The decentralized exchange (Dex) combined -with 1inch launched Solana, marking a significant step toward its vision of a “united multichein” decentralized financial ecosystem (DEFI).
According to a press release shared with Cointelegraph, the integration allows users to trade more than 1 million Solana-based tokens directly through 1inch decentralized application (DAPP), which benefits from the highest-protected swaps protected by value, optimized rates and open resources of the intelligent infrastructure.
The move brings a fusion protocol of 1inch to Solana for the first time. Fusion allows users to specify their perfect replacement parameters, which are then executed by competing professional market makers, or “resolvers,” using Dutch auction mechanics.
Combined with Solana’s ultra-fast blocks, setup promises better and seamless trading implementation than other networks.
A 1inch representative Cointelegraph said users could expect “minimal fees” when Solana implemented swaps. “Users can expect costs less than one cent,” they said.
Related: Solana’s loopscale stops lending after $ 5.8m hack
1inch to launch Crosschain Swaps for Solana
In addition to enabling Solana -based swaps, 1inch revealed plans to roll Crosschain operating In the coming months, aimed at allowing swaps between Solana and more than 10 other blockchains supported by 1inch.
“At this stage, there is no fixed launch date,” said the 1inch representative. “However, the development is advancing well, and we expect the feature to live in the coming months.”
The representative said Crosschain swaps would first support 10 blockchains integrated with the 1inch Crosschain ecosystem. The final list will be confirmed closer to launch.
Expanding 1inch in Solana came as the blockchain was outperformed Ethereum and Layer-2 network on several major Defi metrics.
Over the past three months, it has posted a 33% higher DEX trading volume ($ 539 billion), administers 400% more transactions, and hasts 180% more active addresses than its rivals, According to in data from dune analytics.
Related: Solana Whale seated at $ 153m income after 4-year staking play
“Both Solana and Ethereum are playing critical roles in the emerging defi landscape,” said the 1inch representative.
They said that as the effects on the Ethereum network and the depth of liquidity continue to lead today, Solana’s performance improvements and growing adoption make it a serious contender.
The integration also includes access to six APIs through the 1inch Developer portal, which provides tools to the builder to create new dapps and services on top of the 1inch-Slana infrastructure.
On September 12, 2024, 1inch first expressed its solution details on crosschain interoperability issues when it Published a white paper Regarding the intention of this intention, crosschain interoperability protocol is developing.
On September 18, 2024, the Dex aggregator Announced “Fusion+” to allow users to change Their digital assets crosschain while maintaining self-custody of property.
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