More options for cheap and fast transactions
Leading DeFi aggregation protocol 1inch has announced its intention to expand to the Avalanche and Gnosis networks to widen the appeal of its services. The network plans to deploy the 1inch Aggregation Protocol on Avalanche and the 1inch Limit Order Protocol on Gnosis Chain, formerly known as the xDai Chain.
1inch initially launched on Ethereum and has since expanded to BSC, Arbitrum, Optimism, and Polygon to offer more variety to its users and, more importantly, fast, low-cost transactions. The expansion of the 1inch aggregation platform to Avalanche fits well with this ethos.
Avalanche had a strong performance in 2021 and continues to push forward in 2022. The total value locked in the platform has risen from around $259 million in August last year to almost $10 billion today. Meanwhile, its native AVAX token is up over 500% in a year. The DeFi ecosystem on Avalanche is robust, with some clear leaders. Sushi ported over not so long ago and is finding traction. At the same time Trader Joe is still the clear leader on Avalanche, having almost 135,000 wallets connected in the last seven days. Moreover, the arrival of play-to-earn games such as Crabada will bring more users and trading volume to Avalanche.
According to the announcement, several protocols will be immediately available via 1inch on Avalanche, including 1inch Limit Order Protocol, Aave, Baguette, Canary Exchange, Pangolin, SushiSwap, and Trader Joe.
Gnosis Chain on the other hand had a TVL of $208 million in mid-January 2022, according to DeFi Llama. In December 2021, the chain, on average, ran 223,814 daily transactions and had 11,318 active daily wallets, according to Dune Analytics. While a smaller proposition, the Gnosis ecosystem is showing solid growth into DeFi.
1inch committed to customers
At the heart of the 1inch service lies its commitment to offer users the fastest, cheapest transactions continually. Hence the addition of networks that can provide this to customers. Taking that ethos a step further, the platform announced in August 2021 they would be reimbursing gas fees to those who had used the 1inch dapp on Ethereum in August. A total of 155,500 1INCH tokens were available to be claimed by users who met all the conditions of the refund program.
There are many blockchains and scaling solutions to choose from. Each has its characteristics, from cheaper fees to faster transaction speeds to a more extensive selection of liquidity sources. Find out more about using 1inch on different networks here. If you’re interested in adding more blockchain ecosystems to your Metamask, we advise you to read this handy guide.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, ENS, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.