- Solana has seen a 33% increase in decentralized exchange (DEX) volume, highlighting growing user activity and network momentum
- Meanwhile, 1inch has launched on the network, bringing cross-chain swap capabilities that could further boost Solana’s DeFi ecosystem.
Solana has been performing strongly lately in the world of decentralized finance (DeFi). It has shown higher trading volume, more transactions, and more active users compared to some other networks in the last few months. This growing activity makes Solana an attractive place for platforms like 1inch to expand.
Making Crypto Swaps Better
1inch is a decentralised exchange (DEX) aggregator, a search engine for the best prices when you want to swap one cryptocurrency for another. By launching on Solana, 1inch now allows users to easily trade many different tokens that run on the Solana network.
This integration means users can use the 1inch app to trade Solana-based tokens. They can get the best possible trading rates and benefit from features that protect them from getting less crypto than they should. The system is built on open-source technology, meaning anyone can see how it works.
A key part of this launch is bringing 1inch’s Fusion protocol to Solana. Fusion lets users set their preferred conditions for a trade. Then, professional traders compete to fulfil these trades using a special auction system. When combined with Solana’s very fast transaction speeds, this setup should lead to quicker and smoother trades. According to a representative from 1inch, trading on Solana through their platform will have very low fees, potentially less than one cent per trade.
Looking ahead, 1inch plans to introduce cross-chain swaps in the next few months. This exciting development will allow users to swap crypto directly between Solana and more than 10 other blockchain networks that 1inch already supports. This will make moving assets between different networks much easier.
While a specific launch date for cross-chain swaps isn’t set, development is going well, and they expect it to be ready soon. Initially, this feature will work with the blockchains already connected to 1inch’s cross-chain system.
1inch’s decision to build on Solana is happening at a time when Solana is showing strong growth in DeFi. Data from the past three months shows Solana had significantly higher trading volume on DEXs, many more transactions, and a lot more active users compared to rivals like Ethereum and layer-2 networks.
A 1inch representative noted that both Solana and Ethereum are important for the future of DeFi. While Ethereum currently has more established networks and deeper pools of crypto to trade, Solana’s improved performance and increasing number of users make it a significant player in the space.
The integration also provides developers with tools through the 1inch Developer Portal. These tools will help them build new applications and services that use the 1inch and Solana infrastructure.
1inch has been working on making cross-chain trading easier for a while. They shared details about their plans in a white paper in September 2024 and later announced Fusion+, which allows users to swap assets across different networks while keeping control of their funds. Today, Solana is trading at $149.03, down 1.87% in the last 24 hours, with a trading volume of $ 3.54 B.