Continuing its search for the “best deals in 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:
“The 1-inch Aggregation Protocol and 1-inch Limited Order Protocol have been deployed on the 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 1 inch Limit Order Protocol v2, Aave v2, SushiSwap, Trader Joe and YetiSwap.
Likewise, the tie-up with Gnosis Chain will allow users to access many 1 inch protocols including 1 inch 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 the Limited Order Protocol v2 in mid-December 2021 which promises gasless exchange of certain coins into ETH tokens. Its limited order protocol v1 released in June 2021 recorded nearly 60,000 transactions worth $3 billion.
The v2 Limit Order Protocol brings many new features, but most importantly, Gas Efficiency and token swaps into ETH.
Series B financing of $175 million
The popular DeFi project recently closed a $175 million Series B funding. He said he wants 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 who led the $175 million investment round, said his team was “impressed” with 1inch’s dedication to delivering innovative products. Therefore, both parties have an aligned vision to build the “go-to hub of the DeFi ecosystem.”
