Home Editor's Pick 1inch Launches on Solana, Plans Cross-Chain Swaps for Over 1 Million Solana Tokens

1inch Launches on Solana, Plans Cross-Chain Swaps for Over 1 Million Solana Tokens

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1inch Solana Launch

1inch Expand to Solana:– In a major move for DeFi, the multi-chain DEX aggregator 1inch has expanded to Solana. With the integration, the on-chain swaps for over 1 million tokens are now live on the network.

This means that users can now access trade and swaps for over 1 million Solana-based tokens using the DEX aggregator 1inch’s dApps.

The integrations comes as Solana’s DEX activity continues to outperform. Over the past week, Solana-based DEX volume has jumped by roughly 44%.

With 16% week-over-week gain, it has surpassed Ethereum’s Layer-2s with the total DEX trading volume hitting $50.7 billion

1inch Integration on Solana – What it Brings

Apart from the On-chain swaps, it has also bring in Fusion protocol and six developer APIs to the leading blockchain network, Solana.

Fusion protocol will allow users to place swap orders. Such orders will be executed by professional market makers called resolvers which use all the available liquidity sources.

Users will also be able to define their desired trade parameters. Based on the paramenters, the resolvers would compete to fill the orders under Dutch auction mechanics. In Dutch mechanism, the exchange rate starts high and gradually decreases until a resolver accepts the order.

Further, for developers, 1inch Developer Portal’s existing toolkit of APIs now immediately gains Solana support.

According to its blog post, this includes Swap API, Balance API, Token API, Spot Price API, Transaction Gateway API, Gas Price API, Cross-chain API.

This move comes as a boost for the exchange’s vision of a “unified multi-chain” DeFi ecosystem.

Top Solana tokens that will available on 1inch include naitve Solana (SOL),  Jupiter (JUP), Raydium (RAY), Bonk (BONK) among others.

What’s Next

1inch has also revealed plans to roll out cross-chain functionality in the coming months. This willl allow swaps between Solana and more than 10 other blockchains supported by 1inch.

With cross-chain swaps soon to roll out, liquidity fragmentation across major chains would shrink, roll out.

This will bring in a unified trading experience for users and help onboarding new users at scale – boosting DeFi significntly.

 

Also Read: How High Can XRP Price Go!

The post 1inch Launches on Solana, Plans Cross-Chain Swaps for Over 1 Million Solana Tokens appeared first on CoinGape.

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