Decentralized exchange (DEX) aggregator 1inch Network has made a significant advancement in its cross-chain swapping capabilities by integrating ZKsync, a layer-2 scaling solution for Ethereum. This integration is designed to offer faster and more affordable transactions when moving cryptocurrencies across different networks.
1inch Network announced the integration through a press release shared with CoinDesk, highlighting the seamless execution of cross-chain swaps involving ZKsync. The platform’s “Fusion+” technology, launched in beta last September, has already facilitated millions in trading volume with this new feature.
Sergej Kunz, co-founder of 1inch, expressed his optimism about the impact of this integration on trading volumes and user adoption. The bridgeless, trust-minimized cross-chain swaps offered by ZKsync Era are expected to attract a broader audience to the 1inch ecosystem.
One of the key advantages of 1inch’s system is that network fees are covered by “resolvers” instead of users themselves. These resolvers, who stake 1INCH tokens to secure this status, compete with each other to provide users with the best rates possible.
ZKsync, built using zero-knowledge technology, offers significantly lower gas fees compared to Ethereum’s main network while also increasing transaction speeds. Despite these improvements, ZKsync maintains the security of the Ethereum blockchain.
Looking ahead, ZKsync has ambitious plans to reach 10,000 transactions per second and is exploring technologies that could potentially eliminate transaction fees entirely in the future. Notably, Swiss banking giant UBS is currently testing ZKsync’s technology for one of its gold-backed financial products.
Overall, the integration of ZKsync with 1inch Network represents a significant step forward in the world of decentralized finance (DeFi). Lower fees, faster transaction finality, and enhanced security are expected to attract both experienced DeFi users and newcomers, ultimately fueling market participation and liquidity growth within the 1inch ecosystem.