DeFi’s 1inch, Deploy Protocol on Ethereum L2 ‘zkSync Era’

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Improving user experience

DeFi (decentralized finance) aggregator “1inch Network (hereinafter referred to as 1inch)” announced on the 20th that it has deployed a protocol to the L2 solution “zkSync Era” of cryptocurrency (virtual currency) Ethereum (ETH). bottom.

Specifically, we deployed the “1inch Aggregation Protocol” for aggregates and the “1inch Limit Order Protocol” for limit orders. 1inch users will now have access to greater liquidity, allowing them to trade faster and with lower fees in the long run.

1/ The #1inch mascot is entering a new era of #DeFi adventures!

If you see a shiny bright portal animation on your screen with a cyber-unicorn standing next to it, you must know what it means, right?@zksyncwelcome to the club pic.twitter.com/QDQUSBtJd1

— 1inch Network (@1inch) April 20, 2023

What is an aggregator

The general meaning of the English word “aggregator” is “collecting person / organization” or “information gathering site”. DeFi aggregator 1inch provides one-stop access to DeFi. For example, 1inch allows you to trade in the most efficient way among hundreds of decentralized exchanges across multiple networks.

Cryptocurrency Glossary

connection: What is DeFi (decentralized finance) | A thorough explanation of the advantages and disadvantages that even beginners can understand

zkSync Era, which has been launched in stages, is an L2 solution classified as “zkEVM” compatible with Ethereum’s virtual machine (EVM). Last month, the alpha version of the mainnet was released to all users. At that time, since it is still an alpha version, it will be confirmed whether there will be any delays in withdrawals and whether there will be any vulnerabilities as usage increases.

connection: Ethereum L2 “zkSync”, zkEVM mainnet alpha version now available to all users

According to this announcement, there are not many projects deployed to zkSync Era yet. 1inch co-founder Sergej Kunz commented on the announcement:

zkSync Era is a highly future-proof L2 solution. We are happy to be one of the first projects to deploy on that network.

As zkSync Era develops, 1inch users will be able to make transactions faster and cheaper.

In addition, Alex Gluchowski, CEO of Matter Labs, which develops zkSync Era, commented as follows.

DeFi is the driving force behind the development of zkSync Era. In the short period of three weeks since its launch, the total value of cryptocurrencies locked in the network for operation, “TVL (Total Value Locked)”, has reached over 2.68 million yen ($200 million).

I expect that 1inch will contribute to the spread of zkSync Era in the future.

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Future of zkSync Era

The official zkSync Era website states that over 200 projects have registered to deploy to zkSync Era. At the time of writing this article, 1 inch is also listed here.

Others such as Chainlink, Uniswap and SushiSwap are also listed, but the ecosystem page does not indicate that these three projects have been deployed.

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ZkEVM, which utilizes zero-knowledge proofs and is compatible with EVM, has recently attracted a great deal of attention, and the development competition has also intensified. There is also interest in issuing its own token for zkSync Era, but Gluchowski said in March, “We don’t need a token at this point.”

The reason we don’t need tokens is that operations are still largely centralized. In alpha, Matter Labs will upgrade the code on its own and manage roles such as sequencers and provers. Gluchowski said tokens will be needed when the sequencer is decentralized.

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