The popular decentralized exchange 1inch has announced that the second version of its limit order protocol is now live. One of the most important features of the project is to allow users to place gas-free limit orders to exchange them for dozens of ETH tokens supporting permits.
1inch V2 Limit Order Protocol Goes Live
The project highlighted the launch in a press release shared with CryptoPotato. The document informed that ever since the launch of the v1 of the limit order protocol in June this year, it has attracted over 20,000 users who executed nearly 60,000 trades. The total value is just shy of $3 billion.
With anticipation building for the second release, 1inch said they’ve worked on optimizing trading functionality, including perhaps the most crucial issue in the DeFi world right now – gas efficiency.
The release of V2 comes with a refactored, optimized, and simplified code, allowing different types of orders to be moved to separate files. According to the DEX, this has improved the user experience, making transactions cheaper.
Perhaps the most notable feature introduced by 1 inch in V2 is the ability to make it easier to place gas-less orders to trade ETH tokens. The team explained it as follows:
“A user can create a limit order to swap for ETH any token that they received in an airdrop or bought for fiat, as long as the token supports permits, even if their ETH balance is 0.”
It will allow users without ETH to trade with tokens that support permissions. According to 1inch, there are currently 112 of these tokens on Ethereum, 33 on BSC, and 15 on Polygon, including USDC, AAVE, UNI, DAI, 1INCH, BAL, etc.
Other Improvements
Aside from the above, 1inch also outlined several other upgrades. These include the optimization of the RFQ feature, which now allows for more efficient offerings for market makers. They can now set a specific taker for fill with a permit.
In addition, users will be able to immediately see whether their orders have been fully filled or canceled. V2 supports ERC-721 and ERC-1155 tokens, moved to separate smart contracts to improve the security of the new platform.
1inch said that the V2 protocol had been independently audited by several well-known auditors, including ABDK, Chainsulting, MixBytes, Pessimistic, and Certik.
