1inch Network Expands to Polygon
- Initially only five pools will be available to 1inch users, though more will be added over time.
- The move was in response to a massive request from the community to make Polygon available for swapping via 1inch.
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Popular decentralized exchange aggregator 1inch Network has expanded to Polygon (formerly Matic), an Ethereum layer-2 scaling solution, 1inch said in a blog post on 13 May.
According to the announcement, 1inch users will now be able to access a number of Polygon-based liquidity sources, including Curve, SushiSwap, QuickSwap, Aave V2 and Cometh. This will be the initial stage of 1inch’s expansion, with the platform saying more protocols will be added slowly over time. Sergej Kunz, co-founder of 1inch Network, said in a statement:
“Currently, the 1inch Aggregation Protocol is already deployed on Polygon, while the 1inch Liquidity Protocol and the 1inch Governance Protocol are expected to expand over to Polygon in the upcoming few weeks.”
Kunz stated that the 1inch community showed great interest in having access to Polygon-based liquidity sources after the aggregator had expanded to the Binance Smart Chain back in February. 1inch said in the blog post that Polygon was “vital” for helping Ethereum keep up with competing networks while it was transitioning to proof-of-stake.
The layer-2 scaling solution offers a high throughput of roughly 7,000 transactions per second by running parallel networks alongside the Ethereum blockchain. The protocol also runs a bridge connecting it to Ethereum, which provides traders with an easy way to transfer assets between the blockchains.
Since its launch, Polygon has become more and more popular within the DeFi community. Back in March, Aave — the second largest Ethereum DeFi project according to DeFi Pulse — also expanded to Polygon under its “New Frontiers” initiative. The move allowed Aave to escape the constantly high transaction fees on Ethereum, and bring DeFi “back into everyone’s hands, even those with 3 figure portfolios”.
- Binance has officially launched its $1 billion industry recovery fund, and said it is ready to set aside another $1 billion in the near future “if the need arises”.
- Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have all joined the fund with a combined contribution of $50 million.
Binance CEO Changpeng Zhao. CoinDesk
- MetaMask Bridges was designed to aggregate multiple blockchain bridges in one place, making it easier and more secure for users to transfer their assets from one network to another.
- The new feature currently supports the Ethereum, Avalanche, BNB Chain, and Polygon blockchains, as well as the Connext, Hop, Celer cBridge, and Polygon Bridge.
- The Monetary Authority of Singapore successfully completed a cross-currency transaction using DeFi technology as part of its Project Guardian initiative.
- Singapore’s DBS Bank, Japan’s SBI Digital, and J.P. Morgan all participated in the trials that were conducted on the Polygon blockchain.