1Inch DEX aggregator expanded to Fantom network which is EVM-compatible Layer 1 blockchain protocol so let’s read more today in our latest crypto news today.
As per the press releases, 1Inch DEX aggregator announced the expansion of the protocol and the limit order protocol on Fantom. The move will help users access deeper liquidity and other alternatives for efficient and cheap swaps. With the expansion of the scalable Fantom protocol, plenty of protocols will make the transition as well. Some of these names include Solidly, Geist Finance, SpookySwap, SCREAm, Beethoven, Synapse, SushiSWAP, Morpheus Swap, and more. The co-founder Sergej Kunz commented:
“Fantom is a popular network, and it has performed quite remarkably lately. The deployment of 1inch protocols on that blockchain is set to offer users more efficiency and flexibility, as well as access to yet deeper liquidity.”
Launched during the ICO boom in2 018, Fantom kept a low profile before gaining huge traction three years later because of its focus on DEFI. The TVL surged from September 2021. Growth, as recorded in early 2022 when the total value locked on the project, hit $15.22 billion but its contributors Andre Cronje and his departure, launched a sharp drop in the figures, and the Fantom TVL stood at $7.31 billion. The move came six months after the DEX platform announced an expansion to Arbitrum which happens to be the optimistic Rollups-powered ETH scaling solution.
The expansion is aimed at reducing transactions costs and enhancing the withdrawal speeds while at the same time, establishing full compatibility with ETH on the Web3 interface and the smart contract levels. 1inch expanded its DEFI cross-chain transaction capabilities on Avalanche and Gnosis but also other networks supported by 1inch are BNB Chain, Optimistic ETH, Polygon, and Ethereum. Last year 1Inch network announced securing $175 million in a Series B funding round by Amber Group with more than 50 investors participating. Some of the names include VanEck, Gemini Frontier Fund, Tribe Capital, and Alameda Research.
1Inch noted that the capital infusion will be utilized to expand the services and the focus on traditional investors while entering into the DEFI space by building more new protocols and utilities for the cryptocurrency as well as ramping up the contributor team. The DEFI platform aimed to raise $70 million and with the progress, it raised the figures by over $100 million.
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