1inch, the decentralized exchange (DEX), a liquidity provider for different exchanges, has extended to the Layer-2 scaling solution Optimism Ethereum.
The goal is to reduce gas costs and boost transactions per second (TPS), stated 1inch.
In particular, when the network optimized production version is released. Optimism Ethereum will be able to handle about 2,000 TPS, 1inch co-founder Anton Bukov mentioned.
However, 0.6 TPS, the presently restricted output of Optimistic Ethereum. Which is to minimize possible risks and failures during the alpha phase of development, Bukov added. The current TPS of Ethereum, on the other hand, is around 15.
Uniswap, the decentralized exchange protocol, was extended last month to include Optimism Ethereum. As to the lower gas charges for the Optimistic Ethereum Network. Bukov stated that savings should actually revolve around 2x-10x compared with Ethereum.
“The reduced gas fees became possible due to the architecture of the Optimistic network, which only needs to transfer compressed state changes to Layer-1 (L1) and doesn’t have to pay for calculations on L1,” said Bukov.
Multiple Wallet Support
1inch customers may now begin transferring assets through the Optimism Gateway to the Optimistic Ethereum Network, says 1inch. Many wallets support the network, MetaMask included.
The Optimistic Ethereum extension currently includes 1inch on four blockchains, including Ethereum, the Binance Smart Chain, and Polygon (formerly Matic Network).
Many projects would also use the Optimism solution. As stated by the dex aggregator 1inch on Tuesday. The protocol would use the optimistic rollup technique of Optimism.
The Optimism web page states that Uniswap utilizes the solution for the project. Now users have access to an online gateway.