Leading aggregator DEX 1inch brings its services to Binance's smart chain, hoping to add significant value to its current $ 1.3 billion TVL. Its native 1INCH token will be wrapped and ported to the new blockchain, making 1inch more scarce on the Ethereum blockchain automatically.
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Moving to Binance
The 1inch exchange has transferred 10 million 1INСH tokens to the Binance smart chain. Currently, this represents approximately 8% of the total supply.
They copied all features of their service onto the Binance smart chain. It includes:
- liquidity protocol;
- aggregation protocol and 1inch token fixation.
The aggregator calculates optimal trades for users on various decentralized exchanges, including PancakeSwap, JulSwap, Venus Finance, Bakery Swap and others. The aggregator supports both Ethereum and BSC now. In response to a user comment on Twitter, the developers replied that "new chains are coming." Ethereum has been the leading platform for DeFi development but has strong competition from BSC. In terms of volume, the newcomer has already overtaken Ethereum. Four of the ten most used dapps in the blockchain space runs on the Binance smart chain.
DeFi Market growth
The project's success as an aggregator did not happen without a reason. Within the DeFi market, users are always looking for the best trading opportunities as well as crop growing options. This exchange offers both. Since summer 2020, DeFi has become a hot topic and a major source of headache for Ethereum blockchain users. With all this trading activity, gas prices skyrocketed. This makes the aggregator's services even more useful. In early December, DeFi's total locked (TVL) value was roughly $ 15 billion. TVL peaked at $ 51 billion on February 21, dropping back to $ 41 billion on Friday 26th. These fluctuations are caused by the increase and decrease in BTC and other cryptocurrencies.