In short: 1inch protocol has announced its integration with Base, an Ethereum layer two solution backed by Coinbase Global. This integration allows users to access the 1inch Aggregation Protocol and the 1inch Limit Order Protocol through the Base network, providing lower transaction costs, higher speeds, and extra liquidity. With the integration, users also gain access to various decentralized exchanges on the Ethereum network and Binance Chain. The collaboration between 1inch and Base aims to bring more users to the blockchain and further mainstream adoption of digital assets and blockchain technology.
Our quick analysis:
Introduction:
In an exciting development for the decentralized finance (DeFi) ecosystem, the renowned 1inch protocol has teamed up with Coinbase-backed Ethereum layer two (L2) solution Base. This integration opens up a world of opportunities for 1inch users, with lower transaction costs, faster speeds, and increased liquidity on the horizon. Let's delve into the details of this groundbreaking partnership.
Enhanced Performance and Accessibility:
Thanks to the integration with Base network, 1inch protocol users can now enjoy the benefits of seamless access to the 1inch Aggregation Protocol and the 1inch Limit Order Protocol. This collaboration translates to reduced transaction costs and enhanced transaction speeds, empowering users with a smoother and more efficient DeFi trading experience.
Base, incubated by the renowned Coinbase Global, has quickly gained traction in the crypto community. Boasting deep liquidity sourced from both retail and institutional investors, the platform has already achieved an impressive milestone, surpassing 100,000 daily active users. It's no wonder that 1inch Network's co-founder, Sergej Kunz, expressed his enthusiasm for this partnership, recognizing Base as a highly promising L2 solution backed by a major player like Coinbase.
A Gateway to Diverse Protocols:
With the combination of 1inch and Base networks, users gain access to a vast array of protocols across prominent decentralized exchanges (DEX) on both Ethereum and Binance Chain (BSC). This integration offers direct access to protocols like Uniswap, Balancer, SushiSwap, BaseStarter, and many more. The collaborative efforts of 1inch and Base demonstrate their commitment to bringing the next billion users into the blockchain ecosystem.
Driving Mainstream Adoption:
The advent of mainstream adoption in the cryptocurrency industry heavily relies on secure and scalable interchain infrastructure in the DeFi space. Many potential crypto users are deterred by the complexities of connecting their assets across different chains. However, this partnership indicates a significant step forward in addressing these challenges head-on.
Coinbase's focus on scaling the Ethereum blockchain with lower fees through Base network is a welcome development. Unlike other L2 networks that introduce native tokens to fund their underlying protocols, Base prioritizes delivering scalable infrastructure for Ethereum network users. This approach aligns well with the aspirations of 1inch and its commitment to providing liquidity services to mainstream users.
The 1inch network plays a pivotal role in facilitating seamless asset bridging among different chains. Its integration with decentralized exchanges like PancakeSwap, Trust Wallet, and Uniswap empowers users with easy and efficient swapping capabilities. Boasting over 400 liquidity sources and facilitating a total volume of more than $358 billion, the 1inch protocol has garnered trust and widespread adoption from millions of users across the globe.
Conclusion:
The collaboration between 1inch protocol and Coinbase-backed Base network ushers in an exciting chapter for the DeFi community. With enhanced liquidity options, reduced costs, and improved transaction speeds, users are poised to enjoy a seamless DeFi experience. As the industry continues to devise solutions that bridge the gap between traditional finance and decentralized systems, partnerships like this pave the way for mainstream adoption of digital assets and blockchain technology. Stay tuned for more groundbreaking developments from the ever-evolving realm of DeFi.
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Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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