1inch Joins The Ethereum L2 Through Optimism Onboarding

The Ethereum Layer 2 season is underway as major scaling solutions are being deployed and core DeFi protocols are trying to onboard them in a bid to scale the Ethereum blockchain and provide low cost / fast processing txs. The latest to join the party is the liquidity aggregator 1inch as the leading decentralized exchange announced on Aug 17 that it has integrated it’s services with the OΞ mainnet – the Optimism L2 solution.

Initially, the protocol is limited to 0.6 tx per second, which will likely increase once the Optimism technology matures with further testing and optimization. How to start trading on 1inch Optimism? Well, visit the Optimism Gateway and start your L2 journey by connecting your wallet.

Then, start exchanging tokens on the Optimism L2. The full tutorial can be found here. The deposits are instant, but the withdrawals take a week to process, owing to the Optimism solution limitations. 1inch is the second major decentralized exchange to on board the solution after Uniswap.

In the future versions of Optimism L2, scaling performance improvements would be integrated alongside efforts to increase decentralization and wallets paying for gas in any token (not only ETH). 1inch is likely to benefit from that. Optimistic Ethereum is an EVM compatible Optimistic Rollup solution. It’s a developing solution and the team is treading carefully in uncharted waters to ensure maximum security and stability.

About Layer 2 Solution

The Layer 2 scaling solutions are decentralized protocols which increase the processing capacity of a blockchain (hence scaling) and as a result relieve congestion on the network. They work by delegating the network processing “off-chain” to their own chain, processing it there, before settling the final balances on the base layer mainnet.

The second-layer off-chain scalability solutions apply to subsidiary etiquette developed on top of the principal blockchain where transactions are ‘off-loaded’ from the principal blockchain to conserve area and decrease network bottleneck. Second-layer solutions are normally in the order of side-chains and state-channels.

1inch exchange
1inch exchange © Cryptoticker

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