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Decentralized Exchange Liquidity Aggregator 1inch Network Supports zkSync Layer2 Solution for Ethereum Networks

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According to reports, the decentralized exchange liquidity aggregator 1inch Network has added support for zkSync, a Layer2 solution for expanding Ethereum networks.
1 inch Network

Decentralized Exchange Liquidity Aggregator 1inch Network Supports zkSync Layer2 Solution for Ethereum Networks

According to reports, the decentralized exchange liquidity aggregator 1inch Network has added support for zkSync, a Layer2 solution for expanding Ethereum networks.

1 inch Network deployed to zkSync Era

As Ethereum continues to grow, scalability remains a critical issue for the network. If Ethereum hopes to be used on a global scale, it must find a solution that can handle a vast number of transactions efficiently. Enter zkSync, a Layer2 solution that aims to expand the capabilities of the network. That’s why the decentralized exchange liquidity aggregator 1inch Network has added support for zkSync.

What is 1inch Network?

1inch Network is a decentralized exchange (DEX) aggregator that sources liquidity from various DEXs. Suppose a user wants to swap tokens on Ethereum, for example. They can do so through 1inch Network. The aggregator will scan all available DEXs and identify the best rate for the user. This ensures efficient and affordable trades.

What is zkSync?

zkSync is a Layer2 scaling solution for Ethereum. It uses zero-knowledge proofs (ZKP) to efficiently process a high volume of transactions off-chain. Zero-knowledge proofs are cryptographic proofs that verify a statement to be true without revealing any other information. This keeps the transactions private and secure while allowing for high throughput.

How Will This Benefit Users?

1inch Network’s support for zkSync means users can trade with higher speed and lower costs than before. The zkSync solution has been able to show incredible efficiency, with tests on its own website, showing throughputs similar to what centralized exchanges can offer at a fraction of the cost. This will significantly increase the accessibility and affordability of Ethereum for everyone.
1inch’s co-founder, Anton Bukov, stated in a recent announcement, “Scalability has always been one of the network’s limitations. With support for zkSync, we’re proud to say that 1inch can now offer an efficient, cost-effective solution for fast trading on Ethereum.”

zkSync’s Role in Ethereum’s Future

Ethereum continues to grow at an impressive rate, but it must find a solution for its scalability problems. zkSync’s unique solution, using zero-knowledge proofs, makes it an ideal solution for the expanding network. With its support, DEXs will be able to offer greater throughput and lower transaction fees, making trading on Ethereum all the more accessible.
In conclusion, the decentralized exchange liquidity aggregator 1inch Network’s support for zkSync is poised to increase the accessibility and affordability of Ethereum for everyone. As Ethereum continues to grow, it’s imperative that solutions like zkSync can handle the voluminous transactions on the network while keeping it secure and private.

FAQs

**Q1**: What is 1inch Network’s role in the crypto market?
**A1**: 1inch Network is a decentralized exchange aggregator that sources liquidity from various DEXs, ensuring efficient and affordable trades.
**Q2**: What is zkSync’s unique solution?
**A2**: zkSync uses zero-knowledge proofs to efficiently process a high volume of transactions off-chain, keeping transactions private and secure while allowing for high throughput.
**Q3**: What is the impact of 1inch Network’s support for zkSync?
**A3**: 1inch Network’s support for zkSync will make trading on Ethereum more accessible and affordable, as DEXs will be able to offer greater throughput and lower transaction fees.

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