The popular decentralized cryptocurrency exchange aggregator, 1inch Network, will be expanding to Arbitrum.
In a press release shared with CryptoPotato, the team revealed that the move is aimed at lowering transaction costs and improving throughput and withdrawal speeds.
Arbitrum is an Ethereum scaling solution built using Optimistic Rollups, and it allows developers to cross-compile contracts for running on Arbitrum.
This is aimed at ensuring full compatibility with Ethereum on Web3 interface and smart contract levels.
Speaking on the matter was Steven Goldfeder, CEO at Offchain Labs – the team behind Arbitrum, who said:
“The Arbitrum One ecosystem is virbant with many excellent and high volume DEXes and we are very excited to have 1inch join as a DEX aggregator. […] 1inch has a fantastic team and an incredible reputation among DeFi users and we can’t wait to see their traction on Arbitrum One!”
One of the first purported benefits that users will be able to experience is lower transaction cost compared to what it would be on Ethereum’s mainnet.
Anton Bukov, the co-founder of 1inch Network, said:
“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.”