37.5 Million 1INCH Transferred To 1inch Foundation Wallet: Accelerating DeFi Accessibility On ZkSync Era Network

37.5 Million 1INCH Transferred To 1inch Foundation Wallet: Accelerating DeFi Accessibility On ZkSync Era Network

On June 2, an anonymous wallet address executed a significant transfer of 37.5 million 1INCH tokens, equivalent to approximately $13.79 million, to the multi-signature wallet of the 1inch Foundation. The transaction, monitored and recorded by Whale Alert, occurred at 15:43 Beijing time.

This transfer comes at an exciting time for 1inch users, who have been able to access services on the new blockchain network since April 20. The introduction of the zkSync Era network now allows seamless engagement with various DeFi protocols, including GemSwap, SpaceFi, SyncSwap, and Mute, through the 1inch platform.

The zkSync Era network, launched in March 2023, leverages zero-knowledge encryption technology to enhance the speed and cost-efficiency of Ethereum transactions. As part of the emerging zkEVMs (zkRollup-based Ethereum Virtual Machines), zkSync Era effectively supports existing Ethereum-based applications.

Although both zkSync Era and its main competitor, Polygon zkEVM, are currently in beta, they have recently become available to developers. These scaling solutions hold immense potential in addressing Ethereum’s scalability concerns while ensuring compatibility with existing decentralized applications.

The transfer of such a significant number of tokens to the 1inch Foundation wallet reflects the continued growth and adoption of the platform within the DeFi ecosystem. This move aligns perfectly with the platform’s mission of providing users with seamless access to a wide range of DeFi protocols, facilitated by the innovative zkSync Era network.

As the zkSync Era and Polygon zkEVM networks advance, developers and users can anticipate further progress and expanded opportunities for decentralized finance on the Ethereum network. The ongoing development of these scaling solutions represents a pivotal step toward tackling Ethereum’s scalability challenges and enhancing the overall DeFi experience for users.