In Brief:
- The deployment on Optimistic Ethereum will help to increase transaction speeds and lower gas fees for 1inch users.
- At the initial stage, OΞ’s throughput will be limited to 0.6 transactions per second.
1inch Network, a decentralized exchange (DEX) aggregator, has expanded to the Optimistic Ethereum mainnet. The move to the layer 2 network makes 1inch Network the second Dapp on Optimistic Ethereum.
The aim of the expansion is to lower gas fees and increase the throughput of transactions per second (TPS) for users. However, At the initial stage, OΞ’s throughput will have a limit of only 0.6 transactions per second. Optimism Ethereum will be capable of up to around 2,000 TPS when an optimized production version of its network is launched.
The project’s team is performing tests and optimizing its infrastructure as part of a strategy to build a low-cost, high-speed solution perfectly suited for DEX trading.
Deposits from the Ethereum network to the Optimistic mainnet will be instant. But withdrawals to Ethereum will take seven days until a fast withdrawal service is launched.
The launch on Optimistic Ethereum “will facilitate a dramatic increase in transaction speed,” 1inch Network co-founder Sergej Kunz said in a press release.
With the expansion on Optimistic Ethereum, 1inch is now available on four Networks including
- Ethereum
- Binance Smart Chain
- Polygon (formerly Matic Network)
Earlier in May, 1inch partnered with Mercuryo to provide users with an easier way to buy Defi assets using the fiat-on-ramp gateway.
Also Read: 1inch Expands to Sonic Network; Enabling Fastest EVM Transactions
