1inch Expands on Solana, Plans Cross-Chain Swaps Across 10+ Networks
- 1inch enables MEV-protected swaps for over 1 million Solana-native tokens.
- Solana surpasses 5 billion transactions and 228 million active addresses to date.
- Cross-chain swaps will connect Solana with 10+ DeFi blockchains via 1inch Fusion.
Multi-chain DEX aggregator 1inch has officially launched support for the Solana blockchain, expanding its trading and liquidity aggregation services to one of the fastest-growing networks in decentralized finance (DeFi).
1inch officially announced its service debut on the Solana platform on April 29. The integration enables Solana access to the 1inch Fusion protocol, on-chain swaps, and six developer APIs. Traders on Solana can access more than 1 million Solana-based tokens through the platform, which guarantees MEV-protected transactions and optimal swap rates.
Solana Integration Enhances Trading Efficiency
Through this integration, 1inch users can execute maximal extractable value (MEV)-protected swaps utilizing open-source smart contracts. The Fusion protocol allows users to set their desired trading parameters. Professional market makers, or resolvers, compete using a Dutch auction model to fulfill those trades. This structure helps minimize slippage and optimizes pricing across Solanas decentralized finance (DeFi) ecosystem.
Now, more than one million tokens issued on Solana are available on 1inch for secure, MEV-protected swaps at the best rates, stated 1inchs official announcement. Notably, Solana supports rapid blockchain processing speeds, which keeps swap transaction costs for traders below one cent each swap.
This move highlights Solanas growth in DeFi, which makes it popular for fast and efficient operation. Dune Analytics data shows that Solana achieved the most trading volume on decentralized exchanges, exceeding $539 billion in the past quarter.
Solana outpaced Ethereum DEX trading volume with $395 billion in the last three months, while Ethereum had $364 billion. Solana exceeded Ethereum in total transactions with 4.8 billion with 224 million active addresses, whereas Ethereum processed 1 billion transactions for 78 million active addresses.
Cross-chain Swaps to Bridge Solana and Broader DeFi
Furthermore, the DEX aggregator disclosed its intention to build cross-chain swap features between Solana and over ten other blockchains. Although no specific launch date was provided, a representative expects its launch to occur in the next few months. The cross-chain functionality will initially support all networks currently integrated with the platforms swap ecosystem.
Our integration with Solana moves us closer to uniting disparate chains, said Sergej Kunz, co-founder of 1inch. He explained that Solanas blockchain architecture integrates perfectly with Ethereums deep liquidity, making it essential for the developing DeFi ecosystem.
This integration positions the platform as a major player among DEX aggregators. It ranks second behind Jupiter and has steadily expanded across significant networks, including Ethereum, Binance Smart Chain, Polygon, and Optimism.
The Developer Portal of the DEX aggregator provides developers access to six APIs supporting further blockchain growth. By releasing six developer APIs, the Solana infrastructure becomes accessible to developers who create innovative decentralized applications (DApps) for the DeFi ecosystem.
Read more: https://www.tronweekly.com/1inch-on-solana-with-plan-for-cross-chain-swaps/
Text source: TronWeekly
