1inch Expands to Solana, Targeting Over 1M Tokens

Decentralised finance (DeFi) aggregator 1inch has officially launched on the Solana blockchain, marking a significant expansion for the platform

Decentralised finance (DeFi) aggregator 1inch has officially launched on the Solana blockchain.

The integration allows users to trade over a million Solana-based tokens directly via the 1inch decentralised application (DApp), taking advantage of MEV-protected swaps, optimised rates, and a transparent, open-source contract infrastructure.

The platform is known for offering users the best token swap rates across multiple decentralised exchanges (DEXs), combining several liquidity providers to offer optimal pricing for each transaction.

As one of the fastest and most scalable blockchains on the market, Solana presents an appealing environment for DeFi protocols seeking to expand their services and reach a broader user base.

With 1inch now on Solana, users can easily access and use the aggregator’s services, while also enjoying the benefits of Solana’s high throughput and low transaction costs.

This launch also marks a significant step in 1inch’s broader mission to become the leading DEX aggregator across all major blockchains.

While the platform already supports Ethereum, BNB Chain, Polygon, Avalanche, and others, Solana’s addition is particularly noteworthy due to the network’s increasing popularity and unique technical architecture. To navigate Solana’s ecosystem, 1inch has deployed its Aggregation Protocol and Pathfinder algorithm, optimised for the blockchain’s exceptional design and transaction flow.

To integrate with Solana’s DeFi ecosystem, 1inch has partnered with ChainHarbor, a leading cross-chain liquidity provider and technology enabler. ChainHarbor’s expertise in interoperability and cross-chain solutions was instrumental in facilitating the smooth launch of 1inch services on Solana.

"We are excited to welcome 1inch to the Solana ecosystem," said Grant Lee, CEO of ChainHarbor. "Their commitment to user-centric innovation aligns perfectly with our vision for a more open and interconnected Web3."

Cross-chain swaps are also under development, which will enable seamless token swaps between Solana and other chains. This capability will allow users to move assets effortlessly across different blockchain networks without the need for centralised intermediaries or bridges, which have historically posed security risks and limited interoperability.

Crosschain functionality is crucial for the future of DeFi, as users increasingly demand the ability to use and exchange tokens across different chains without any restrictions or complications.

1inch plans to leverage its advanced routing algorithms and potentially its Fusion Mode to create seamless and efficient cross-chain swap experiences, ensuring optimal pricing and minimal slippage for users conducting interchain transactions.

While a definitive timeline has not yet been announced, the 1-inch team is aiming to launch cross-chain swaps by the end of 2023, pending sufficient testing and favorable network conditions.

This launch on Solana and the development of cross-chain swaps are part of 1inch’s ongoing efforts to expand its multi-chain strategy and become the go-to DeFi platform for users seeking the best trading options and a seamless DeFi experience.

This move is set to have significant implications for both the Solana and DeFi landscapes, increasing the former’s institutional presence and the latter’s technological capabilities. It will also open up new possibilities for cooperation and innovation between projects operating on different chains.

As more users enter the crypto space and demand for sophisticated financial products grows, aggregators like 1inch will play an increasingly crucial role in simplifying and optimising the DeFi experience.

This will be especially important for newer users who may be intimidated by the technical jargon and complex interfaces of many DeFi protocols.

Aggregators can provide a more user-friendly and accessible gateway to the DeFi ecosystem, ultimately encouraging broader adoption of decentralised technologies.

Aggregators are used by a majority of DeFi users to compare prices from several DEXs at once and choose the best option. They also help users save on gas fees by batching transactions and using efficient routing algorithms.

Aggregators are constantly innovating to provide users with new and improved features, such as MEV protection, cross-chain swaps, and privacy-preserving technologies.

They are also developing new use cases for DeFi, such as fractional NFTs and tokenized derivatives.

Aggregators are an essential part of the DeFi ecosystem, and they will continue to play a key role in driving innovation and adoption in the years to come.