Decentralized exchange aggregator 1inch has announced its deployment on the Optimistic Ethereum (OE) mainnet, highlighting a considerable reduction in user transaction fees and confirmation delays.
Sergej Kunz, co-founder of the 1inch Network, stated that "The 1inch launch on Optimistic will facilitate a dramatic increase in transaction speed."
While deposits utilizing the OE network are set to be credited almost instantly, withdrawals will require a waiting period of seven days. These wait times are expected to improve when fast withdrawal service is enabled sometime in the future.
At the time of launch, the OE network will only be able to handle 0.6 transactions per second. However, the team expects to progressively increase transaction speeds after testing and optimizing the infrastructure. The update will be compatible with most Ethereum wallets, including MetaMask and WalletConnect.
Optimistic Ethereum is a layer-two scalability solution developed by the Optimism team. The Optimism team is a public benefit corporation that researches scalability solutions on the Ethereum network. The OE solution itself is an Ethereum Virtuam-compatible Optimistic Rollup chain.
1inch is not the only exchange to integrate Optimism’s layer-two solution. On July 13, automated market maker Uniswap deployed the alpha version of its v3 exchange on the same Optimistic Ethereum mainnet.