According to 1inch, the company’s launch on the Optimistic Ethereum network would result in speedier confirmation times and lower transaction fees.
1inch, a decentralised exchange aggregator, has announced its launch on the Optimistic Ethereum (OE) mainnet, claiming a significant reduction in transaction costs and confirmation times for users.
According to Sergej Kunz, co-founder of the 1inch Network, “the 1inch launch on Optimistic will enable a dramatic increase in transaction speed.”
While deposits made through the OE network are expected to be credited virtually instantaneously, withdrawals will be subject to a seven-day hold. When the quick withdrawal service is activated, it is anticipated that these wait times would decrease in the future.
In its initial phase, the Open Exchange network will be capable of processing only 0.6 transactions per second. The team, on the other hand, anticipates that after testing and optimising the infrastructure, transaction speeds will gradually increase.
The update will be compatible with the vast majority of Ethereum wallets, including MetaMask and WalletConnect, according to the developers.
It is built by the Optimism team and operates at the layer 2 scalability level of the blockchain. On the Ethereum network, the Optimism team is a Public Benefit Corporation that conducts research into scalability solutions. The OE solution itself is an Optimistic Rollup chain that is compatible with the EVM.
The 1inch exchange is not the only one to incorporate Optimism’s layer-2 technology. On July 13, AMM Uniswap launched the alpha version of their V3 exchange on the same Optimistic Ethereum mainnet as the rest of the Optimistic Ethereum community.
