The 1inch Network has recently announced its integration of ZKsync, a second-layer scaling technology specifically designed for Ethereum. This strategic move aims to enable quicker and more affordable transactions across multiple blockchain networks.
What Are the Benefits of the Integration?
With this new integration, users can effortlessly execute transactions across various networks. The 1inch Network has reported impressive transaction volumes thanks to its “Fusion+” technology, introduced in beta last September.
“We anticipate an increase in transaction volume due to trust-based, bridge-less transactions on ZKsync Era.” – Sergej Kunz, Co-Founder of 1inch
Notably, users will not incur transaction fees as these costs are covered by system participants known as resolvers, who stake 1INCH tokens. This approach aims to deliver competitive rates to users.
How Will Technology Shape the Future?
ZKsync employs zero-knowledge technology to offer a scalable solution that preserves the security of the Ethereum mainnet while ensuring lower transaction fees and enhanced speed.
The roadmap for ZKsync includes ambitious goals, such as processing 10,000 transactions per second and initiatives aimed at eliminating transaction fees altogether. Such advancements could significantly boost technology adoption and user engagement.
Key takeaways include:
- Integration facilitates cheaper, faster transactions.
- 1inch’s Fusion+ technology has demonstrated significant transaction volumes.
- Staking 1INCH tokens allows for zero transaction fees for users.
- ZKsync aims to process high transaction volumes while maintaining security.
- Future plans could enhance user participation in digital finance.
Furthermore, UBS, based in Switzerland, is experimenting with ZKsync technology for one of its gold-backed financial offerings, potentially bridging gaps between conventional finance and digital asset management. This integration signals a promising shift towards lower costs and increased transaction speed, which could enhance market liquidity and overall participation.
