- 1inch Expansion: DEX aggregator 1inch deploys on the Coinbase-supported Base blockchain, joining the likes of Uniswap and Sushiswap.
- Advantageous Partnership: Base, with its Coinbase backing, offers promising integrations and fiat onramps for projects in its ecosystem.
1inch’s Strategic Alignment with Base
Amidst the dynamic shifts in the decentralized finance (DeFi) landscape, the 1inch Network has strategically chosen to broaden its horizons by aligning with Base – a rapidly emerging Ethereum layer-2 solution incubated by crypto behemoth, Coinbase. By successfully deploying both the 1inch Aggregation Protocol and the 1inch Limit Order Protocol on Base, the platform has positioned itself at the forefront of the evolving DeFi wave.
Differentiating itself from the typical instant conversions offered by other decentralized exchanges, 1inch’s limit order protocol presents a novel approach. It empowers investors with the autonomy to determine specific buy and sell order prices. Upon reaching these predetermined market prices, the orders are triggered for execution. This distinct mechanism presents an innovative edge in the realm of decentralized trading.
With its live status on Base, 1inch’s protocol will now seamlessly fetch pricing data from 15 diverse decentralized exchanges housed within the layer-2 network. Noteworthy platforms like Uniswap, Balancer, and Sushiswap have recently migrated to Base, further attesting to its growing influence since its mainnet inception on August 9th.
Commenting on this pivotal move, Sergej Kunz, co-founder of 1inch Network, emphasized the promising nature of Base as an L2 solution. He further underscored the significance of its association with a dominant force like Coinbase. Aligning with Base’s overarching mission, Kunz expressed 1inch’s shared vision to onboard the next billion users onto blockchain platforms.
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Furthermore, 1inch highlighted Base’s potential benefits from Coinbase’s product integrations, emphasizing the convenience of fiat onramps. Such integrations are poised to provide substantial support to projects thriving within this ecosystem.
A Closer Look at Base’s DeFi Dynamics
Recent trends reveal Base’s increasing traction, largely attributed to the surging popularity of social media app Friend.tech. This innovative application paves the way for the tokenization of Twitter accounts, granting “keys” holders exclusive access to private chat sessions. Impressively, Base’s transactional volume even eclipsed that of Ethereum on a recent Wednesday.
Nevertheless, while Base’s momentum is undeniable, the DeFi sector on the platform is still in its nascent stages. Predominantly driven by meme coin speculation, substantial trading activity revolves around it. Data insights from DEX Screener reflect this, highlighting that trading of fake tokens for Friend.tech made up a staggering portion of Base’s overall trade volume.
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