1 inch DEX Aggregator to launch on zkSync Era

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1inch, the decentralized exchange (DEX) aggregator, is launching a version of its platform on zkSync Era, the Ethereum scaling network recently released by Matter Labs.

ZkSync Era, which launched in March 2023, uses zero-knowledge cryptography to allow people to transact on Ethereum with higher speeds and lower fees. Era exists in a rapidly growing category of Ethereum scaling chains, called zkEVM, which say they will be able to support any application currently based on Ethereum.

By porting its protocol to zkSync Era, 1inch becomes one of the most well-known crypto applications to date to launch on a zkEVM, or zero-knowledge Ethereum virtual machine.

ZkSync Era and its main competitor, Polygon zkEVM, are both still in beta mode but have recently been opened to developers.

1inch, which raised $175 million in a Series B funding round in 2021, is a decentralized finance (DeFi) protocol best known for its exchange aggregator, a tool that allows crypto traders to find the best prices on different DEX platforms. DEXs are blockchain-based trading platforms that use smart contracts, rather than centralized intermediaries, to allow people to trade between cryptocurrencies.

Along with its DEX aggregator, 1 inch is also launching its limited order protocol on zkSync Era.

Era is currently the first zkEVM by total value locked. There is currently $250 million worth of cryptocurrency circulating in the Eras decentralized financial ecosystem according to L2beat, which tracks Ethereums Layer 2 scaling chains. Polygon zkEVM only has $4 million, and other zkEVM builders such as ConsenSys and Scroll have yet to launch on the Ethereums mainchain.

Eras’ footprint in Ethereum’s larger layer 2 ecosystems continues to pale in comparison to the Arbitrum and Optimism Optimistic rollup networks which are less sophisticated than zkEVMs, but launched over a year earlier. They have pulled billions of dollars into their own networks to scale Etheruem.

Decentralized finance has been a driver of the explosive growth of zkSync Eras, Alex Gluchowski, CEO and co-founder of Matter Labs, said in a statement. We expect the 1-inch rollout to contribute to even greater adoption and usage of zkSync Era.

Leading Ethereum developers expect Layer 2 scaling networks Optimistic rollups and zkEVMs to soon become the primary entry point for most Ethereum users.

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