DeFi’s 1inch Network Launches on Ethereum Scaling Platform Optimism

DeFi’s 1inch Network Launches on Ethereum Scaling Platform Optimism

1inch Network, a platform that aims to find the best deals across multiple decentralized exchanges (DEXs), has expanded to the Optimistic Ethereum (OΞ) mainnet.

The move to the layer 2 network makes 1inch Network the second decentralized finance (DeFi) app on Optimistic Ethereum, with the first being Uniswap, 1inch spokesperson Sergey Maslennikov told CoinDesk.

Optimism is focused on scalability, and the 1inch launch on the network is expected to help to increase transaction speeds and lower gas fees for 1inch users, said the project.

Whereas deposits from the Ethereum network to the Optimistic mainnet will be instant, 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,” said 1inch Network co-founder Sergej Kunz said in a press release.

In May, 1inch Network expanded to Polygon, another Ethereum layer 2, providing users access to several Polygon-based liquidity sources that initially include Curve, SushiSwap, QuickSwap, Aave V2 and Cometh.

1inch spokesperson Maslennikov told CoinDesk more protocols will be added. The platform is “also looking at some more blockchains, such as Solana, Avalanche, TRON, NEAR and also L2 solutions like Arbitrum and zkSync,” he said.