The expansion to Arbitrum is set to offer 1inch users lower transaction costs, higher transaction speeds and fast withdrawals.
The 1inch Network continues conquering more and more of the DeFi space and is happy to share that the 1inch Aggregation Protocol and the 1inch Limit Order Protocol have been deployed on Arbitrum One, an L2 solution on Ethereum provided by Offchain Labs.
Arbitrum is an Optimistic Rollup solution that supports the same byte code as Ethereum, so that Ethereum developers could easily cross-compile their contracts for running on Arbitrum. This ensures full compatibility with Ethereum on the smart contract and Web3 interface levels.
“The Arbitrum One ecosystem is vibrant with many excellent and high volume DEXes, and we’re very excited to have 1inch join as a DEX aggregator,” says Steven Goldfeder, Offchain Labs CEO. “1inch has a fantastic team and an incredible reputation among DeFi users, and we can’t wait to see their traction on Arbitrum One!”
Arbitrum’s major advantage is much lower costs of transactions, compared with what they would cost if run natively on Ethereum.
Another major strength of this L2 solution is fast confirmations, giving a near-instant user experience.
Depositing funds via Arbitrum is seamless via its native bridge, but the protocol enforces a delay when withdrawing funds to Ethereum to allow for the state to be fully confirmed. Nevertheless, several providers have already launched fast bridging solutions to close this gap and give users a fast and cost effective browser into and out of Arbitrum One.
“Arbitrum’s advantages are definitely set to be attractive for 1inch users, as they are getting more diversity when it comes to cheaper transactions and withdrawal options,” comments Anton Bukov, 1inch Network co-founder.
The following protocols will be immediately available via 1inch on Arbitrum:
- 1inch Limit Order Protocol
Also, you can visit the 1inch Help Center for a detailed guide on how to use 1inch on Arbitrum.
Stay tuned for more exciting news and updates from the 1inch Network!