Popular decentralized crypto exchange aggregator (DEX) 1inch network has officially added support for Ethereum scaling solution Arbitrum.
According to an official announcement, DEX aggregator 1inch Network has deployed its Exchange Aggregator and Limit Order protocols to the Arbitrum layer 2 network. Under the arrangement, the aggregated exchanges will include Uniswap v3, Sushi, Dodo, Balancer, and Swapr.
Arbitrum is an Ethereum scaling solution built using the Optimistic Rollup solution that allows developers to easily cross-compile their contracts for running on Arbitrum. This ensures full compatibility with Ethereum on Web3 interface and smart contract levels.
Steven Goldfeder, Offchain Labs CEO, said:
“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. 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 major benefits of this deal includes lower costs of transactions compared to what it would be if it ran natively on the Ethereum network. Another major benefit includes fast confirmation, giving a near-instant user experience.
Anton Bukov, 1inch Network co-founder, 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.”
Arbitrum uses a second-layer roll-up scaling solution operating on top of the Ethereum blockchain. By batching multiple transactions together while they are being processed, roll-ups help to take some load off the mainnet, allowing for lower transaction fees and higher speeds.
This would be advantageous to 1inch users since the platform offers its customers the best possible crypto trading opportunities across dozens of DEXs. 1inch is the most popular dex aggregator with implementations on Binance Smart Chain, Polygon, and Optimism, in addition to Arbitrum.
Last week, the total value of assets flowing through Arbitrum reached a high above $2 billion, to fall $630 million in TVL at the time of writing.