{"id":180506,"date":"2023-08-25T01:39:46","date_gmt":"2023-08-25T01:39:46","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180506"},"modified":"2023-08-25T01:39:46","modified_gmt":"2023-08-25T01:39:46","slug":"1inch-launches-dex-aggregation-protocol-on-base-network","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/1inch-launches-dex-aggregation-protocol-on-base-network\/","title":{"rendered":"1inch Launches DEX Aggregation Protocol On Base Network"},"content":{"rendered":"
Decentralized exchange (DEX) aggregator 1inch Network has announced the expansion of its operations to Coinbase\u2019s Ethereum layer 2 (L2) network, Base.\u00a0<\/span><\/p>\n In a <\/span>blog post<\/span> published on Thursday, August 24, 1inch disclosed the deployment of its aggregation protocol and limit order protocol on the Coinbase-incubated Base network.\u00a0 The project’s team stated that this action is in line with their goal to expand in the decentralized finance (DeFi) industry.\u00a0<\/span><\/p>\n 1inch will begin its operation by aggregating liquidity across 15 decentralized exchanges on the Base network. These DEXs, including Uniswap and SushiSwap, also recently launched on Base.<\/span><\/p>\n Serg ej Kunz, co-founder of 1inch Network, stated the following regarding this development:<\/span><\/p>\n We are happy to expand to Base. The Base network is a very promising L2 solution, plus it\u2019s incubated by such a major player as Coinbase. In addition, we totally share Base\u2019s philosophy aimed at bringing the next billion users to blockchain.<\/span><\/p>\n<\/blockquote>\n Before this latest development, 1inch had already been deployed on various networks, including Ethereum, BNB chain, Avalanche, Polygon, Arbitrum, etc. Moreover, it is one of the leading DEX aggregators, with a <\/span>trading volume of over $1 billion<\/span> in the past week.\u00a0<\/span><\/p>\n The Base network has enjoyed significant interest and growth since opening its doors to the public on the 9th of August. As inferred earlier, 1inch is just one of the numerous prominent decentralized finance protocols launched on the layer 2 network over the past few weeks.\u00a0<\/span><\/p>\n Notably, the increasing popularity of decentralized social media platform Friend.tech has primarily contributed to Base\u2019s rising network activity in the last few days.\u00a0 Due to the platform’s growing traction<\/span>, Base\u2019s daily transaction-per-second (TPS) peaked at 15.88 on Monday, August 21, surpassing Ethereum and other layer 2 networks within the same day.<\/span><\/p>\n According to L2Beat data, Base currently sits third on the L2 network activity ranking, with a TPS of 8.6. Overall, this reflects a 73.74% increase in the past seven days.\u00a0<\/span><\/p>\n Following the BALD meme coin rug pull and other issues, it seemed like Base\u2019s growth would be deterred by an unfavorable reputation. However, with the recent DeFi activity surge, the network appears to rise above every negative sentiment surrounding it.<\/span><\/p>\n1inch’s Aggregation And Limit Order Protocols Go Live On Base<\/span><\/h2>\n
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A Testament To Growing Interest In Base?<\/span><\/h2>\n
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