1inch is a decentralized exchange aggregator. The platform recently announced new deployments at the Avalanche and Gnosis networks. The main purpose of the 1inch network is to create cross-bridge access for multiple DeFi blockchain networks. In this manner, the users can access several networks and find the best rates for making DeFi token swaps.
Recently, the official Twitter account of the 1inch network posted the update to inform its users. According to on-chain data analytics services, 1inch has become the top DEX aggregator in terms of daily trading volume records. During the last 24 hours, 1inch network hosted around $357 million worth of trading volume surpassing its biggest rivals like ParaSwap, MistX, DODO, 0x, CowSwap, and Tokenlon.
The 1inch network first started in August last year. The aggregator was first deployed on the Ethereum network. Since then the DEX compiler has been expanding with more EVM or Ethereum Virtual Machine projects. Some of the projects that the 1inch network has joined thus far are Polygon, Optimism, Binance Smart Chain, and Arbitrum.
Furthermore, the xDai or Avalanche and Gnosis chain is also an EVM complaint. The recent integration will increase the traction of a 1inch network among users and also assist it to build upon its multi-chain presence. Sergej Kunz, the co-founder of 1inch network recently claimed that the network is bringing cheaper and faster transaction features for the users.
Avalanche blockchain has a considerable amount of liquidity pools with a massive investor presence. As per data projections from DeFiLlama, $10.48 billion is the estimated value of TVL at Avalanche network. It will take some time for the 1inch network to include some of the biggest Avalanche staking pools like Canary, Elk Finance, Aave, Sushi, OliveCash, and Baguette among others.
Meanwhile, the DEX aggregator is also planning to add all the major Gnosis chain projects like HoneySwap, wxDai, LevinSwap, Symmetric, and Curve among others. Investors often refer to Gnosis as an Ethereum sidechain project. DeFiLlama projections postulate $206 million TVL on the sidechain project.