TL;DR Breakdown:
- 1inch Network has launched on Avalanche and Gnosis Chain.
- In 2021, the protocol was also deployed on Optimistic Ethereum and Abritrum.
- With over one million users, the network records a total volume of $122 billion.
Popular decentralized exchange (DEX) aggregator 1inch Network on Thursday expanded to two of the fast-growing blockchains. Per the announcement, the 1inch Aggregation Protocol and the Limit Order Protocol have been launched on Avalanche and Gnosis Chain, previously known as xDai Chain, respectively.
1inch Network expands
By becoming multi-chain, users are provided more options for faster and low-cost transactions. As an aggregator, the primary goal of the network is to provide “users the best deals across the blockchain space,” says co-founder of 1inch Sergej Kunz. “To achieve that, 1inch protocols constantly expand to new chains.”
KyberSwap, SushiSwap, and 12 other protocols are immediately available through 1inch on the Avalanche blockchain, while only nine protocols are currently available on the Gnosis Chain.
Last year, 1inch Network expanded to two of Ethereum’s scaling solutions, the Optimistic Ethereum and Abritrum: providing users a medium with higher throughput and lower fees for when using Ethereum.
Nearly 100k monthly active users
On January 17, the network was rated the 9th largest decentralized protocol on the Binance Smart Chain by active users. The protocol recorded over 99k monthly active users, constituting a combined volume of $132 million within that period. Total trading volume on the platform has crossed $122 billion, according to Dune.
At the time of writing, the 1INCH token was up by 5% on the 24 hours chart, with the price around $2.22. Since hitting an all-time high of $7.87 per Coinmarket, the token has gradually dropped by over 70 percent. However, the performance in the last 24 hours is giving off an impressive picture, as bitcoin tries to recover from the bear market.
