1Inch Moves to Arbitrum For Faster Throughput And Lower Gas Fees
Ethereum multi-chain solution, Arbitrum One is seeing major adoption by the day. The latest protocol looking to tap into lower fees and faster transactions is 1Inch Network.
1Inch Moves To Arbitrum
According to a Wednesday tweet, popular decentralized cryptocurrency exchange (DEX) aggregator 1Inch Network announced support to Ethereum layer-two scaling solution Arbitrum.
The move is expected to give 1Inch users and DeFi proponents lower transaction costs, higher transaction speeds, and fast withdrawals.
Much like the former Matic Network, Arbitrum uses roll-ups and sits atop the Ethereum network. It is tasked with bundling transactions together and validating them before adding them to the main Ethereum network.
This technology greatly aids the Ethereum network to continue operating as the older decentralized applications (dApps) platform battles with the twin challenges of network congestion and high gas fees.
Arbitrum’s lower gas fees and higher throughput would benefit 1Inch users known to use the DEX aggregator to search for competitive prices across several exchanges.
Commenting on the recent integration with 1Inch, CEO of the development team behind Arbitrum, Offchain Labs Steven Goldfeder said;
“The Arbitrum One ecosystem is vibrant with many excellent and high volume DEXes, and we’re very excited to have 1Inch users join as a DEX aggregator.”
1Inch also stated in the announcement that a total of seven protocols would be available once it launches on Arbitrum. This includes the 1Inch Limit Order Protocol, UniSwap, BalancerLabs, BreederDodo, SushiSwap, SwaprEth, and WETH, with more expected in the future.
Arbitrum Making Waves Despite Being A Newbie
Like several Optimistic Rollup solutions, Arbitrum is built with the same code that operates on the Ethereum network. This enables development teams to easily cross-compile smart contracts on both networks, and it also ensures full compatibility between the Ethereum network on smart contracts and the Web3.0 interface levels.
Meanwhile, Arbitrum has been a major success since launching on August 31. The layer-two scaling solution has seen growing adoption from major protocols, most especially from the DeFi-facing sub-sector.
Also, its lower fees and faster transaction speed has lured non-fungible tokens (NFTs) enthusiasts who have now shifted their attention to the newcomer. According to data from L2 Beat, over $2 billion total value locked (TVL) have been processed through the Arbitrum protocol.
This has been due to surging interest in viral internet sensation NYAN. The digital meme token, which shows a rainbow-themed Nyan cat, has been in hot demand as digital collectible fans look to farm the ERC-20 token.
Developed by an anonymous developer, NYAN is meant to generate buzz about the Arbitrum network and encourages investors to lock up tokens on Arbitrum to receive rewards, according to a September 8 tweet.