1inch developers have announced the integration of the protocol with Ethereum’s scalability solution, Arbitrum One, to scale and conquer the DeFi space.
1inch recently reported that it has integrated with Arbitrum One scalability solution from Ethereum. The integration will allow the decentralized exchange (DEX), built on the blockchain Ethereum, offering lower transaction costs for its users, while improving transaction speeds and ensuring fast withdrawals, the developers reported through a release.
1inch, currently ranked XNUMXth among the top DeFi DEXs by liquidity, wants to boost its ecosystem within the decentralized finance space to conquer new horizons. This protocol is a DeFi aggregator that allows its users to enjoy innovative tools to buy and sell cryptocurrencies and tokens efficiently, collecting data from multiple decentralized platforms to offer the best prices and rates.
The DEX developers have already been betting on second-layer solutions on Ethereum to scale their products and offer greater benefits to their users. To date, 1inch has integrated with second-layer protocols Polygon and Optimism (OΞ) to offer better transaction speeds and reduced gas fees, as well as ensuring its users easy access to liquidity from lending and AMM protocols such as Curve, SushiSwap, QuickSwap, Aave V2, and Cometh.
1inch, Arbitrum and DeFi
Steven Goldfeder, CEO of Offchain Labs, the developer of Arbitrum One, notes that the scalability protocol’s greatest strength is its Optimistic Rollup technology, which has the ability to bundle and process transactions off-chain, reducing gas costs and processing time to deliver near-instant transactions. Once transactions are confirmed, they are integrated into the main blockchain to record that they were successfully processed. By operating on the Ethereum blockchain, rather than within it, optimistic rollups allow smart contracts to be executed at scale and speed without losing the security and stability offered by the main network.
Goldfeder noted that thanks to this, 1inch will be able to gain great traction within Artbitrum One. On the other hand, Ethereum's scalability protocol already integrates several of the most well-known and popular DeFi protocols in the ecosystem, such as Uniswap, Sushiwap y chainlink; as well as the block explorer Etherscan and the social media aggregator Reddit.
By the end of August, the developers of this protocol reported that Arbitrum One had already integrated nearly 350 protocols into its ecosystem. Now, the CEO of Offchain Labs pointed out that the integration of a DEX aggregator like 1inch will also foster the growth of Arbitrum One as a vibrant blockchain ecosystem.
Available DEXs
The DEXs that are already available from 1inch on Arbitrum One are Uniswap, Balancer, DODO, SushiSwap and Swapr, in addition to 1inch Limit Order Protocol and the token wETH, which facilitates the exchange of ethers for other tokens of the standard ERC-20 within decentralized platforms.
The developers reported that new protocols and DEXs may be integrated in the coming days, as more AMMs are implemented on the Arbitrum One solution. Meanwhile, Anton Bukov, co-founder of 1inch Network, stated that 1inch users will see great advantages and benefits, based on much faster and cheaper transactions and greater withdrawal options.
So far this year, liquidity on 1inch has reduced considerably since its all-time high seen in February. However, its native token, 1INCH, is trading near the $2,6 per unit at the time of this edition, showing a growth of 12% in the last 24 hours.
