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1inch Bolsters Arbitrum DeFi Ecosystem With Exchange Aggregation
The exchange aggregator will provide traders liquidity from five different automated market makers on the layer 2 network.
Updated May 11, 2023, 3:35 p.m. Published Sep 22, 2021, 3:00 p.m.
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1inch has deployed its Exchange Aggregator and Limit Order protocols to the Arbitrum layer 2 network, the company said in a blog post.
Aggregated exchanges will include Uniswap v3, Sushi, Dodo, Balancer, and Swapr. In a statement to CoinDesk on Telegram the team claimed that they can add additional exchanges in under three days as more automated market makers (AMM) launch on Arbitrum.
STORY CONTINUES BELOW
1inch has been among the most aggressive protocols in migrating across chains and scaling, or expansion, solutions, with implementations on Binance Smart Chain, Polygon and Optimism, in addition to Arbitrum.
After reaching a high of over $2 billion in total value locked (TVL) last week, Arbitrum’s DeFi ecosystem has hit a snag, falling to $630 million in TVL at the time of writing.
The initial pump was primarily the result of a “meme farm,” ArbiNYAN, and liquidity has since been leaving the network in the absence of a full DeFi ecosystem.
Read more: Arbitrum Vaults Onto Layer 2 Leaderboard as DeFi Assets Cross $2B
Arbitrum has reported that “hundreds” of teams are planning to join the network, but in an interview with CoinDesk in August, Offchain Labs Director of Partnerships A.J. Warner said the layer 2 is somewhat “tied to developer timelines for each of those teams” when it comes to a full launch.
Arbitrum experienced an hour-long network outage last week.
Read more: Layer 2 Network Arbitrum Experiences Hourlong Network Outage
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