The decentralized exchange aggregator, 1inch Network, announced its launch on the mainnet of Optimistic Ethereum, OE for its acronym in English, highlighting a considerable reduction in user transaction fees and delays in confirmation times.
Sergej Kunz, co-founder of 1inch Network, stated that “The launch of 1inch on Optimistic will facilitate a dramatic increase in transaction speed.”
While deposits using the OE network are credited almost instantly, withdrawals will require a 7-day waiting period. These wait times are expected to improve in the future when the express withdrawal service is enabled.
At launch, the OE network will only be able to handle 0.6 transactions per second. However, the team hopes to progressively increase the speed of transactions after testing and optimizing the infrastructure. The update will be compatible with most Ethereum wallets, including MetaMask and WalletConnect.
Optimistic Ethereum is a Layer 2 scalability solution developed by the Optimism team. The Optimism team is a Public Benefit Corporation that researches scalability solutions on the Ethereum network. The OE solution itself is an Optimistic Rollup chain compliant with Ethereum Virtual Machine (EVM).
1inch is not the only exchange that integrates Optimism’s Layer 2 solution. On July 13, the automated market maker, Uniswap, launched the alpha version of its exchange’s V3 on the same Optimism Ethereum mainnet.