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DeFi’s 1inch Network Launches on Ethereum Scaling Platform Optimism
The DEX aggregator is making a big bet on Ethereum scaling projects, with other networks under consideration.
Updated Sep 14, 2021, 1:41 p.m. Published Aug 17, 2021, 3:05 p.m.
1inch Network, a platform that aims to find the best deals across multiple decentralized exchanges (DEXs), has expanded to the Optimistic Ethereum mainnet.
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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, the project said.
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," 1inch Network co-founder Sergej Kunz said in a press release.
In May, 1inch Network expanded to Polygon, another Ethereum layer 2 network, providing users access to several Polygon-based liquidity sources, including Aave V2, Cometh., Curve, SushiSwap and QuickSwap.
Maslennikov, the 1inch spokesperson, 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.
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