1inch Protocol Deploys on the Fantom Network

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The popular DEX aggregator 1inch has now deployed on the Fantom network – a layer-1 smart contract platform for decentralized finance. This brings deeper market liquidity and cheaper, more efficient swaps to 1inch users.

• 1inch gathers data and liquidity across multiple decentralized exchanges (DEXs), throughout various blockchains, to find the best trading rates for its users. These include Ethereum, Binance Smart Chain, Polygon, Avalanche, and now Fantom – among others.
• The Fantom network uses a unique “directed acyclic graph” (dag) model for recording transactions. It specializes in providing scalable, low cost and high-speed transactions, with its unique “Lachesis” consensus mechanism.
• Fantom is EVM compatible, meaning it can support pre-existing Ethereum applications with relatively faster deployment.
• The network also uses a proof of stake consensus mechanism, which consumes less energy than proof of work.
• According to Defi Llama, Fantom currently has $5.83 billion in total value locked on its smart contracts. Its various apps include SpookySwap, CURVE, and SushiSwap, among others.
• Meanwhile, 1inch has been greatly expanding its applications in recent months. Back in February, the group launched the “Spot Price Aggregator Tool” which lets dapp developers display token price data as extracted for multiple DEXs.
• The following month, 1inch launched P2P swaps, allowing for trustless peer-to-peer trades between individual users, using select tokens at custom prices. Finally, the app went live for Android users earlier this month, one year after being made available for IOS.