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CRYPTO NEWS DESK — 2022-01-20

1inch Protocol Now Available on Avalanche and Gnosis Chain


The DEX aggregator aims to expand its DeFi cross-chain transaction capabilities to new platforms.


1inch Protocol Now Available on Avalanche and Gnosis Chain

Continuing with its push for 'the best deals across the blockchain space,' the 1inch Network has announced the deployment of its latest aggregation and limit-order protocols on Avalanche and Gnosis Chain.

Conquest of the DeFi

The DEX aggregator termed the new partnerships a continuation of its conquest of the DeFi space. In a press release shared with CryptoPotato, 1inch explained that it tries to offer low-cost and high-speed cross-chain transactions, saying: “1inch Aggregation Protocol and the 1inch Limit Order Protocol have been deployed on Avalanche and Gnosis Chain, formerly known as the xDai Chain.” These partnerships help 1inch expand its reach to new customers on these two platforms. Thanks to its cooperation with Avalanche, users can access several 1inch protocols on the latter's blockchain. These include 1inch Limit Order Protocol v2, Aave v2, SushiSwap, Trader Joe, and YetiSwap. Similarly, the tie-up with Gnosis Chain will allow users to access many of the 1inch's protocol, including 1inch Limit Order Protocol v2, Curve v1, Honeyswap, Levinswap, SushiSwap, and wxDai. 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.”

Limit Order Protocol v2

1inch released Limit Order Protocol v2 in mid-December 2021 that promises gasless swapping of certain coins into ETH tokens. Its v1 Limit Order Protocol released in June 2021 witnessed nearly 60,000 trades worth $3 billion. The v2 Limit Order Protocol brings many new features, but most importantly, Gas Efficiency and token swaps into ETH.

$175 million Series B funding

The popular DeFi project closed a $175-million Series B funding recently. It said it wanted to use the funds to add services and utilities to attract traditional investors. “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.” Kunz commented at the closure of the funding. Tiantian Kullander, co-founder and managing partner of Amber Group that led the $175 million investment round, outlined that his team was 'impressed' by 1inch's dedication to providing innovative products. Consequently, both parties have an aligned vision to build the 'go-to hub for the DeFi ecosystem.'

— Jordan Lyanchev of CryptoPotato - Crypto Blog

Keywords: AA News, Crypto News, DeFi News, Social, 1inch, Avalanche, DeFi


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