Decentralized finance protocol 1inch has deployed its aggregation and limit order protocol on Ethereum layer 2 scaling solution zkSync Era to take advantage of faster and cheaper transactions.
1inch Network is the latest in a series of Ethereum-based platforms and services deployed on a scalable platform based on zero-knowledge proofs (zk-proofs). Uniswap, SushiSwap, Maker, and Curve Finance are also preparing to launch on the zk-proofs. proof roll-up zkSync Era. 1inch Network co-founder Sergej Kunz highlighted the promise of layer 2 solutions as his platform joins a handful of first movers integrating with zk-proof supported protocols:
“With the development of the zkSync Era, 1inch users will benefit from faster and cheaper transactions.” Matter Labs CEO Alex Gluchowski, head of zkSync development company, noted in a statement that DeFi protocols have been a major factor in adoption in the zkSync era : “DeFi has been the driving force behind zkSync Era's explosive growth, and in just three weeks, the protocol's TVL has surpassed $200 million, and we expect 1inch's deployment to help lead to greater adoption and usage of zkSync Era.”
Gluchowski Stated that 1Inch Network's Status as the Larget Decentralized Exchange Aggregator by On-Chain Transaction Volume Deeper Liquidity for ZKSHNCERAGER. Ts Also TOUTED As OFFERING FASTER Transactions, Better Interest Rates and LOWER Transaction Slippage. ZKSYNC Is OF Many Layer 2 solutions that pioneered the use of zk-rollups to improve Ethereum's throughput and scalability. The technology enables Layer 2 protocols to off-chain computation and blockchain state storage, enabling these platforms to process thousands of transactions before providing proof of d mainnet.
Matter Labs secured $200 million in its Series C round in November 2022, bringing its total funding to more than $450 million to continue developing its Ethereum scaling platform. Other major ethereum development firms, including Polygon and ConsenSys, have also developed the -backed scaling protocols. ConsenSys released its rollup of zkEVM on its public testnet on March 28. Meanwhile, Polygon co-founder Sandeep Nailwal described zk-rollups as “the holy grail of ethereum scaling” when he released his opening et here um zkVM technology to mainnet on March 27.
