In a major move that promises to reshape the decentralized finance (DeFi) landscape, 1inch Network has announced its strategic expansion on Base, the Layer-2 scalability solution for Ethereum developed by Coinbase, the popular cryptocurrency exchange.
This expansion is expected to open new doors for 1inch users, introducing them to a realm of increased liquidity, reduced transaction costs and faster transaction speeds.
The implementation of 1inch protocols on Base, the Ethereum layer-2 of the Coinbase exchange
Base, conceived and developed as an Ethereum Layer-2 (L2) solution, boasts a number of attributes that are poised to redefine its capabilities for decentralized applications (dApps).
Among its most valued features are enhanced security, increased stability and scalability, all while operating in an environment compatible with the Ethereum virtual machine (EVM).
However, the most attractive aspect of Base is its ability to offer these advances at a significantly lower cost than traditional Ethereum transactions.
The strategic alignment with Base represents a natural progression for the 1inch Network as it continues its pioneering journey in the dynamic DeFi landscape.
With the implementation of the 1inch Aggregation Protocol and the 1inch Restricted Order Protocol on Base, users of the 1inch platform can now experience the many benefits of this burgeoning L2 solution.
1inch co-founder’s enthusiasm for new milestone
Sergej Kunz, co-founder of 1inch Network, expressed enthusiasm for the expansion, stating:
“We are happy to expand to Base. Base is a very promising L2 solution, plus it is incubated by a major player like Coinbase. In addition, we totally share Base’s philosophy of bringing the next billion users to the blockchain.”
This alignment not only underscores the strategic synergy between the two entities, but also indicates endorsement of Base‘s vision for a more accessible and efficient blockchain ecosystem.
Coinbase: the importance of 1inch in the Base ecosystem, layer-2 of Ethereum
The launch of Base’s mainnet on 9 August marked a pivotal moment in its journey, opening its doors to the general public. The number of daily active users on the network quickly surpassed the 100,000 mark, demonstrating the growing demand for advanced scalability solutions.
In addition, the network’s daily transaction volume has begun to approach the figures recorded on the most distinguished Optimistic Rollup scalability solutions, namely Optimism and Arbitrum.
This growing adoption testifies to Base’s ability to address the critical challenges of security, scalability and cost efficiency.
The symbiotic relationship between the 1inch network and Base is poised to provide a number of tangible benefits to users.
When 1inch protocols become part of Base, users will have access to a Layer-2 solution that offers an attractive combination of faster transaction times and lower fees.
This is particularly pertinent in the context of the Ethereum network’s ongoing struggle with scalability and rising gas fees.
Protocols immediately available on 1inch
Specifically, protocols immediately available through 1inch on Base include Uniswap v3, Balancer v2, SushiSwap v3, Base Swap, Kokonut Swap, Rocket Swap, SwapBased, SynthSwap, HorizonDEX, Velocimeter v2, and the 1inch Limit Order Protocol v3, among others.
This impressive array of supported protocols not only underscores the comprehensiveness of the integration, but also positions 1inch users at the forefront of the DeFi revolution, where access to diverse and dynamic options is critical.
The ripple effect of this expansion extends beyond the immediate user base. Base’s affiliation with Coinbase offers the advantage of seamless integration with Coinbase’s suite of products and services, including easy access to fiat currency.
This synergy brings projects deployed on Base to the forefront, providing them with access to a large ecosystem of users and potential users.
Conclusions
To conclude, the expansion of the 1inch Network to Base is a testament to the rapidly evolving landscape of DeFi. By leveraging the advanced capabilities of Base’s Layer-2 Ethereum scalability solution, 1inch users are poised to usher in a new era of increased transaction efficiency, reduced costs, and increased liquidity.
With the seamless integration of 1inch protocols with Base, the way is paved for a future in which DeFi’s capabilities will no longer be hampered by the limitations of the underlying blockchain infrastructure.
Anticipation for this transformative synergy between 1inch and Base continues to grow, offering a glimpse into the future of decentralized finance.