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- The decentralized exchange (dex) aggregator 1inch announced on August 17 that the platform will use the project Optimism’s Layer 2 solution dubbed optimistic rollups
- A notion is known as optimistic roll ups has become a popular L2 solution, and two teams are working to make it available to the general public
- The objective, according to a Tuesday release from 1inch, is to boost transactions while lowering prices for 1inch customers. Sergej Kunz, the co-founder of 1inch, is a proponent of optimistic roll ups and praised Ethereum’s L2 solution
The decentralized exchange (dex) aggregator 1inch announced on August 17 that the platform will use the project Optimism’s Layer 2 solution dubbed optimistic rollups. The partnership with Optimism is aimed at significantly increasing transaction speeds and lowering gas prices for 1inch users. Since the Ethereum network began experiencing transaction congestion and significantly increased fees in 2021, ideas centered on Layer 2 (L2) scaling solutions and side chains have been thrust into the spotlight.
Sidechains such as the Binance Smart Chain (BSC) and Polygon (formerly Matic) have been used to avoid paying high ether gas costs. Other ideas include protocols that haven’t been through as much testing as the top side chains but show promise in terms of lowering ether costs and decreasing network congestion.
A notion known as optimistic roll ups has become a popular L2 solution, and two teams are working to make it available to the general public. The two major initiatives creating optimistic rollup solutions are Arbitrum and Optimism. Arbitrum’s planned debut this month and Arbitrum One, which will provide users with real-time information on all blockchain projects.
A lot of projects will use Optimism’s solution, as the dex aggregator 1inch stated on Tuesday. The protocol will use Optimism’s optimistic rollup technology. Uniswap employs the project’s solution, and users may use a gateway through the website, according to Optimism’s web portal.
The objective, according to a Tuesday release from 1inch, is to boost transactions while lowering prices for 1inch customers. Sergej Kunz, the co-founder of 1inch, is a proponent of optimistic rollups and praised Ethereum’s L2 solution. During the announcement, Kunz said, Optimistic Ethereum is a very promising L2 solution focused on scalability, and the 1inch launch on Optimistic will allow a huge improvement in transaction speed.
Optimism’s initial throughput will enable 0.6 transactions per second, according to 1inch. The 1inch team, on the other hand, says, However, As the project’s team evaluates and improves its infrastructure as part of a goal to develop a low-cost, high-speed solution well suited for DEX trading, transactions on Optimistic are poised to grow faster.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
