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Decentralized Exchange Aggregator 1inch Network Expands to Polygon
The move will provide 1inch users access to liquidity sources on Polygon, like SushiSwap and Aave.
Updated Sep 14, 2021, 12:55 p.m. Published May 14, 2021, 9:05 a.m.
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1inch Network, a platform that aims to find the best deals across multiple decentralized exchanges (DEXs), has expanded to Polygon, a layer 2 scaling solution for Ethereum.
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The move will provide 1inch users access to several Polygon-based liquidity sources that initially include Curve, SushiSwap, QuickSwap, Aave V2, and Cometh. More protocols will be added in time, the company said in a press release shared with CoinDesk on Thursday.
Layer 2 scaling solutions such as Polygon facilitate faster and cheaper transactions by running parallel networks, or sidechains, alongside the main Ethereum blockchain. Polygon is becoming more popular, with DeFi giants like Aave integrating with the network to bypass Ethereum's high gas fees – the cost of using its network.
Polygon aims to help Ethereum "keep up with the competition" as it moves to the proof-of-stake (PoS) consensus algorithm, 1inch said. Polygon is said to offer a high throughput of around 7,000 transactions per second.
The decision to integrate with Polygon comes in the wake of increased user demand, according to 1inch.
"After the 1inch Network's expansion to Binance Smart Chain, there was a massive request from the community to make Polygon also available for swapping via 1inch," said Sergej Kunz, co-founder of 1inch Network. "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."
Also read: DeFi Major Aave Working With Polygon to Bypass Ethereum Congestion
Polygon runs a bridge connecting its blockchain with Ethereum to facilitate easy transfer of assets between the two blockchains. Thus, traders accessing 1inch via Polygon can transfer their digital assets between the Ethereum and Polygon blockchains. Polygon also has a dedicated wallet where users can store their assets.
Per data source Messari, Polygon is the biggest layer 2 scaling protocol currently, with a near $6 billion market capitalization. Meanwhile, 1inch is the leading DEX aggregator across smart contract blockchains, according to DeBank.
Prices for Polygon's MATIC token were up 41% over the past 24 hours, for a market capitalization of $7.2 billion, according to Messari. 1inch's 1INCH token gained 13%, for a market value of $977 million.
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