DEX Aggregator 1Inch To Support Arbitrum-The ETH Scaling Solution

The DEX Aggregator 1Inch will provide support for Etheruem’s scaling solution Arbitrum as its 1Inch limit Order protocol and the aggregation protocol are all live on Arbitrum One so let’s find out more in our latest Ethereum news.

DEX aggregator 1inch supports Ethereum’s scaling solution Arbitrum and as an optimistic rollup, it allows to lower transaction fees and to speed up the confirmations. 1inch added support for Ethereum’s Arbitrum scaling solution according to the announcement and the co-founder Anton Bukov stated:

“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.”

Arbitron uses a technology called roll-up which is a second layer solution that is operating on top of the Ethereum blockchain. By batching multiple transactions together while they are being processed, the roll-ups help to relieve the load off the mainnet and allow for lower transaction fees as well as higher speeds. The feature will be beneficial to the 1inch users since the platform offers customers the best crypto trading opportunities via dozens of DEXs. 1inch does this by searching the lowest prices and then rerouting its customers’ trades between different exchanges. The CEO of Arbitrum developer Off-chain 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 join as a DEX aggregator.”

According to the announcement, both 1inch Limit Order Protocol and 1Inch Aggregation Protocol are now deployed on Arbitrum One. The Chief Communications Officer of 1Inch Network Sergey Maslennikov said:

“As it’s gonna become the fifth blockchain supported by 1inch, the UX will be pretty much the same as for Optimism, Polygon or [Binance Smart Chain]. And just as for Optimism, Polygon, BSC—users will need to migrate their assets from Ethereum to Arbitrum via a bridge.”

He added that seven blockchain protocols in total will be available on 1inch on Arbitrum at the launch including DODO, SushiSwap, Swapper, WETB, Balancer, and Uniswap. In the meantime, 1Inch’s mobile wallet app with Arbitrum support is now undergoing a revision in the AppStore and will go live in a day or so. Arbitron is an Optimistic Rollup solution that supports the same byte code as Ethereum so that the developers could easily cross-compile their contracts to run on Arbitron. This makes sure there’s full compatibility with Etheruem on the smart contract and the Web3 interface levels.

A week ago, the total value of assets flowing through Arbitrum darted higher than $2 billion thanks to the surge of interest in NYAN, the new token based on the rainbow cat-centric video that was popular a few years ago. The figure dropped slightly according to Defi LLama.

Source: https://www.dcforecasts.com/altcoin-news/dex-aggregator-1inch-to-support-arbitrum-the-eth-scaling-solution/