Already $1.3 billion TVL on Ethereum
Leading DEX aggregator 1inch is bringing its services to the Binance Smart Chain, in the hopes of adding significant value to its current $1.3 billion TVL. Its native 1INCH token will be wrapped and moved over to the new blockchain, automatically making 1INCH more scarce on the Ethereum blockchain.
1inch Exchange has moved 10 million 1INCH tokens to the Binance Smart Chain. That’s currently approximately 8% of the total supply.
They copied all features of their service to the Binance Smart Chain. This includes the 1inch Liquidity Protocol, the Aggregation Protocol and staking of 1inch tokens. The aggregator calculates the optimal trades for users across different decentralized exchanges, include the likes of PancakeSwap, JulSwap, Venus Finance, Bakery Swap and more.
Now the aggregator supports both Ethereum and BSC. In a reply to an user comment on Twitter, the developers responded, saying that ‘more chains are coming’.
Ethereum has been the leading platform for DeFi developments, but has serious competition from BSC. In terms of volume the newcomer has already overtaken Ethereum. Four out of the ten most used dapps in the blockchain space run on Binance Smart Chain.
DeFi Market Growth
The success of 1inch as an aggregator didn’t happen without a reason. Within the DeFi market users are always looking for the best trading opportunities as well as yield farming options. 1inch Exchange offers both.
Since the summer of 2020 DeFi has been a hot topic, and the main source of headaches for users of the Ethereum blockchain. Because of all the trading activity, gas prices have skyrocketed. This makes the services of an aggregator even more useful.
Early December to total value locked (TVL) in DeFi was approximately $15 billion, according to data from DappRadar. The TVL peaked at $51 billion on February 21st, falling back to $41 billion on Friday the 26th. These fluctuations are caused by the increase and decrease of BTC and others cryptocurrencies.