02 June 2023 10:57, UTC
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On June 2, a significant transfer of 37.5 million 1INCH tokens, equivalent to approximately $13.79 million, took place from an anonymous wallet address to the 1inch Foundation multi-signature wallet. The transaction, recorded by Whale Alert monitoring, occurred at 15:43 Beijing time.
This transfer comes in the wake of exciting developments for its users. Starting from April 20, they gained access to services on the new blockchain network. The introduction of the zkSync Era network enables users to seamlessly engage with various DeFi protocols such as GemSwap, SpaceFi, SyncSwap, and Mute through the 1inch platform.
The zkSync Era network, which commenced 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 aims to support existing Ethereum-based applications effectively.
Although both zkSync Era and its main competitor, Polygon zkEVM, are still in beta, they have recently become available to developers. These scaling solutions offer promising possibilities for enhancing Ethereum’s scalability while maintaining compatibility with existing decentralized applications.
The transfer of a significant number of these tokens to the 1inch Foundation wallet reflects the continued growth and adoption of the platform within the DeFi ecosystem. This move aligns with the platform’s goal 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 progress, developers and users alike can anticipate further advancements and expanded opportunities for decentralized finance on Ethereum. The ongoing development of these scaling solutions signifies a crucial step toward addressing the scalability challenges faced by the Ethereum network and enhancing the overall DeFi experience for users.
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Sourced from cryptonews.net.