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The decentralized finance (DeFi) protocol 1inch has launched its aggregation and limit order protocols on the Ethereum layer-2 scaling solution zkSync Era to leverage quicker and more cost-effective transactions.
1inch Network is the most recent addition to a range of Ethereum-based platforms and services that have implemented the zero-knowledge proof (zk-proof) based scaling solution. Other platforms such as Uniswap, SushiSwap, Maker, and Curve Finance have also debuted on the zk-proof roll-up zkSync Era.
Sergej Kunz, co-founder of 1inch Network, emphasized the potential of the layer-2 solution as his platform becomes one of the early adopters to integrate with the zk-proof powered protocol:
“As zkSync Era gains traction, 1inch users will experience quicker and more affordable transactions.”
A comment from Matter Labs CEO Alex Gluchowski, who leads the zkSync development team, indicates that DeFi protocols have significantly contributed to the adoption of zkSync Era:
“DeFi has been a key driver behind zkSync Era’s remarkable growth, which has seen over $200 million in total value locked (TVL) directed to the protocol in just three weeks, and we anticipate that the launch of 1inch will further enhance the adoption and utilization of zkSync Era.”
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Gluchowski noted that 1inch Network’s status as the largest decentralized exchange aggregator by on-chain volume would enhance liquidity for zkSync Era. The deployment is also expected to facilitate quicker trades, improved rates, and reduced transaction slippage.
Related: Symbiosis integrates zkSync: ‘Natural evolution’ of scaling solutions
zkSync is one of several layer-2 solutions that have pioneered zk-rollups to enhance Ethereum’s throughput and scalability. This technology allows layer-2 protocols to handle computation and blockchain state storage offchain, enabling these platforms to process thousands of transactions before relaying summary data proofs to Ethereum’s mainnet.
Matter Labs raised $200 million in a series-c funding round in November 2022, bringing its total fundraising to over $450 million to further the development of its Ethereum scaling platform.
Other prominent Ethereum development companies, such as Polygon and ConsenSys, have also created their own zk-proof powered scaling solutions. ConsenSys launched its zkEVM rollup to its public testnet on March 28.
In the meantime, Polygon co-founder Sandeep Nailwal referred to zk-rollups as “the holy grail of Ethereum scaling” following the release of its open-source zkEVM Ethereum scaling technology to the mainnet on March 27.
Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder
