DeFi driving zkSync growth as 1inch deploys on Ethereum layer-2 scaling platform
Decentralized finance (DeFi) protocol 1inch has deployed its aggregation and limit order protocols on Ethereum layer-2 scaling solution zkSync Era to tap into faster and cheaper transactions.
1inch Network is the latest of a host of Ethereum-based platforms and services to deploy on the zero-knowledge proof (zk-proof) based scaling platform. Uniswap, SushiSwap, Maker and Curve Finance have also launched on the zk-proof roll-up zkSync Era.
1inch Network co-founder Sergej Kunz highlighted the promise of the layer-2 solution as his platform joins a handful of first-movers to integrate with the zk-proof powered protocol:
A statement from Matter Labs CEO Alex Gluchowski, who heads up the zkSync development firm, notes that DeFi protocols have been a major factor in the uptake of zkSync era:
Gluchowski said that 1inch Network’s position as the largest decentralized exchange aggregator by on-chain volume would provide deeper liquidity to zkSync Era. The deployment is also touted to offer faster trades, better rates and lower transaction slippage.
Related: Symbiosis integrates zkSync: ‘Natural evolution’ of scaling solutions
zkSync is among a number of layer-2 solutions that have pioneered the use of zk-rollups to increase Ethereum’s throughput and scalability. The technology enables layer-2 protocols to move computation and blockchain state storage offchain, allowing these platforms to process thousands of transactions before providing summary data proofs to Ethereum’s mainnet.
Matter Labs secured $200 million during a series-c investment round in November 2022, taking its total fundraising to over $450 million to continue the development of its Ethereum scaling platform.
Other major Ethereum development firms, including
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