1inch network, a decentralized exchange aggregator, has launched on the Solana blockchain to provide advanced services. The DEX platform confirmed the launch on Tuesday via a post on its official page on X, describing the development as a crucial step towards actualizing a unified multichain DeFi ecosystem.
As announced, users can now trade all Solana-based cryptocurrencies through the 1inch decentralized platform. By that, traders will enjoy cheap rates on onchain swaps, access to open-source smart contract infrastructure, and six other developer APIs.
Furthermore, 1inch disclosed that it will integrate its Fusion protocol with the Solana network, activating its MEV-protected swaps for all the tokens based on the blockchain. The 1inch Fusion permits users to determine their preferred swap parameters while competing market makers otherwise known as “resolvers” help execute the transaction using Dutch auctioning style.
The model allows traders to optimize swap rates as the offer mostly starts high and reduces until a resolver accepts to execute the swap. Thanks to this system, the Fusion protocol helps to reduce spillage and swap prices.
Additionally, the swap engine that powers Fusion is based on the 1inch Aggregation Protocol and Limit Order Protocol, which further help ensure enough liquidity. According to the platform, the integration will ensure watertight security during Solana swaps, a move that further aligns with the ambition of 1inch to make the DeFi space safer.
In addition to the minimal rate, 1inch said traders should expect more efficient and seamless transaction completion while trading Solana tokens on its platform citing the ultra-fast speed of the network.
Side note on 1inch
Also, the DEX aggregator said that it aims to unveil cross-chain swaps that will connect Solana with 10 other blockchains supported by the platform to bridge the network’s liquidity with the broader DeFi space. However, 1inch failed to give insight into the launching date of the swap feature and the proposed list of the supported networks.
Meanwhile, the integration with Solana surfaced shortly after 1inch partnered with a multi chain wallet, Infinex to enhance access to the DeFi space. According to a Binbits report, Infinex narrated how the collaboration will allow users to enjoy more liquidity ensuring faster and cheaper swaps.
Also, in the past, 1inch made a move to establish its presence beyond the DeFi space. In 2023, the platform worked with Kriptomat, a fast-rising exchange to allow players buy in-game tokens using fiat currencies.
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