Expanding its DeFi footprint, 1inch announces the deployment of 1inch Limit Order Protocols on the Avalanche and Gnosis blockchain platforms.
In a major move to expand its footprint in the decentralized finance (DeFi) space, DEX aggregator 1inch announced its deployment on the Avalanche and Gnosis blockchain platforms. 1inch called these partnerships as part of its plans to expand its footprint in DeFi.
1inch Protocol on Avalanche and Gnosis Blockchains
The DEX aggregator will be deploying the 1inch Aggregation Protocol on Avalanche and the 1inch Limit Order Protocol on Gnosis Chain, formerly xDai Chain. Besides, 1inch added that it will focus on offering low-cost and high-speed cross-chain transactions. Speaking of the development, Co-founder of 1inch Sergei Kunz said:
“1inch’s main goal is to offer users the best deals across the blockchain space. To achieve that, 1inch protocols constantly expand to new chains, and the expansion to Avalanche and Gnosis Chain will offer 1inch users more options for cheap and fast transactions.”
The announcement further notes that a number of protocols will be further available on Avalanche via 1inch. This includes the 1inch Limit Order Protocol v2, Aave v2, SushiSwap, Trader Joe, and YetiSwap. Similarly, its partnership with Gnosis Chain will allow the latter’s users to get access to 1inch’s protocol, including 1inch Limit Order Protocol v2, Curve v1, Honeyswap, Levinswap, SushiSwap, and wxDai.
Avalanche has been one of the most quickly growing blockchain networks and a hot destination for DeFi. The total value locked (TVL) on avalanche stands at $10.4 billion. Similarly, the Gnosis Chain (GNO) is also gaining traction with TVL at $22 million.
1inch’s Limit Order Protocol v2 and Recent Fundraising
1inch has recently released version 2 of its Limit Order Protocol last month in December 2021. The previous version of 1inch Limit Order Protocol clocked 60,000 trades worth $3 billion. The version v2 promises gasless swapping of certain coins into ETH tokens.
The v2 Limit Order Protocol comes with the most important features like gas efficiency and token swaps into ETH. 1inch has been gaining a lot of market traction and has recently closed $175 million in Series-B funding. 1inch said that it will use these funds to provide additional services to attract traditional players.
Co-founder Kunz said:
“While continuing to keep the existing DeFi audience happy by delivering state-of-the-art products, 1inch also aims to become a gateway for institutions that want to be part of the DeFi space.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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