1inch Network expands to Avalanche and Gnosis Chain

Altcoins

The 1inch Network announced on Wednesday its plans to deploy the 1inch Aggregation Protocol on Avalanche and the 1inch Limit Order Protocol on Gnosis Chain, formerly known as the xDai Chain. In a statement shared with Cointelegraph, the 1inch Network expressed its aim to further expand its capabilities within the decentralized finance, or DeFi, industry.

“1inch’s main goal is to offer users the best deals across the blockchain space,” said Sergej Kunz, 1inch Network co-founder, adding that the expansion to Avalanche and Gnosis Chain “will offer 1inch users more options for cheap and fast transactions.”

Avalanche (AVAX) is a quickly growing cross-chain network whose TVL, according to DeFi Llama, stood at $10.4 billion at the time of publication. However, the AVAX token has been subject to vulnerability as part of the Multichain hack this week.

According to the statement, a number of protocols will be immediately available via 1inch on Avalanche, including 1inch Limit Order Protocol, Aave, Baguette, Canary Exchange, Pangolin, SushiSwap and Trader Joe.

Related: 1inch Network concludes $175M Series B led by Amber Group

Gnosis Chain (GNO) had a TVL of $21.5 billion at the time of publication, according to DeFi Llama. The largest DEX on Gnosis Chain is Curve v1, and other protocols immediately available on Gnosis include the 1inch Limit Order Protocol, Elk Finance, Honeyswap, Levinswap and SushiSwap.

Products You May Like

Articles You May Like

Failed exit? Traders complain Crypto.com reversed profitable LUNA transactions
Polkadot vs. Ethereum: Two equal chances to dominate the Web3 world
Buy the dip, or wait for max pain? Analysts debate whether Bitcoin price has bottomed
3 reasons why Cardano can sink further despite ADA price bouncing 58%
DeFi transforming lending routes on the blockchain