On August 17, the decentralized exchange (dex) aggregator 1inch announced the platform will leverage the Layer 2 solution called optimistic rollups provided by the project Optimism. The collaboration with Optimism aims to “substantially increase transaction speeds and lower gas fees for 1inch users.”
1inch to Use the L2 Solution Optimistic Rollups via Optimism Gateway
Ever since the Ethereum network has been dealing with transaction congestion and much higher fees in 2021, innovations revolving around Layer 2 (L2) scaling solutions and sidechains have been pushed to the forefront of conversations. For instance, sidechains like the Binance Smart Chain (BSC) and Polygon (formally Matic) have been leveraged to stave off expensive ether gas fees. Other concepts include protocols that are not as battle-tested as the leading sidechains, but show the promise of reducing ether fees and network congestion.
One specific concept called “optimistic rollups” has been a very popular L2 solution and there are two teams looking to provide the solution to the general public. Arbitrum and Optimism are the two leading projects that have been developing optimistic rollup solutions. Bitcoin.com News reported on Arbitrum’s upcoming launch this month and Arbitrum One, which will give users real-time information on all the blockchain projects leveraging Arbitrum. Furthermore, Bitcoin.com News reported on Reddit’s decision to leverage Arbitrum as well for the company’s community tokens.
1inch Co-Founder: Optimistic Ethereum Is a Highly Promising L2 Solution Focused on Scalability
A number of projects will also be leveraging the solution offered by Optimism, as the dex aggregator 1inch explained on Tuesday, the protocol would be using Optimism’s optimistic rollup tech. On Optimism’s web portal the project notes that Uniswap uses the project’s solution and users can access a gateway from the website. The announcement from 1inch on Tuesday explains that the goal is to increase transactions and lower fees for 1inch users. The co-founder of 1inch, Sergej Kunz, is a proponent of optimistic rollups and spoke highly about Ethereum’s L2 solution.
“Optimistic Ethereum is a highly promising L2 solution focused on scalability, and the 1inch launch on Optimistic will facilitate a dramatic increase in transaction speed,” Kunz remarked during the announcement. 1inch detailed that the initial throughput offered by Optimism will allow for 0.6 transactions per second. “However,” the 1inch team says. “Transactions on Optimistic are set to become faster as the project’s team tests and optimizes its infrastructure as part of a strategy to build a low-cost, high-speed solution perfectly suited for DEX trading.”
What do you think about the dex aggregator 1inch choosing to leverage Optimism and optimistic rollups? Let us know what you think about this subject in the comments section below.