What to know:
- 1inch Network has decided to play nice with ZKsync, a layer-2 scaling solution for Ethereum, to offer faster and cheaper cross-chain swaps. Because who doesn’t want their crypto to travel faster than a caffeinated squirrel?
- ZKsync, built on the mysterious and magical zero-knowledge technology, offers lower gas fees and faster transaction speeds compared to Ethereum’s main network while still holding onto Ethereum’s security like a toddler clutching a teddy bear.
In a move that can only be described as “brilliant” (or perhaps “slightly mad”), the decentralized exchange (DEX) aggregator 1inch Network has expanded its cross-chain swapping capabilities by integrating ZKsync. This means you can now move your crypto between different networks faster than you can say “blockchain” – and for less money, too!
The integration, which was announced via a press release that probably made a few pigeons jealous, allows users to seamlessly execute cross-chain swaps involving ZKsync. 1inch claims that this feature, powered by its “Fusion+” technology (which sounds like a fancy smoothie), has already facilitated millions in trading volume. That’s a lot of digital coins flying around!
“With bridgeless, trust-minimized cross-chain swaps now available on ZKsync Era, we expect a notable uptick in trading volumes and user adoption,” said Sergej Kunz, co-founder of 1inch, probably while sipping a cup of coffee and contemplating the mysteries of the universe.
1inch’s system offers an alternative to traditional bridging, which is a bit like choosing a fast food burger over a five-course meal. Network fees are covered by “resolvers” instead of users themselves. These resolvers, who must stake 1INCH tokens to earn their stripes, compete with each other to ensure users get the best possible rates. It’s like a race, but with fewer injuries and more digital currency.
“Lower fees, faster finality, and enhanced security should attract both seasoned DeFi users and newcomers, fueling broader market participation and liquidity growth across the 1inch ecosystem,” Kunz added, probably while imagining a world where everyone is a crypto millionaire.
Built using zero-knowledge technology (which sounds like something out of a sci-fi novel), ZKsync offers significantly lower gas fees compared to Ethereum’s main network while boosting transaction speeds. It’s like having your cake and eating it too, but without the calories!
ZKsync’s roadmap shows that the network aims to reach 10,000 transactions per second, which is faster than most people can say “blockchain” three times in a row. They’re also exploring technologies that could potentially eliminate transaction fees in the future. Imagine that – a world where you can send crypto without feeling like you’re being robbed at a digital ATM!
Most recently, Swiss banking giant UBS said it’s testing ZKsync’s technology for one of its gold-backed financial products. Because if there’s one thing we know, it’s that banks love to keep up with the latest trends, especially when it involves shiny things like gold!
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2025-02-06 17:23