Polygon’s zkEVM Faces Strong Competition from zkSync Era as 1inch Exchange Onboards Major DeFi Protocol

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  • Decentralized exchange aggregator 1inch has deployed its Aggregation and Limit Order Protocols on zkSync Era, an Ethereum Layer-2 scaling solution.
  • zkSync Era competes with Polygon’s zkEVM and uses zero-knowledge rollups to facilitate faster and cheaper transactions on Ethereum.

1inch Exchange Launches on zkSync Era, Making It One of the Most Prominent Decentralized Platforms

In recent news, 1inch has successfully ported its protocol onto zkSync Era, a recently-released version of Matter Labs’ scaling network on Ethereum. The 1inch exchange, estimated to be worth $418 million, is now the first major DEX participation on zkSync Era, a layer-2 scaling solution that competes with Polygon’s zkEVM. 1inch has made its Aggregation and Limit Order Protocols available on the zkSync Era network, along with GemSwap, SpaceFi, SyncSwap, and Mute protocols.

Sergej Kunz, 1inch’s co-founder, commented on the recent launch and stated that zkSync Era is a promising L2 solution. He added that 1inch users would benefit from faster and cheaper transactions as the network gains steam. Starting April 20th, users of the 1inch platform will be able to access the services provided by the new blockchain network.

zkSync Era is a very promising L2 solution, and we are glad to be among the first projects to deploy on that network. As zkSync Era gains steam, 1inch users will benefit from faster and cheaper transactions.

More DeFi Protocols Expected to Join zkSync Era Following the Successful Launch of 1inch Exchange

zkSync Era uses zero-knowledge rollups to make it possible for individuals to conduct transactions on Ethereum at faster rates and reduced fees. More than 200 projects, including Chainlink, SushiSwap, Uniswap, Aave, Argent, Gnosis, and Curve Finance, have expressed interest in deploying on the blockchain network during the development phase of zkSync. After the beta release of Era, more DeFi protocols are expected to join the network in the near future.

In light of the recent crypto news, the price of 1inch token is currently exchanging hands at $0.52, representing a gain of 0.10% over the past hour in contrast to a drop of 2.50% recorded over the last 24 hours. With the successful launch of 1inch on zkSync Era, the platform has established itself as one of the most prominent decentralized platforms.

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