DeFi protocol aggregator 1inch Network has deployed 1inch Aggregation Protocol and 1inch Limit Order Protocol on the zkSync Era.
On the Ethereum Layer-2 network zkSync Era, the DeFi protocol aggregator 1inch Network has implemented the 1inch Aggregation Protocol and the 1inch Limit Order Protocol. Starting on April 20, users of 1inch will have access to the new blockchain network’s services.
In addition, the launch will enable the use of 1inch on the zkSync Era network for the DeFi protocols GemSwap, SpaceFi, SyncSwap, and Mute, among others. Sergej Kunz, a co-founder of 1inch, said:
“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.”
The Layer-2 blockchain known as zkSync Era uses zk-rollups, a Zero-knowledge technology, to theoretically enhance the amount of transactions that can be carried out simultaneously on the Ethereum network by transferring computing and state storage to the Layer-2 network rather than the Layer-1 mainnet.
In order to lessen the load on the network and enable faster and less expensive transactions overall, the network processes transactions on its own and transmits a zero-knowledge-based “rollup” of the aggregated data to the Ethereum mainnet.
The zkSync Era Layer-2 network was created by Matter Labs, and on March 24 the mainnet was formally launched. The project was introduced gradually and has been under development for a while.
Since then, the network has experienced significant expansion, having a total value locked of over $200 million. Alex Gluchowski, co-founder and CEO of Matter Labs, said:
“DeFi has been a driving force behind zkSync Era’s explosive growth that has seen over $200M in TVL driven to the protocol in just three short weeks, and we expect the deployment of 1inch to contribute to even greater adoption and usage of zkSync Era.”
