zkSync Era Surges Ahead Of Polygon’s zkEVM As It Onboards Major DeFi Protocol

Crypto News: Noted decentralized exchange (DEX) aggregator 1inch, announced that it has deployed the 1inch Aggregation Protocol as well as its Limit Order Protocol onto zkSync Era — a recently-released version of Matter Labs’ scaling network on Ethereum. 1inch has thereby established itself as one of the most well-known decentralized platforms thus far by successfully porting its protocol to zkSync Era.

1inch Launches On zkSync Era

zkSync Era, a layer-2 scaling solution that competes with Polygon’s zkEVM, announced the first major DEX participation on Thursday. The 1inch exchange, which is presently estimated to be worth $418 million, will also make GemSwap, SpaceFi, SyncSwap and Mute protocols available on the zkSync Era network.

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While speaking about the recent launch, 1inch’s co-founder Sergej Kunz was quoted as saying:

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.

Beginning on April 20th, users of the 1inch platform will have access to the services provided by the new blockchain network.

More Protocols To Join zkSync Era

ZkSync Era, which was released in March 2023, harnesses the power of zero-knowledge rollups to make it possible for individuals to conduct transactions on Ethereum at faster rates and for reduced fees.

More than two hundred projects, such as Chainlink, SushiSwap, Uniswap, AaveAave, Argent, Gnosis and Curve Finance indicated an interest in deploying on the blockchain when zkSync was still in its development phases. Following Era’s beta release, more such DeFi protocols are anticipated to launch on the network in the near future.

In the wake of this crypto news, the price of 1inch token is currently exchanging hands at $0.52, which represents a gain of 0.10% over the past 1 hour in contrast to a drop of 2.50% recorded over the last 24 hours.

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The post zkSync Era Surges Ahead Of Polygon’s zkEVM As It Onboards Major DeFi Protocol appeared first on CoinGape.

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Pratik Bhuyan
CoinGape