1inch Network, a popular DEX aggregator, is set to expand to Abritrum in order to reduce transaction fees.
1inch Network, a popular decentralized cryptocurrency exchange aggregator, will be expanding to Arbitrum.
The team revealed in a press release shared with CryptoPotato that the move is aimed at lowering transaction costs while improving throughput and withdrawal speeds. Arbitrum is an Ethereum scaling solution based on Optimistic Rollups that enables developers to cross-compile contracts for use on Arbitrum. This is done to ensure full compatibility with Ethereum on the Web3 interface and at the level of smart contracts. Steven Goldfeder, CEO of Offchain Labs, the team behind Arbitrum, commented on the matter, saying:
“The Arbitrum One ecosystem is thriving with many excellent and high volume DEXes, and we are thrilled to welcome 1inch as a DEX aggregator. […] 1inch has a fantastic team and a fantastic reputation among DeFi users, and we can’t wait to see how they do on Arbitrum One!”
One of the first purported advantages that users will be able to enjoy is lower transaction costs when compared to Ethereum’s mainnet. 1inch Network co-founder Anton Bukov stated:
“Arbitrum’s benefits are definitely set to be appealing for 1inch users, as they will have more variety in terms of cheaper transactions and withdrawal options.”