The 1inch Network, a DeFi aggregator, recently made the announcement of expanding its aggregation and limit order protocols to Avalanche, in a recent blog post from the firm.
The DEX aggregator in efforts to grow multi-chain presence and interoperability has finally deployed its contracts on Avalanche and Gnosis Chain.
What Does the Integration Entail?
The latest strategic move of launching on the Avalanche blockchain is set to provide 1inch users access to several Avalanche-based liquidity sources, including the 1inch Limit Order Protocol, Aave, Baguette, Canary Exchange, Curve, Elk Finance, KyberSwap, SushiSwap, Trader Joe, and WAVAX among others.
Notably, in terms of on-chain activity, Trader Joe is the most used dApp on Avalanche with an average daily trading volume of $223 million. On that note, Sergej Kunz, co-founder of 1inch Network said:
“To achieve the platform’s goal of giving best deals across the blockchain space, 1inch protocols constantly expand to new chains, and the expansion to Avalanche will offer 1inch users more options for cheap and fast transactions.”
The 1inch Network brings together three separate decentralized protocols, aggregating liquidity from a variety of DEXs to facilitate cost-efficient transactions and enabling features like limit orders.
For now, 1inch Aggregation Protocol and 1inch Limit Order Protocol are two of the protocols that will be launching on Avalanche as part of its expansion.
So, Where do 1INCH and AVAX Stand?
The collab is expected to aid ecosystem growth for 1INCH while giving access to Avalanche-based liquidity sources. For now, a decent appreciation of over 5% was seen in 1inch’s price following the recent announcement.
That said, according to data from Dune Analytics, 1inch had surpassed over 1 million users and $120 billion in overall trading volume on the Ethereum network alone which also pointed towards a stable growth trajectory for the coin.
While the 12th ranked alt, AVAX was also up by 3.54% over the last 24-hours its rise in price seemed to be larger market-centric. Notably, the global crypto market cap was once again above the $2 trillion mark and stood at $2.04T, noting a 3.04% increase over the last day.
While 1inch still oscillated near the long-term lower resistance of $2.15, on the back of a growing ecosystem and with the larger market seeming to recover, a push from bulls could aid 1inch’s recovery in the near term.
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