Key Points:
- 1inch deploys aggregation & limit order protocols on Base.
- Expands Base’s DEX ecosystem by aggregating liquidity from 15 exchanges.
- Base’s thriving growth fueled by DeFi protocols like 1inch & rising user adoption.
1inch Network, the decentralized exchange (DEX) aggregator, has unveiled its expansion onto Coinbase’s Ethereum layer 2 (L2) network, known as Base.
Effective Implementation of 1inch’s Aggregation and Limit Order Protocols on Base
In a recent blog post published on Thursday, August 24, 1inch Network revealed the successful deployment of both its aggregation protocol and limit order protocol on Base, the Ethereum L2 network incubated by Coinbase. This strategic move aligns with the project’s ambition to foster growth within the decentralized finance (DeFi) sector.
Initial operations for 1inch on Base will involve the aggregation of liquidity from 15 decentralized exchanges that operate on the network. These prominent DEXs, which include platforms like Uniswap and SushiSwap, have recently established their presence on Base as well.
Serg ej Kunz, one of the co-founders of 1inch Network, expressed his enthusiasm about this milestone:
“We are delighted to extend our services to Base. The Base network exhibits tremendous potential as an L2 solution, and its association with a major player like Coinbase is noteworthy. Moreover, our alignment with Base’s mission to onboard the next billion users to blockchain resonates with our own values.”
Prior to this significant development, 1inch had already established its presence across various networks, including Ethereum, Binance Smart Chain (BNB), Avalanche, Polygon, Arbitrum, among others. Furthermore, 1inch stands as a leading DEX aggregator, boasting a trading volume exceeding $1 billion in the preceding week.
A Testimony to Base’s Increasing Appeal?
Since its public launch on August 9th, the Base network has garnered considerable attention and experienced substantial growth. As previously hinted, 1inch is merely one of the several notable DeFi protocols to make their debut on this layer 2 network in recent weeks.
Particularly notable is the significant rise in popularity of the decentralized social media platform Friend.tech, which has notably contributed to the heightened network activity on Base in recent days. This surge in traction led to Base achieving a peak daily transaction-per-second (TPS) of 15.88 on Monday, August 21, a figure surpassing that of Ethereum and other layer 2 networks on the same day.
According to data from L2Beat, Base presently holds the third position in terms of L2 network activity rankings, boasting a TPS of 8.6. Overall, this marks an impressive 73.74% increase in activity over the past seven days.
Despite initial concerns following incidents like the BALD meme coin rug pull, Base’s trajectory seemed uncertain. However, the recent surge in DeFi activity has evidently propelled the network beyond negative sentiments, showcasing its resilience and potential for growth.
