Top Aggregator 1inch Launches On zkSync Era

Key Points:

• 1inch, a decentralized exchange aggregator, is bringing its platform to zkSync Era.
• From April 20, 1inch users will be able to access services on the new blockchain network.
• By transferring its protocol to zkSync Era, 1inch becomes one of the most well-known cryptocurrency applications to be launched on a zkEVM, or zero-knowledge EVM.

1inch Network, a DeFi protocol aggregator, has implemented its Aggregation Protocol and Limit Order Protocol on the Ethereum Layer-2 network zkSync Era.

By transferring its protocol to zkSync Era, 1inch becomes one of the most well-known cryptocurrency programs to be released on a zkEVM, or zero-knowledge Ethereum Virtual Machine. Uniswap, SushiSwap, Maker, and Curve Finance are all planning to debut on the zkSync Era’s zk-proof roll-up.

From April 20, 1inch users will be able to access services on the new blockchain network. In addition, the launch will make GemSwap, SpaceFi, SyncSwap, and Mute, among other DeFi protocols, accessible through 1inch on the zkSync Era network.

ZkSync Era, which began in March 2023, employs zero-knowledge encryption to enable faster and cheaper Ethereum transactions. Era is one of the rapidly developing categories of Ethereum scaling networks known as zkEVMs, which claim to be capable of supporting any Ethereum-based app presently in use.

Both ZkSync Era and its major rival, Polygon zkEVM, are still in beta but have just been made available to developers.

Sergej Kunz, co-founder of 1inch Network, stated:

“zkSync Era is a very promising L2 solution, and we are glad to be among the first projects to deploy on that network. As zkSync Era gains steam, 1inch users will benefit from faster and cheaper transactions.”

To alleviate network burden, ZkSync Era processes transactions and delivers a zero-knowledge-based rollup of the aggregated data to the Ethereum mainnet, resulting in quicker and cheaper transactions overall.

ZK-rollups boost Ethereum Mainnet performance through off-chaining computation and state storage. As a consequence, ZK-rollups may process thousands of transactions in a batch while just posting a small amount of summary data to Mainnet.

According to L2beat, which analyzes Ethereum’s layer 2 scaling chains, there is present $250 million worth of bitcoin floating in Era’s decentralized banking ecosystem. Polygon zkEVM has just $4 million in funding, while other zkEVM developers like ConsenSys and Scroll have yet to deploy on Ethereum’s main chain.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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