1inch Launches On Solana, Enabling 1M Token Swaps With Minimal Fees
1min read 1inch, a decentralized exchange (DEX) aggregator, has launched its platform on Solana, marking a significant stride towards its vision of a unified multichain decentralized finance (DeFi) ecosystem. This integration allows users to trade over 1 million Solana-based tokens directly through the 1inch decentralized application (DApp), offering benefits such as maximal extractable value-protected swaps, optimized rates, and open-source smart contract infrastructure.
The launch introduces 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. This setup, combined with Solana’s ultra-fast block times, promises more efficient and seamless trading execution compared to other networks. Users can expect minimal fees when executing swaps on Solana, with costs potentially as low as less than one cent.
In addition to enabling Solana-based swaps, 1inch has revealed plans to roll out crosschain functionality in the coming months. This feature aims to allow swaps between Solana and more than 10 other blockchains already supported by 1inch. While there is no fixed launch date for this crosschain functionality, development is progressing well, and the feature is expected to go live in the coming months. The crosschain swaps will initially support the 10 blockchains already integrated into 1inch’s crosschain swap ecosystem, with the final list to be confirmed closer to launch.
1inch’s expansion into Solana comes at a time when the blockchain has shown impressive performance in several key DeFi metrics. Over the past three months, Solana has posted a higher dex trading volume, handled more transactions, and hosted more active addresses than its rivals. This performance, along with Solana’s growing adoption, makes it a serious contender in the DeFi landscape.
The integration also includes access to six APIs through the 1inch Developer Portal, providing builders with tools to create new DApps and services on top of the 1inch-Solana infrastructure. This move underscores 1inch’s commitment to fostering innovation and interoperability within the DeFi ecosystem.
1inch’s launch on Solana and its plans for crosschain swaps represent a significant step towards a more unified and efficient DeFi landscape. By leveraging Solana’s performance improvements and growing adoption, 1inch is positioning itself as a key player in the evolving DeFi ecosystem. The integration of the Fusion protocol and the upcoming crosschain functionality further enhance 1inch’s offerings, providing users with more efficient and seamless trading experiences.
Ask Aime: What impact does 1inch's launch on Solana have on DeFi innovation and efficiency?
