1inch Network Extends DeFi Ecosystem to Avalanche (AVAX) and Gnosis Chain

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2022-01-22 03:00:30

In order to continue driving the best transactions on its blockchain space, 1inch has announced the implementation of its latest aggregation and capped protocols on Avalanche (AVAX) and Gnosis Chain.

1inch Network Extends DeFi Ecosystem to Avalanche (AVAX) and Gnosis Chain

1inch has called the new partnerships a continuation of its quest to conquer the DeFi space. The team explains that they strive to provide high-speed and low-cost cross-chain transactions.

Thanks to the partnership with Avalanche, users can access a number of 1inch tools on the AVAX blockchain of the future, including 1inch Limited Ordering Protocol v2, Aave v2, SushiSwap, Trader Joe and YetiSwap.

Similarly, linking to Gnosis Chain will give users extended access to Curve v1, Honeyswap, Leviswap, SushiSwap and wxDai.

Previously, 1inch released Limited Ordering Protocol v2 in mid-December 2021, promising improved gas fees when swapping Ethereum tokens. The platform’s v1 limit order protocol launched in June 2021 has seen nearly 60,000 transactions worth $3 billion.

Besides, 1inch has just finished a Series B funding round worth $175 million with the participation of famous investment funds such as Amber Group, Jane Street, VanEck, Alameda Research, Celsius, Nexo and Gemini Frontier Fund. The project said it wants to use the fund to add services and facilities to attract traditional investors. 1inch co-founder Sergei Kunz shared:

“While continuing to maintain the satisfaction of existing DeFi users by providing cutting-edge products, 1inch also aims to be a gateway for organizations looking to be part of the DeFi space. .”

However, despite being very active and continuously receiving positive news, the price of 1INCH has continued its “bottom-finding” phase since its breakthrough growth to $7.73 at the end of December. At press time, 1INCH is trading around $1.96, down 8% over the past 24 hours due to Bitcoin’s massive dump pressure of $38,220.

1INCH/USDT price chart.  Source: Binance
1INCH/USDT price chart. Source: Binance

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