1inch Network, a well-known decentralized cryptocurrency exchange aggregator, will be extending to Arbitrum in the near future.
The 1inch team stated that the move is intended to cut transaction costs while simultaneously increasing throughput and withdrawal speeds.
It allows developers to cross-compile contracts for use on Arbitrum, which is an Ethereum scaling solution created using Optimistic Rollups and built on the Ethereum blockchain.
This is intended to ensure complete compatibility with Ethereum on the Web3 interface and at the level of smart contracts.
Steven Goldfeder, CEO of Offchain Labs — the team behind Arbitrum – shared his thoughts on the subject, saying:
“The Arbitrum One ecosystem is virbant with many excellent and high volume DEXes and we are very excited to have 1inch join as a DEX aggregator. […] 1inch has a fantastic team and an incredible reputation among DeFi users and we can’t wait to see their traction on Arbitrum One!”
According to reports, one of the first perks that users would be able to enjoy is a decreased transaction cost when compared to the cost of a transaction on Ethereum’s mainnet. Anton Bukov, the co-founder of 1inch Network, shared his thoughts on the subject:
“Arbitrum’s advantages are definitely set to be attractive for 1inch users, as they are getting more diversity when it comes to cheaper transactions and withdrawal options.”
