The popular decentralized cryptocurrency exchange aggregator, 1inch Network, will be expanding to Arbitrum.
- In a press release shared with CryptoPotato, the team revealed that the move is aimed at lowering transaction costs and improving throughput and withdrawal speeds.
- Arbitrum is an Ethereum scaling solution built using Optimistic Rollups, and it allows developers to cross-compile contracts for running on Arbitrum.
- This is aimed at ensuring full compatibility with Ethereum on Web3 interface and smart contract levels.
- Speaking on the matter was Steven Goldfeder, CEO at Offchain Labs – the team behind Arbitrum, who said:
“The Arbitrum One ecosystem is virbant with many excellent and high volume DEXes and we are very excited to have 1inch join as a DEX aggregator. […] 1inch has a fantastic team and an incredible reputation among DeFi users and we can’t wait to see their traction on Arbitrum One!”
- One of the first purported benefits that users will be able to experience is lower transaction cost compared to what it would be on Ethereum’s mainnet.
- Anton Bukov, the co-founder of 1inch Network, said:
“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.”