Overview
The decentralized exchange (DEX) aggregator 1inch Network has recently integrated ZKsync, a layer-2 scaling solution on Ethereum, to enhance cross-chain swapping capabilities for users. This integration is designed to provide faster transaction times and reduced costs when exchanging cryptocurrencies across different networks.
Key Features
- The integration of ZKsync was announced through a press release to CoinDesk, allowing users to perform seamless cross-chain swaps.
- Utilizing technology known as “Fusion+,” this feature supports transactions that have already seen substantial trading volume since its beta launch last September.
Benefits of ZKsync
ZKsync leverages zero-knowledge technology, offering lower gas fees and improved transaction speeds than Ethereum’s main network while utilizing its robust security infrastructure. This incident marks a significant enhancement for users, with the expectation of increased trading volumes and broader adoption in the crypto space.
With this integration, 1inch anticipates a noticeable rise in usage as it moves towards better market engagement and liquidity. ZKsync aims to reach a capacity of 10,000 transactions per second and is investigating new technologies that could potentially eliminate transaction fees in the future.
Additional Insights
Most recently, UBS, a Swiss banking giant, indicated its interest in ZKsync, conducting tests for its gold-backed financial products.
This integration comes with the promise of fostering stronger participation from both newcomer and seasoned DeFi users, further enriching the ecosystem.
