1inch, a decentralized exchange aggregator, has announced its integration with Ethereum’s zkSync to accelerate DeFi transactions. This integration will allow users to trade on 1inch with faster transaction times and lower gas fees.
Ethereum’s zkSync is a layer 2 scaling solution that uses zero-knowledge proofs to increase transaction throughput and reduce gas fees. By integrating with zkSync, 1inch can offer its users faster and cheaper transactions while still maintaining the security and decentralization of the Ethereum network.
The integration will also allow 1inch to expand its offerings to include more complex trading strategies, such as limit orders and stop-loss orders. These features were previously not feasible due to the high gas fees and slow transaction times on the Ethereum network.
According to 1inch co-founder Sergej Kunz, “We believe that zkSync is one of the most promising scaling solutions for Ethereum, and we are excited to integrate it into our platform. This will allow us to offer our users faster and cheaper transactions, as well as more advanced trading features.”
The integration with zkSync is part of 1inch’s ongoing efforts to improve the user experience on its platform. In addition to the integration with zkSync, 1inch has also recently launched a mobile app and added support for Binance Smart Chain.
The DeFi space has seen explosive growth over the past year, with total value locked in DeFi protocols reaching over $80 billion at its peak. However, the high gas fees and slow transaction times on the Ethereum network have been a major barrier to entry for many users.
By integrating with zkSync, 1inch is helping to address these issues and make DeFi more accessible to a wider audience. As more users are able to participate in DeFi, we can expect to see even more innovation and growth in this exciting space.
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