1inch Upgrades Platform Offering 6.5% Better Swap Rates

1inch, a decentralized exchange aggregator, has announced a significant upgrade to its platform, promising faster, smarter, and cheaper trades. The latest update, known as "Pathfinder," claims to offer up to 6.5% better swap rates, enhancing the efficiency and cost-effectiveness of transactions on the platform. This upgrade is designed to optimize the routing of trades across various decentralized exchanges, ensuring that users get the best possible rates. By aggregating liquidity from multiple sources, 1inch aims to provide a seamless trading experience with minimal slippage and lower fees. This is a crucial development in the decentralized finance (DeFi) space, where users often face challenges related to high transaction costs and inefficient trade execution.

The improved swap rates are a testament to 1inch's commitment to innovation and user satisfaction. The platform's ability to deliver better rates can be attributed to its advanced algorithms and smart contract technology, which work together to find the most efficient trading paths. This not only benefits individual traders but also contributes to the overall growth and adoption of DeFi technologies. The new algorithm consolidates specific swap steps and maximizes the use of concentrated liquidity, promising better gas efficiency. A 1inch representative stated that the team hopes the gas efficiency improvements will decrease the barrier to entry for retail investors. “This can encourage more frequent usage and build trust in DeFi platforms, making DeFi more accessible,” they said.

The upgrade also includes enhancements to the platform's user interface, making it more intuitive and user-friendly. This is particularly important for attracting new users who may be unfamiliar with the complexities of DeFi trading. By simplifying the trading process, 1inch aims to make decentralized finance more accessible to a broader audience. On the user experience front, 1inch said the decentralized application (DApp) now also shows its users enhanced visualizations, providing insights into token and transaction execution. Sergej Kunz, co-founder of 1inch, claimed that the update “enables users and integrators to maximize the value of every trade” and cut gas costs.

In addition to the improved swap rates and user interface, the upgrade also focuses on security. 1inch has implemented additional measures to protect users' funds and ensure the integrity of transactions. This is a critical aspect of any DeFi platform, as security breaches can have severe consequences for users and the platform's reputation. The decentralized exchange aggregator appears to be on a lucky streak. In early May, the platform successfully recovered most of the $5 million stolen in a recent exploit after negotiating a bug bounty agreement with the attacker.

1inch hopes that by implementing gradual improvements, it will win an increasingly large slice of the DeFi pie. A representative told that “these features help 1inch outperform competitors in swap efficiency and gas savings.” “As rivals focus on single-venue liquidity, 1inch’s edge lies in dynamic aggregation across ecosystems, making it more adaptable and attractive to users and integrators alike,” they added. The announcement follows the launch of 1inch on Solana at the end of April. The team said the integration enables users to trade over one million Solana-based tokens directly through 1inch. At the time, the 1inch team also revealed its intention to roll out crosschain functionality. This would enable swaps between Solana and more than 10 other networks already supported by the aggregators. However, a representative noted that there is still no fixed launch date for the feature.