1inch Network deploys Aggregation Protocol on zkSync Era
DEX aggregator 1inch Network has announced the deployment of its 1inch Aggregation Protocol and 1inch Limit Order Protocol on zkSync Era, a Layer-2 scaling solution for Ethereum. This allows users to access protocols such as Mute, SpaceFi, SyncSwap, GemSwap, and Maverick directly through 1inch on zkSync Era. The deployment is expected to result in quicker and cheaper transactions for 1inch users as zkSync Era gains traction.
2/ ⚡️ We’re happy to share that the #1inch Aggregation Protocol and the 1inch Limit Order Protocol have been deployed on #zkSyncEra, a #Layer2 solution for scaling #Ethereum.
➡️ Learn more: https://t.co/oXbqJPsbbr#DeFi
— 1inch Network (@1inch) April 20, 2023
Matter Labs CEO Anticipates Deeper Liquidity And Higher Adoption of Zksync Era with 1inch Integration
Alex Gluchowski, co-founder and CEO of Matter Labs, the company behind zkSync, notes that 1inch, as the largest DEX aggregator by on-chain volume, will offer deeper liquidity to zkSync Era. It will enable DeFi users to execute trades more rapidly at more favourable prices and with less slippage on their transactions. Gluchowski anticipates that the deployment will lead to even higher acceptance and use of zkSync Era. Moreover, it has already seen over $200M in TVL pushed to the protocol in just three weeks.
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ZkSync Era, which uses ZK-rollups technology, is set to be released before the end of March 2023. The technology offloads computation and state storing off the Ethereum Mainnet. It improves its performance and allows it to handle thousands of transactions in a single batch. This enables hyper scalability, defined as the ability to handle an infinite volume of transactions with little effect on either security or cost.
Zksync Era and 1inch Network Expected to Drive Innovation in Defi Space
The deployment of the 1inch protocols on zkSync Era highlights the growing demand for Layer-2 scaling solutions in the Ethereum ecosystem. More than 200 apps, including Chainlink, Aave, Argent, Gnosis, SushiSwap, Uniswap, and Curve, have indicated an interest in deploying on the blockchain. However, zkSync Era was still under development.
In addition, with the release of zkSync Era and the growing demand for Layer-2 scaling solutions, interoperability will become increasingly important in the DeFi space. The deployment of protocols on zkSync Era is a step towards achieving this goal. Moreover, it will lead to even higher acceptance and use of the protocol. It has already seen significant TVL pushed to it. As the DeFi space continues to evolve, it will be interesting to see how Layer-2 solutions like zkSync Era and DEX aggregators like 1inch Network continue to drive innovation and growth in the industry.
