ will be limited to 0.6 transactions per second. However, transactions on Optimistic are expected to become faster as the project team tests and optimizes its infrastructure as part of a strategy to build a low-cost, high-speed solution that is perfectly suited for DEX trading.
“It has been a pleasure meeting the incredible technical minds of the 1-inch team, and now we are very excited about the launch of 1-inch in OΞ”, said Jing Wang, co-founder of Optimism, while adding that such integration “offers users the best prices on multiple DEXs at the fastest speeds on OΞ. We couldn’t be more excited for everyone to try it!”.
The company indicated that 1-inch users can now begin migrating assets to the Optimistic network through Optimism Gateway. OΞ is compatible with a variety of the most popular wallets, including MetaMask and WalletConnect, as well as Etherscan and The Graph.
In addition, he highlighted those deposits from the Ethereum network to the Optimistic mainnet will be instantaneous. But withdrawals from OΞ to Ethereum will take 7 days until a fast withdrawal service is launched.
“In the meantime, in the future, the Optimism team has plans for additional enhancements, such as additional scaling, smart wallet EOAs that allow gas to be paid in any token, and the decentralization of the transaction sequencing operation. All these improvements will undoubtedly benefit 1-inch users”, he said.