1inch is a popular decentralized exchange aggregator. It has recently announced its implementation on the Optimistic Ethereum or OE mainnet. During the announcement, it majorly emphasized the fact that this implementation will significantly reduce the user transaction fees as well as confirmation delays. The co-founder of the 1inch Network, Sergej Kunz said:
“The 1inch launch on Optimistic will facilitate a dramatic increase in transaction speed”.
Although deposits made through the Optimistic Ethereum network are set to be credited almost immediately, withdrawals require a 7-day waiting period. The team is expecting that the waiting time will soon improve. It will be possible once they enable the quick withdrawal service in the future.
When the team will launch it, the Optimistic Ethereum network will only be able to process 0.6 transactions per second; however, the team hopes to gradually increase the transaction speed after further optimizing and testing its infrastructure.
The new update will be compatible with almost all of the Ethereum wallets. This also includes MetaMask and WalletConnect. Optimistic Ethereum is a scalable layer 2 solution that the Optimism team developed. This team is a Public Benefit Corporation. It studies scalability solutions on the Ethereum network. The Optimistic Ethereum itself is an optimistic Rollup chain compatible with EVM. Talking about 1inch’s move to deploy on Optimism’ Layer-2 solution, Jing Wang, the co-founder of Optimism said:
“It’s been a pleasure getting to know the incredible technical minds on the 1inch team, and now we are so stoked for the launch of 1inch on Optimistic Ethereum. This integration brings users the best prices across multiple DEXs at the fastest speeds on Optimistic Ethereum. We couldn’t be more excited for everyone to try it out!”
Moreover, 1inch is not the only exchange that has integrated with Optimism’s layer-2 solution. On the 13th of July this year, even the AMM Uniswap released the alpha version of its V3 exchange on the same optimistic Ethereum mainnet.
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