Decentralized exchange (DEX) aggregator 1inch has launched on Solana, marking a significant step toward its vision of a “unified multichain” decentralized finance (DeFi) ecosystem. According to a press release shared with Cointelegraph, the integration enables users to trade over 1 million Solana-based tokens directly through the 1inch decentralized application (DApp), benefiting from maximal extractable value-protected swaps, optimized rates and open-source smart contract infrastructure. The move brings 1inch’s Fusion protocol to Solana for the first time. Fusion enables users to define their ideal swap parameters, which are then executed by competing professional market makers, or “resolvers,” using Dutch auction mechanics. Combined with Solana’s ultra-fast block times, the setup promises more efficient and seamless trading execution than other networks. A 1inch representative told Cointelegraph that users could expect “minimal fees” when executing swaps on Solana. “Users may expect costs of less than one cent,” they said. Related: Solana’s Loopscale pauses lending after $5.8M hack 1inch to launch crosschain swaps for Solana In addition to enabling Solana-based swaps, 1inch revealed plans to roll out crosschain functionality in the coming months, aiming to allow swaps between Solana and more than 10 other blockchains already supported by 1inch. “At this stage, there is no fixed launch date,” the 1inch representative said. “However, development is progressing well, and we expect the feature to go live in the coming months.” 1inch’s crosschain swaps functionality. Source: 1inch The representative said that crosschain swaps will initially support the 10 blockchains already integrated into 1inch’s crosschain swap ecosystem. The final list will be confirmed closer to launch. 1inch’s expansion into Solana comes as the blockchain has outperformed Ethereum and layer-2 networks in several key DeFi metrics. Over the past three months, it posted a 33% higher DEX trading volume ($539 billion), handled 400% more transactions, and hosted 180% more active addresses than its rivals, according to data from Dune Analytics. Related: Solana whale sits on $153M profit after 4-year staking play “Both Solana and Ethereum play critical roles in the evolving DeFi landscape,” the 1inch representative said. They said that while Ethereum’s network effects and liquidity depth continue to dominate today, Solana’s performance improvements and growing adoption make it a serious contender. The integration also includes access to six APIs through the 1inch Developer Portal, giving builders tools to create new DApps and services on top of the 1inch-Solana infrastructure. On Sept. 12, 2024, 1inch first revealed the details of its solution to crosschain interoperability issues when it published a white paper about the intent-based, crosschain interoperability protocol it was developing. On Sept. 18, 2024, the DEX aggregator revealed “Fusion+” to allow users to swap their digital assets crosschain while retaining self-custody of the assets. Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race
