The decentralized exchange 1inch has announced that it will be used on the Optimistic Ethereum (OE) mainnet. That would reduce transaction fees and make confirmations faster.
Sergej Kunz, co-founder of 1inch, stated: “The launch of 1inch on Optimistic will increase the transaction speed dramatically.”
Deposits via the OE network are credited almost immediately; there is a waiting time of seven days for withdrawals. It is expected that these waiting times will be reduced in the future when fast withdrawals are introduced.
When started, the OE network will only be able to process 0.6 transactions per second. However, the team assumes that the transaction speed can be increased gradually after a few tests and optimizations. The update will be compatible with most Ethereum wallets, including MetaMask and WalletConnect.
Optimistic Ethereum is a Layer 2 scaling solution developed by the Optimism team. The Optimism team is a non-profit researching scaling solutions for the Ethereum network. The OE solution is an EVM-compatible Optimistic Rollup Chain.
1inch isn’t the only exchange that integrates Optimism’s Layer 2 solution. On July 13th, AMM Uniswap deployed the alpha version of its V3 exchange on the Optimistic Ethereum Mainnet.