1inch Network Expands to Coinbase’s Base Network
Decentralized exchange (DEX) aggregator 1inch Network has announced that it is expanding its operations to Coinbase’s Ethereum layer 2 (L2) network, Base. This move is in line with 1inch’s goal to expand in the decentralized finance (DeFi) industry.
Key Points:
- 1inch has deployed its aggregation protocol and limit order protocol on the Coinbase-incubated Base network.
- The project will begin by aggregating liquidity across 15 decentralized exchanges on Base, including Uniswap and SushiSwap.
- Serg ej Kunz, co-founder of 1inch Network, expressed excitement about this expansion and praised Base’s promising L2 solution.
- 1inch is already deployed on various networks and is one of the leading DEX aggregators, with a trading volume of over $1 billion in the past week.
- The Base network has seen significant growth and interest since its public launch, with 1inch being just one of the many DeFi protocols launched on the network.
A Testament to Growing Interest in Base?
Despite initial concerns about Base’s reputation after issues like the BALD meme coin rug pull, the network has seen a surge in DeFi activity. Base currently ranks third in L2 network activity, reflecting a 73.74% increase in the past seven days. The growing popularity of decentralized social media platform Friend.tech has contributed to Base’s rising network activity.
Hot Take:
The expansion of 1inch Network to Coinbase’s Base network showcases the growing interest and potential of the decentralized finance industry. With the continuous development of L2 solutions and the increasing adoption of DeFi protocols, Base has overcome initial challenges and is becoming a prominent player in the space.
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