DEX Aggregator 1Inch Went Live To Unify Multiple Solutions
1inch emerged as the new decentralized aggregation protocol that integrates multiple protocols. It combines the Layer 2 Ethereum scaling solution Base with many other platforms. It will draw liquidity from UniSwap, SushiSwap, Balancer, and Base Swap. While optimizing rates, it enables users to trade at desired prices.
Optimizes the DeFi System
The execution works only when the market price matches the set value. Base has been launched by Coinbase as a Layer 2 solution that processes transactions worth over $1 Billion. The protocol has already tied up with zkSync, Optimism, and Arbitrum. At the same time, it’s compatible with Avalanche, Ethereum, and BNB Chain.
On August 9, 2023, the Base mainnet rolled out on the public blockchain. The platform has received a tremendous response with daily active users exceeding 100,000. The program hosts a number of NFTs as well including Coca-Cola’s “Masterpiece”. Moreover, Ethereum Layer 2 has hosted a staggering number of daily transactions compared to its peers.
It has outflanked Optimism and Arbitrum as scaling solutions. According to The Block’s data dashboard, Base’s seven-day moving average daily transaction count reached 813.000. On the other hand, Arbitrum and Optimism are at 646,000 and 469,000 respectively. Last week, SushiSwap, Compound, and UniSwap joined Base.
Recently, USDC announced stablecoin would be integrated with Base soon. At this time, one must know about 1inch aggregator.
1inch: In a Nutshell
As a decentralized aggregator, 1inch does a great job of bringing all the major players into one place. It offers a wide range of products that make the most of a decentralized environment. It brings about a new program that brings major changes in the DeFi ecosystem. At the same time, it fosters growth and incentivizes the members. It creates a community-based ecosystem that enhances participation.
On top of that, it handles governance really well and makes transactions faster and safer.
Products that 1inch Provides:
The products that this platform provides utilizes all the solution perfectly.
Aggregation Protocol-The liquidity aggregation does a great job of ensuring the best swap rates. It also brings together multiple decentralized exchanges to speed up the whole process.
Limit Order Protocol– The protocol streamlines the DeFi functionality while bringing the best out of the technology. It makes the whole ecosystem capable of doing great things.
Liquidity Protocol– This one takes care of liquidity with a cutting-edge AMM. It also handles capital efficiency and facilitates building a decentralized architecture.
1-inch Rabbithole– It’s a unique feature that safeguards MetaMask users from major security lapses. It is very helpful in case of sandwich attacks.
Growth Within the 1inch Ecosystem
1-inch lets the developers build decentralized solutions easily. Its API offers a non-custodial solution that performs asset swaps at an impressive rate. In addition to that, it grows at a rapid speed while bringing other resources. Its DAO functions as a governance tool that empowers stakers. It allows them to vote for key protocol parameters.
Conclusion
1in is a non-profit organization that nurtures the growing decentralized community with its new initiative. This collaborative effort will take DeFi to a whole new level. It would bring the best of decentralization rights to the users.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
