Decentralized exchange (DEX) aggregator 1inch Network has announced the expansion of its operations to Coinbase’s Ethereum layer 2 (L2) network, Base.
1inch’s Aggregation And Limit Order Protocols Go Live On Base
In a blog post published on Thursday, August 24, 1inch disclosed the deployment of its aggregation protocol and limit order protocol on the Coinbase-incubated Base network. The project’s team stated that this action is in line with their goal to expand in the decentralized finance (DeFi) industry.
1inch will begin its operation by aggregating liquidity across 15 decentralized exchanges on the Base network. These DEXs, including Uniswap and SushiSwap, also recently launched on Base.
Serg ej Kunz, co-founder of 1inch Network, stated the following regarding this development:
We are happy to expand to Base. The Base network is a very promising L2 solution, plus it’s incubated by such a major player as Coinbase. In addition, we totally share Base’s philosophy aimed at bringing the next billion users to blockchain.
Before this latest development, 1inch had already been deployed on various networks, including Ethereum, BNB chain, Avalanche, Polygon, Arbitrum, etc. Moreover, it is one of the leading DEX aggregators, with a trading volume of over $1 billion in the past week.
A Testament To Growing Interest In Base?
The Base network has enjoyed significant interest and growth since opening its doors to the public on the 9th of August. As inferred earlier, 1inch is just one of the numerous prominent decentralized finance protocols launched on the layer 2 network over the past few weeks.
Notably, the increasing popularity of decentralized social media platform Friend.tech has primarily contributed to Base’s rising network activity in the last few days. Due to the platform’s growing traction, Base’s daily transaction-per-second (TPS) peaked at 15.88 on Monday, August 21, surpassing Ethereum and other layer 2 networks within the same day.
According to L2Beat data, Base currently sits third on the L2 network activity ranking, with a TPS of 8.6. Overall, this reflects a 73.74% increase in the past seven days.
Following the BALD meme coin rug pull and other issues, it seemed like Base’s growth would be deterred by an unfavorable reputation. However, with the recent DeFi activity surge, the network appears to rise above every negative sentiment surrounding it.
1INCH price on a downward trend on the daily timeframe | Source: 1INCHUSDT chart on TradingView
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Author: Opeyemi Sule