1inch Network has implemented Optimism’s Level 2 solution

August 20, 2021


1inch Network has implemented Optimism's Level 2 solution

DeFi project 1inch Network has launched a platform in the core Optimistic Ethereum (OΞ) network, involving fast and cheap transactions.

"Optimistic Ethereum is a very promising solution with a focus on scalability. The launch of 1inch based on OΞ will contribute to a dramatic increase in transaction speeds"

In the first phase, the platform's throughput will be limited to 0.6 transactions per second. However, during testing and as the infrastructure is optimised, this figure will increase.

1inch users can use the Optimism Gateway tool to migrate assets to the Layer 2 (L2) network. OΞ interfaces with most popular wallets and other services, including MetaMask, WalletConnect, Etherscan and The Graph.

Deposits to Optimistic's main network are credited instantly. However, withdrawals from OΞ to Ethereum take seven days, due to the peculiarities of the solution's L2 architecture.

As a reminder, a similar solution from Optimism project was introduced in July by leading Ethereum exchange Uniswap.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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