Launched in the year 2019, 1inch Network is a collection of major decentralized exchange (DEX) protocols with DeFi aggregator and automated market-making protocol. This platform is expanding its business by partnering with the expert crypto wallet provider, BitPay. Both the companies recently announced that 1inch’s DEX aggregation function is available to all the BitPay wallet users. BitPay wallet is an application that allows anyone to seamlessly manage, convert, as well as spend 12 different cryptocurrencies through ATM-compatible integrations, Apple Pay, Google Pay, and Mastercard.
The 1inch Network partnership allows BitPay wallet users to directly use the DEX aggregator. The platform also announced broader integration with various Decentralized Finance (DeFi) protocols and DEXs this year itself. This will help to boost its liquidity pools for its users. The network uses the Pathfinder algorithm in its system. This algorithm helps them to find over 60 different sources of liquidity on Ethereum, more than 30 on Binance Smart Chain, as well as more than 20 on both Polygon and Optimistic Ethereum.
According to the announcement on Tuesday, in the last two years, the total volume of the DEX aggregator has surpassed over $65 billion on the Ethereum network. In the winter of last year, 1inch raised funds from companies such as Pantera Capital and various cryptocurrency venture funds.
Words From The Co-Founders
The co-founder of 1inch network, Sergej Kunz said that this partnership with the BitPay wallet app allows the DEX aggregators to reach out to a new audience every day. He also stated:
“As DeFi services gradually progress towards mass adoption, it is important to offer access to the 1inch DEX aggregation to as many users as possible and the BitPay Wallet app is a perfect opportunity for us to reach out to new audiences who, in turn, will benefit from the 1inch’s attractive rates and user-friendly swap process.”
With the help of this integration, now all the users of BitPay will be able to exchange their Bitcoins (BTC), Ether (ETH), or any other holdings for different crypto assets at 1inch Network’s competitive rates without having to leave the app. Moreover, on the 17th of August, 1inch Network announced the platform’s deployment on the Optimistic Ethereum (OE) mainnet. 1inch was imitating the actions of the fellow automated market maker, Uniswap. Uniswap also released its v3 exchange on the OE mainnet which was one of the long-awaited events of the year.
Stephen Pair, the CEO, and co-founder of BitPay said:
“DeFi protocols and dApp’s are becoming popular tools for BitPay’s crypto users and we wanted to offer users a safe, secure way to interact with them. The BitPay Wallet app lets our power users spend, store and manage crypto and support for the 1inch DEX aggregator enables users the ability to get the best crypto swap rates quickly.”
The deployment of 1inch on the OE mainnet will be remarkably beneficial. It will not only reduce the user transaction fees but also the confirmation delays for both platforms.