2021-03-22 14:01:54
The 1inch team has released the third version of the aggregate protocol, a tool that routes transactions across all decentralized exchanges on Ethereum, and more recently, Binance Smart Chain. Using a new 1inch synthesizer saves gas costs compared to using directly Uniswap or other DEXs.
The aggregate protocol computes the transaction most beneficial for the token and a given order size, capable of dividing a large order into pieces across several decentralized exchanges.
In the past, this tool was mainly useful for wealthy traders, where slippage was an important factor in decentralized financial trading. The system consumes more gas fees than using the direct DEX protocol, which means the product is not attractive to smaller traders.
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🦄 Сutting through space and time, breaking through distorted blocks of information, # 1inch mascot has finally managed to solve the mystery of low transaction fees.
🎆 Meet the Aggregation Protocol v3 and use 1inch as a single point for all your #DeFi needs 🎆 pic.twitter.com/iedKUESpPq
– 1inch.exchange (@ 1inchExchange) March 16, 2021
1Inch claims the V3 release introduces the gas optimization that makes the protocol cheaper than using Uniswap or 0x directly. In the tests performed by the team, the 1-inch V3 combo device was about 10% cheaper gas than similar deals done via Uniswap and about 5% cheaper than 0x. Compared to the 1inch V2, gas costs are reduced by up to 30%.
Hence, 1inch’s router only replaces Uniswap while using the same group, which explains how an aggregator can be cheaper than using it directly.
This is not the first time that 1inch has targeted Uniswap in its activities. The 1inch team hopes that the new V3 will be deployed effectively and replace the previous version, fair competition with Uniswap.
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Key feature # 2
🎯 # 1inch aims to further solidify its leading positions in the #DeFi space. So now you get access not to just pools, but to an ocean of available #liquidity 🌊 pic.twitter.com/X5HnHKsyn2
– 1inch.exchange (@ 1inchExchange) March 16, 2021
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