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DEX Aggregator 1inch Expands to Fantom Network
The layer 1 blockchain protocol will afford 1inch users efficient transactions and deeper liquidity, said co-founder Sergej Kunz.
Decentralized Exchange (DEX) aggregator 1inch said in a press release Thursday it is expanding to the Fantom Network.
The integration will allow traders to source best execution across Curve, Saddle, SushiSwap and other crypto trading venues in Fantom’s cheap, Ethereum-compatible ecosystem. 1inch Network co-founder Sergej Kunz said in a press statement this means more efficient transactions and higher liquidity for users of 1inch’s aggregation and limit order protocol.
STORY CONTINUES BELOW
Already live on Ethereum, Avalanche, Optimism and other popular chains, 1inch has processed $177 billion in trading volume across 2.4 million wallets, according to its website. Its move to Fantom was sparked by the surging activity on the network.
Fantom “has received significant traction among users and intense volumes,” 1inch representative Pavel Kruglov told CoinDesk via Telegram.
Per DeFi Llama data, Fantom’s $5.9 billion in total value locked (TVL), a metric of on-chain activity, makes it the sixth-largest decentralized finance (DeFi) hub. 1inch is the fourth-largest DEX aggregator, according to data from DeBank.
1inch expanded onto layer 2 protocol Polygon last May. Kruglov said 1inch plans to support more networks, but declined to disclose names and timelines.
Cam Thompson
Cam Thompson was a Web3 reporter at CoinDesk. She is a recent graduate of Tufts University, where she majored in Economics and Science & Technology Studies. As a student, she was marketing director of the Tufts Blockchain Club. She currently holds positions in BTC and ETH.
