1inch Network Expands Cross-Chain Swapping with ZKsync Integration
In a significant development for the decentralized finance (DeFi) sector, 1inch Network, a leading DEX aggregator, has enhanced its cross-chain swapping functionality by integrating with ZKsync. This layer-2 scaling solution for Ethereum is designed to facilitate faster and more cost-effective transactions when transferring cryptocurrencies across various networks.
The announcement was made in a press release shared with CoinDesk, detailing how this integration enables users to effortlessly conduct cross-chain swaps involving ZKsync. According to 1inch, this new feature is powered by their innovative “Fusion+” technology, which was launched in beta last September and has already seen substantial trading volumes.
“With bridgeless, trust-minimized cross-chain swaps now available on ZKsync Era, we anticipate a significant increase in both trading volumes and user adoption,” stated Sergej Kunz, co-founder of 1inch, in an interview with CoinDesk. This new system provides a compelling alternative to traditional bridging methods. In a notable shift, network fees are now covered by “resolvers” instead of the users, with these resolvers required to stake 1INCH tokens to maintain their status. This competitive staking mechanism ensures users receive the most favorable rates available.
Kunz emphasized that “Lower fees, faster finality, and enhanced security are expected to attract both seasoned DeFi users and newcomers alike, fostering greater market participation and liquidity growth throughout the 1inch ecosystem.”
Built using advanced zero-knowledge technology, ZKsync presents a robust layer-2 scaling solution that offers significantly reduced gas fees in comparison to Ethereum’s main network, while also enhancing transaction speeds. Notably, ZKsync maintains the security standards of the Ethereum blockchain, ensuring user confidence in its operations.
Looking ahead, ZKsync’s roadmap indicates ambitious plans to achieve 10,000 transactions per second and is actively exploring technologies that could potentially eliminate transaction fees altogether in the future. Recently, Swiss banking giant UBS announced that it is testing ZKsync’s technology for one of its innovative gold-backed financial products, showcasing the increasing interest and utility of this technology in mainstream finance.
