One of the most popular decentralized exchange aggregators, 1inch, has announced its integration with the Solana blockchain. This marks a significant step for the DApp in its mission to enhance the seamlessness of decentralized finance. The integration brings 1inch’s high-speed Fusion protocol to Solana and paves the way for cross-chain swap capabilities between Solana and over 10 other blockchains, which are expected to launch in the coming months.
The arrival of 1inch on Solana is more than a technical upgrade. It is an expansion that will enable users to trade over 1 million Solana-based tokens directly via the 1inch platform. This comes with the promise of optimized swap rates, protection from maximal extractable value (MEV) exploits, and access to open-source smart contracts – all the usual benefits of using 1inch.
One interesting aspect of this integration is the deployment of the Fusion protocol on Solana. Think of Fusion as a protocol that introduces “intent-based trading,” where users set their desired parameters and professional market makers, known as resolvers, strive to fulfill those orders in a Dutch auction format. In essence, Fusion minimizes slippage and increases the chances of getting the best possible price for transactions.
While 1inch functions efficiently on Ethereum, Solana’s rapid block times make it even faster and less expensive. According to a statement by 1inch, users can anticipate minimal swap fees, less than one cent, when using Solana, a significant advantage over the high gas fees on networks like Ethereum.
Another exciting aspect of this development is the upcoming launch of cross-chain swap functionality for Solana. Although no specific date has been announced yet, the 1inch team confirms that they are diligently working on cross-chain swaps.
Initially, these swaps will be supported across the 10+ blockchains already integrated with 1inch, including Ethereum, BNB Chain, Avalanche, and others. Once live, users will be able to seamlessly swap tokens between Solana and these chains without needing centralized bridges or custodians, ensuring they maintain complete custody of their assets throughout the trading process.
This capability is crucial for addressing one of DeFi’s biggest challenges: blockchain isolation. The ability for users to easily move assets between networks is pivotal, and 1inch is helping to break down these boundaries and create a more interconnected DeFi space.
