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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

1inch Launches DEX Aggregation Protocol On Base Network

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Cardano price

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Decentralized exchange (DEX) aggregator 1inch Network has announced the expansion of its operations to Coinbase’s Ethereum layer 2 (L2) network, Base. 

1inch’s Aggregation And Limit Order Protocols Go Live On Base

In a blog post published on Thursday, August 24, 1inch disclosed the deployment of its aggregation protocol and limit order protocol on the Coinbase-incubated Base network.  The project’s team stated that this action is in line with their goal to expand in the decentralized finance (DeFi) industry. 

1inch will begin its operation by aggregating liquidity across 15 decentralized exchanges on the Base network. These DEXs, including Uniswap and SushiSwap, also recently launched on Base.

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Serg ej Kunz, co-founder of 1inch Network, stated the following regarding this development:

We are happy to expand to Base. The Base network is a very promising L2 solution, plus it’s incubated by such a major player as Coinbase. In addition, we totally share Base’s philosophy aimed at bringing the next billion users to blockchain.

Before this latest development, 1inch had already been deployed on various networks, including Ethereum, BNB chain, Avalanche, Polygon, Arbitrum, etc. Moreover, it is one of the leading DEX aggregators, with a trading volume of over $1 billion in the past week. 

A Testament To Growing Interest In Base?

The Base network has enjoyed significant interest and growth since opening its doors to the public on the 9th of August. As inferred earlier, 1inch is just one of the numerous prominent decentralized finance protocols launched on the layer 2 network over the past few weeks. 

Notably, the increasing popularity of decentralized social media platform Friend.tech has primarily contributed to Base’s rising network activity in the last few days.  Due to the platform’s growing traction, Base’s daily transaction-per-second (TPS) peaked at 15.88 on Monday, August 21, surpassing Ethereum and other layer 2 networks within the same day.

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According to L2Beat data, Base currently sits third on the L2 network activity ranking, with a TPS of 8.6. Overall, this reflects a 73.74% increase in the past seven days. 

Following the BALD meme coin rug pull and other issues, it seemed like Base’s growth would be deterred by an unfavorable reputation. However, with the recent DeFi activity surge, the network appears to rise above every negative sentiment surrounding it.

1inch

1INCH price on a downward trend on the daily timeframe | Source: 1INCHUSDT chart on TradingView
Featured image from Pexels, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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