The DEX aggregator 1inch has extended its capabilities by adding support for swaps between Solana assets and 12 EVM networks. This innovation aims to enhance liquidity and simplify interaction between different blockchains.
Support for 1inch Platform Swaps
On August 19, 2023, DEX aggregator 1inch integrated Solana swaps into its platform. Users can now exchange assets on Solana with those on 12 EVM networks without the need for bridges.
Benefits of Bridge-Less Swaps
According to 1inch representatives, users will be able to move their assets while retaining ownership. The platform also employs Fusion+ to offer favorable swap rates. Fusion+ uses intent-based orders rather than direct swap paths, which are resolved via Dutch auctions. Additionally, swaps provide MEV protection, preventing harmful attacks on users.
Market Impact and Competition
By introducing multi-chain swaps, 1inch can challenge Jupiter, which currently dominates on Solana. With a daily swap volume of $13.892 billion, 1inch trails behind Jupiter with a trading volume of $26.02 billion.
The addition of support for swaps between Solana and EVM networks positions 1inch as a more competitive player in the DEX market, providing users with new opportunities to optimize their trading operations.
