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Crypto Trading App 1inch Launches on ETH Scaling Solution Optimism

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Crypto Trading App 1inch Launches on ETH Scaling Solution Optimism

Though gas fees on ETH have dwindled of late, various crypto protocols are still exploring scaling solutions via the likes of Binance Smart Chain or Layer 2 solutions like Polygon. Popular trading aggregator 1inch Exchange is no exception as today it launches its fourth multi-chain expansion. 

1inch collects trading data from various decentralized crypto exchanges, like Uniswap and Bancor, to provide traders with the best price per trade. Instead of searching various platforms for the highest returns for specific trades, the app does the work for you. 

This convenience has earned 1inch a ton of users too. 

At press time, it’s the third-largest application on ETH by number of users at more than 290,000. Compound hosts roughly 328,000 users and Uniswap is by far the largest application with well over 2 million users. 

Purple chart showing growth of the 1inch platform
Total 1inch users over time. Source: Dune Analytics

These figures only include users on ETH, however. 1inch has also launched its services on Binance Smart Chain as well as Polygon earlier this year, to cater to a growing user base and combat rising fees. 

Now, the aggregator is live on the ETH scaler Optimism. 

“Optimistic ETH is a highly promising [layer-2] solution focused on scalability, and the 1inch launch on Optimistic will facilitate a dramatic increase in transaction speed,” Sergej Kunz, a co-founder of 1inch, told Decrypt.

Synthetix demo is latest step to a scalable ETH

The exchange aggregator joins several other ETH applications that have integrated with Optimism, including Uniswap and Synthetix.

The technology builds on optimistic rollups, which batch transactions off of ETH to lighten the network’s load. These batched transactions are then confirmed on ETH in a single block. 

It’s a promising technology, but it’s not quite fully developed. 

Like Uniswap’s alpha launch in July, throughput on 1inch’s iteration will be limited to 0.6 transactions per second. For context, ETH’s mainnet currently processes about 30 transactions per second and BTC processes roughly 7 transactions per second. 

As the Optimism team continues building out its scaling solution, however, integrated projects like 1inch will enjoy an uptick in throughput. 

Hopefully, these upgrades arrive right in time for the next bout of congestion on ETH. 


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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