1inch launches protocols on zkSync Era 1inch launches protocols on zkSync Era
1inch users will be able to access the services on the new blockchain network starting April 20.
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Updated: Apr. 20, 2023 at 3:04 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
DeFi protocol aggregator 1inch Network has deployed 1inch Aggregation Protocol and 1inch Limit Order Protocol on the zkSync Era โ an Ethereum Layer-2 network.
1inch users will be able to access the services on the new blockchain network starting April 20.
Additionally, the launch will also make GemSwap, SpaceFi, SyncSwap and Mute โ among other DeFi protocols โ available on the zkSync Era network via 1inch.
1inch Network co-founder Sergej Kunz 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.”
zkSync Era
zkSync Era is a Layer-2 blockchain that uses Zero-knowledge technology called zk-rollups to essentially increase the number of transactions possible on the Ethereum network by moving computation and state storage to Layer-2 network instead of processing them on the Layer-1 mainnet.
The network processes transactions itself and sends a zero-knowledge-based “rollup” of the aggregated data to the Ethereum mainnet to reduce strain on the network โ resulting in faster and cheaper transactions overall.
Matter Labs developed the zkSync Era Layer-2 network and officially launched the mainnet on March 24. The project has been in development for a number of years and was launched in phases.
The network has seen substantial growth since, boasting over $200 million in total value locked.
Matter Labs CEO and co-founder Alex Gluchowski said:
“DeFi has been a driving force behind zkSync Eraโs 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.”
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Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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1inch is a decentralized exchange (DEX) aggregator that sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXes.
Ethereum
$3,172.24
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
1inch Network
The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
Sergej Kunz is the co-founder of the 1inch Network, a distributed network of decentralized protocols that enable the fastest, most lucrative and protected operations in major blockchain ecosystems.