1inch Protocol Expands Services to Ethereum-based and Coinbase-backed L2 Network Base
1inch network announced that its limit order protocol has been deployed on a Coinbase-backed Base with direct access to several DeFi projects like Uniswap V3, and Balancer V2, among others.
Leading DeFi liquidity aggregator network, 1inch protocol, announced its integration with Coinbase Global Inc (NASDAQ: COIN)-backed Ethereum (ETH) layer two solution Base. According to the announcement, the 1inch Aggregation Protocol and the 1inch Limit Order Protocol can now be accessed through the Base network. Through the integration with the Base network, 1inch protocol users get access to lower transaction costs and higher speeds, as well as extra liquidity.
Moreover, Coinbase Global is a respected cryptocurrency exchange around the world with deep liquidity provided by both retail and institutional investors. Interestingly, the cryptocurrency exchange announced the launch of the Base network earlier this month and the number of daily active users has surpassed 100k.
“We are happy to expand to Base,” Sergej Kunz, the co-founder of 1inch Network, noted. “Base 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 the blockchain.”
Following the integration of 1inch and Base networks, users have direct access to different protocols including Leading decentralized exchanges (DEX) on the Ethereum network and Binance Chain (BSC).
6/ Protocols immediately available via #1inch on #Base are: @Uniswap v3, @Balancer v2, @SushiSwap v3, @basestarter_, @kokonutswap, @RSwapOfficial, @swap_based, @synthswapio, @horizondex_io, @VelocimeterDEX, 1inch LOP v3, @mavprotocol, @DackieSwap, @AlienBaseDEX and @_WOOFi.
— 1inch Network (@1inch) August 24, 2023
1inch and Base Network at the Center of Crypto Mainstream Adoption
Mainstream adoption of digital assets and blockchain technology is largely held hostage by the deficiencies of secure, scalable Interchain infrastructure in the DeFi ecosystem. Most first-time crypto users have little understanding of how to connect their assets with different chains with minimum friction. However, there is a light at the end of the tunnel, as top crypto firms team up to counter the challenges facing the industry.
Notably, Coinbase Global announced that the Base network will be focused on scaling the Ethereum blockchain with lower fees at a faster rate. Furthermore, Coinbase highlighted that Base has no intention of issuing a token like many other L2 networks that use their native coins to fund the underlying protocols. Instead, Coinbase highlighted that it will focus on delivering scalable infrastructure for the Ethereum network users.
On the other hand, the 1inch network provides crucial liquidity services to mainstream users both directly and indirectly. For instance, a 1inch network can be connected directly with one’s crypto wallet to safely bridge assets between different chains. Additionally, the 1inch protocol has been integrated by several decentralized exchanges like PancakeSwap, Trust Wallet, and Uniswap to enable seamless swapping capabilities.
According to 1inch official website, it has over 400 liquidity sources and facilitates more than $358 billion in total volume. Additionally, the 1inch network takes pride in more than 7.8 million wallets created and facilitated over 56 million in total trades.
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