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1inch turns to Ethereum’s L2, launches on zkSync Era: Everything you should know
The DEX aggregator became the first project to launch on zkSync Era amid interest from Uniswap, Aava, and Chainlink. Both projects seem glad about the development.
- zkSync Era’s integration would allow better provision of liquidity for 1inch users.
- Alas, development activity on the network remained very low.
On 20 April, the 1inch Network [1INCH] announced that it has adopted the Zero-Knowlege (ZK) scaling solution through its expansion to zkSync Era. Known to be connected with the cutting-edge ZK rollup technology, zkSync Era is an Ethereum [ETH] layer two (L2) whose purpose is to provide more cost-effective and faster transactions.
Read 1inch Network’s [1INCH] Price Prediction 2023-2024
First of its kind
According to the announcement
, the expansion would allow users on the DEX aggregator to enjoy the benefits of the ZK system. This includes lower fees, better access to liquidity, and higher transaction speeds.Although zkSync Era was only launched in March 2023, it has proven to be one of the best projects with real utility. Hence, the reason there is so much hype behind it, and its Total Value Locked (TVL) has been soaring.
For context, the TVL hike means that enough liquidity has been entering into chains under the protocol.
Reacting to the integration, 1inch’s co-founder Sergej Kunz mentioned that the project was excited to be the first to be implemented on the zkSync network. He affirmed that:
“As zkSync Era gains steam, 1inch users will benefit from faster and cheaper transactions.”
In response, the CEO, and co-founder of Matter Labs, the firm behind the zkSync idea, Alex Gluchowski did not hide his eagerness to see the outcome of the collaboration. Like Kunz, Gluchowski said:
“As the largest DEX aggregator by on-chain volume, 1inch will provide deeper liquidity to zkSync Era while offering DeFi users greater transparency and empowering them to execute faster trades at better rates and with less slippage on their transactions.”
Ecstasy in the land amid restraints in development
According to Santiment, the network’s social volume rose to 41. The metric takes into consideration the search texts for an asset.
Source: Santiment
An increase, as seen at press time, implied that participants have a high precedence for 1INCH.
Similarly, its social dominance also increased to 0.464%. When this metric spike, it shows that the asset has ascended into one of the top assets being discussed among the top 100 in market capitalization.
Despite the update, the 1inch Network development activity remained clustered at a low point. At the time of writing, it was 1.12.
How much are 1,10,100 INCHs worth today?
This means that there has been a continued downturn in public contribution on GitHub. However, there was a chance that the expansion could impact the metric positively considering the hype around zkSync Era.
Source: Santiment
Additionally, 1inch also pointed out that several protocols were immediately available via the network on zkSync Era. Some of these include SyncSwap, Mute, and SpaceFi.
