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In a recent tweet today, 1Inch revealed the total trading volume of its limit order protocol had reached the $1B mark. The news comes after the network announced its expansion on Ethereum Scaling Solution Arbitrum to reduce transaction costs.
1Inch Displays a Huge Growth Potential
In a blog post, the co-founders at 1inch, Anton Bukov, and Sergej Kunz, announced they had deployed 1Inch’s Limit Order protocol to Arbitrum. The DEX aggregator has been among the most significant networks mitigating scaling challenges. In addition, the network implemented expansion solutions on Polygon, among others, and now Arbitrum.
In September, Arbitrum, one of the best DeFi ecosystem protocols, hit $2billion in TVL (total value locked. 1inch launched in 2019 had the goal of helping users locate the best prices for assets on decentralized exchanges.
Today the network is a vast total decentralized protocol with AMMs and DeFi aggregators. Through DAO (decentralized autonomous organization), 1inch enables its users to vote on specific protocols using governance tokens.
From its recent down splurge of $1.618 to $3.622, 1inch is currently trading at a 123% price surge. In ascending trade-lines and vast global support for assets linked to the DEX, it hit a $1Billion mark. Consequently, its trading volumes could be on the rise following the significant shift to Arbitrum.
Partnering with Arbitrum
1inch limit order protocol expansion to Arbitrum reduces transaction costs. A released report by the team stated clear intentions and articulated a plan to move to Arbitrum protocol. The DEX platform insisted the move would lower transaction costs, increase throughput and hasten withdrawal speeds.
Arbitrum lies on the Ethereum network as a scaling solution. The protocol uses Optimistic Rollups and enables developers to cross-check contracts. Moreover, the process could make 1inch and other DEX protocols compatible with Ethereum’s Web 3 interface.
The CEO at Off-chain Labs, Steven Goldfeder, spoke on 1inch to have an incredible team. In addition, he expressed his enthusiasm for having the DEX as an additional aggregator on Arbitrum. Also, he insisted that the network had an incredible reputation among many DeFi users. Lastly, he said he could not wait to work with 1inch.
In response to that 1inch co-founder, Anton Bukov said Arbitrum’s advantages were an added spectrum for their users. In that, it is more diverse and accommodates cheaper transactions and withdrawal options.