1inch deploys in zkSync Era

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By appitaly

1inch has announced the deployment of its decentralized cryptocurrency exchange protocol on zkSync, a second-layer scaling solution based on ZK-rollup for the Ethereum blockchain.

Using zkSync will allow 1inch to improve the performance and scalability of its protocol, reduce fees for users, and provide faster and more cost-effective cryptocurrency exchanges.

ZkSync uses zero-knowledge (ZK) technology to batch transactions, which reduces the number of transactions on the Ethereum mainnet and lowers fees.

1inch also promises that users can use their regular Ethereum addresses to interact with the protocol on zkSync without requiring additional actions or registration.

The integration of 1inch and zkSync will enable wider use of second-layer scalability for cryptocurrency exchanges and improve the user experience on the Ethereum network.

The 1inch protocol has deployed the smart contracts of its aggregation and limit order protocol on the zkSync Era second-layer scaling solution to utilize faster and cheaper transactions.

1inch is one of the first protocols to be deployed on the zero-knowledge proof-based (zkProof) scaling solution. Uniswap, SushiSwap, Maker, and Curve Finance are also preparing to launch on zkSync Era.

Sergey Kunz, co-founder of 1inch Network, highlighted the potential of this solution, stating that “as zkSync Era gains traction, 1inch users will benefit from faster and cheaper transactions.”

In a statement from Matter Labs CEO Alex Gluchowski, who heads the company developing zkSync, it is noted that DeFi protocols have been the main driver of zkSync Era’s development:

“DeFi has been the driving force behind the explosive growth of zkSync Era, which has seen over $200 million in TVL moved into the protocol in just three short weeks, and we expect the deployment of 1inch to further drive adoption and usage of zkSync Era.”

Gluchowski said that 1inch Network’s position as the largest DEX aggregator will provide higher liquidity for zkSync Era. The deployment is also necessary to offer faster trades, better prices, and less slippage.

zkSync Era is among the Layer 2 solutions that were the first to use zk-rollups to increase throughput and scalability. ZK technology allows L2 protocols to move blockchain computations and storage off the main blockchain, enabling platforms to process thousands of transactions before submitting aggregated data to the Ethereum mainnet.