On August 17, the 1-inch decentralized exchange (dex) aggregator announced that the platform would leverage a Layer 2 solution called optimistic builds provided by the optimism project. The goal of working with Optimism is to “significantly increase the speed of transactions and reduce gas charges for 1-inch users.”
1 inch to use the optimistic assemblies from the L2 solution using the Optimism Gateway
Since the Ethereum network dealt with transaction congestion and much higher fees in 2021, innovations revolving around Layer 2 (L2) scaling solutions and sidechains have come to the fore in the talks. For example, sidechains like Binance Smart Chain (BSC) and Polygon (formally Matic) have been leveraged to avoid expensive ether gas fees. Other concepts include protocols that are not as battle-tested as the major sidechains, but that promise to reduce ether fees and network congestion.
A specific concept, “optimistic assemblies”, was a very popular L2 solution, and two teams are working to bring the solution to the general public. Arbitrum and Optimism are the two leading projects that have developed optimistic summary solutions. Bitcoin.com News reported on the upcoming launch of Arbitrum this month and Arbitrum One, which provides users with real-time information on blockchain projects that leverage Arbitrum. Additionally, Bitcoin.com News reported on Reddit’s decision to also use Arbitrum for the company’s community tokens.
1-Inch Co-Founder: Upbeat Ethereum Is An Extremely Promising L2 Solution With A Focus On Scalability
Several projects will also take advantage of the solution offered by Optimism, as the 1-inch dex aggregator explained Tuesday that the protocol uses Optimism’s optimistic aggregation technology. On the Optimism web portal, the project notes that Uniswap uses the project’s solution and users can access a gateway from the site. Tuesday’s 1-inch announcement explains that the goal is to increase transactions and lower fees for 1-inch users. 1inch co-founder, Sergej kunz, a believer in optimistic builds, and talked a lot about the Ethereum L2 solution.
“Optimistic Ethereum is a very promising L2 solution that focuses on scalability, and the introduction of 1-inch Optimistic will help dramatically increase transaction speed,” Kunz noted during the announcement. 1 inch detailed that the initial baud rate offered by Optimism allows 0.6 transactions per second. “However,” says the 1-inch team. “Optimistic operations will be faster as the project team tests and optimizes the infrastructure as part of a strategy to create a perfectly tailored, high-speed, low-cost DEX operations solution.”
What do you think about the 1-inch dex aggregator that uses optimism and optimistic collections? Let us know what you think on this topic in the comment section below.
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