Following the latest reports, 1inch, a leading decentralized exchange (DEX) aggregator, has announced its integration with the Solana blockchain. This brings 1inch’s Fusion protocol to Solana, enabling users to execute secure token swaps with optimized rates and minimal fees. As 1inch expands to Solana, it allows for upcoming cross-chain swap functionality, further unifying major DeFi ecosystems.
Fusion Protocol Debuts on Solana
The integration introduces 1inch’s proprietary Fusion protocol to the Solana network. Fusion allows users to define their ideal swap parameters, which are then executed by professional market makers, known as “resolvers,” through Dutch auction mechanics. This system enhances swap execution by offering competitive pricing mechanisms and minimizing slippage.
Combined with Solana’s ultra-fast block times and low transaction fees, the Fusion protocol promises more efficient and seamless trading experiences. Users can now trade over 1 million Solana-based tokens directly through the 1inch decentralized application (DApp), benefiting from maximal extractable value (MEV)-protected swaps and open-source smart contract infrastructure.
Minimal Fees and Developer Tools
A 1inch representative reveals the cost-effectiveness of swaps on Solana, stating that users can expect transaction costs of less than one cent. This affordability is an advantage for traders seeking efficient and economical transactions.
Additionally, as 1inch expands to Solana, it includes access to six APIs through the 1inch Developer Portal, providing developers with tools to create new DApps and services on top of the 1inch-Solana infrastructure. These APIs encompass Swap API, Balance API, Token API, Spot Price API, Transaction Gateway API, and Gas Price API .
Cross-Chain Swap Functionality on the Horizon
Looking ahead, 1inch plans to roll out cross-chain swap functionality in the coming months. This feature aims to allow swaps between Solana and more than 10 other blockchains already supported by 1inch, including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Arbitrum, Optimism, Gnosis Chain, Base, and zkSync Era.
While there is no fixed launch date, development is progressing well, and the company expects the feature to go live in the near future. The cross-chain swaps will initially support the 10 blockchains already integrated into 1inch’s cross-chain swap ecosystem, with the final list to be confirmed closer to launch .
1inch’s expansion into Solana comes as the blockchain has outperformed Ethereum and layer-2 networks in several key DeFi metrics. Over the past three months, Solana posted a 33% higher DEX trading volume ($539 billion), handled 400% more transactions, and hosted 180% more active addresses than its rivals .
Conclusion
The integration of 1inch with Solana is a step toward a unified multichain DeFi ecosystem. By combining 1inch’s advanced aggregation and swap functionalities with Solana’s high-performance blockchain, users can expect enhanced trading experiences characterized by speed, efficiency, and cost-effectiveness. The forthcoming cross-chain swap functionality further promises to bridge liquidity across major blockchains, fostering greater interoperability and innovation within the DeFi space.
FAQs
What is 1inch?
1inch is a decentralized exchange (DEX) aggregator that sources liquidity from various exchanges, enabling users to find the most efficient swap routes across multiple platforms.
What is the Fusion protocol?
Fusion is 1inch’s proprietary protocol that allows users to set specific swap parameters. Professional market makers, or “resolvers,” then execute these swaps using Dutch auction mechanics to ensure optimal pricing and minimal slippage.
Why is 1inch integrating with Solana?
The integration leverages Solana’s high throughput and low transaction fees, enhancing the efficiency and cost-effectiveness of swaps. It also aligns with 1inch’s vision of a unified multichain DeFi ecosystem.
What are the benefits for developers?
Developers gain access to six APIs through the 1inch Developer Portal, facilitating the creation of new DApps and services on the 1inch-Solana infrastructure.
When will cross-chain swaps be available?
While there’s no fixed launch date, 1inch plans to roll out cross-chain swap functionality in the coming months, initially supporting over 10 blockchains already integrated into its ecosystem.
Glossary
Decentralized Exchange (DEX): A platform that allows users to trade cryptocurrencies directly with one another without the need for intermediaries.
Aggregator: A tool or platform that compiles data from multiple sources to provide users with comprehensive information or services.
Fusion Protocol: 1inch’s proprietary protocol enables users to set specific swap parameters, executed by professional market makers through Dutch auction mechanics.
Dutch Auction: A bidding process where the price of an item is lowered until it meets a responsive bid, ensuring optimal pricing.
Cross-Chain Swaps: The ability to exchange tokens across different blockchain networks seamlessly.
Sources
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