1inch Expands Operations on Coinbase-backed Layer-2 Blockchain, Base August 26, 2023 August 26, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 26, 2023 by Kelly Cromley

1inch Expands Operations on Coinbase-backed Layer-2 Blockchain, Base

Decentralized exchange aggregator 1inch has revealed its strategic expansion onto Base, a layer-2 blockchain incubated by Coinbase. This move is expected to harness the benefits of Coinbase’s integrations and user-friendly fiat onramps, not only for Base but also for its associated projects within the ecosystem. The integration includes the deployment of the 1inch Aggregation Protocol and the 1inch Limit Order Protocol on Base, providing users with enhanced access to lower transaction costs, higher speeds, and increased liquidity.

1inch Seizes Opportunities on Base:
In a significant development, 1inch Network, a prominent player in the decentralized exchange aggregation sector, has chosen to extend its services to Base, a layer-2 blockchain platform that enjoys the backing of Coinbase, a prominent cryptocurrency exchange. By aligning itself with Base, 1inch anticipates capitalizing on the advantages stemming from its affiliation with Coinbase, which encompasses seamless product integrations and convenient fiat onramps. Notably, these benefits are slated to cascade down not only to Base but also to other affiliated projects operating within the ecosystem.

Protocol Deployments and User Advantages:
The collaborative effort between 1inch and Base extends beyond a mere partnership. It encompasses the active implementation of the 1inch Aggregation Protocol and the 1inch Limit Order Protocol onto the Base platform. This dual deployment serves as a testament to the deep-rooted commitment of both entities to enhance user experiences within the cryptocurrency trading domain. By embarking on this trajectory, 1inch users stand to reap the rewards of this endeavor, including access to a cutting-edge layer-2 solution characterized by reduced transaction costs, accelerated transaction speeds, and a heightened availability of liquidity resources.

Shared Vision and Optimism:
Sergej Kunz, the co-founder of 1inch Network, expressed enthusiasm for the collaborative expansion onto Base. He underscored the promising nature of Base as a layer-2 solution, underlining its auspicious connection with the industry behemoth Coinbase. Kunz also emphasized the mutual alignment of values, encapsulated by Base’s mission to onboard the next billion users onto the blockchain. This alignment of vision is poised to invigorate the cryptocurrency landscape, offering previously untapped opportunities to a wider demographic.

Diversified Protocol Availability:
One of the tangible benefits emanating from this expansion is the diverse range of protocols that will be seamlessly accessible to users through the 1inch platform on Base. Among the notable protocols at the users’ disposal are Uniswap v3, Balancer v2, SushiSwap v3, Rocket Swap, and the 1inch Limit Order Protocol v3. The integration of these protocols onto the Layer 2 Ethereum scaling solution amplifies the utility and versatility of the platform, elevating the overall trading experience for users.

Base’s Flourishing Growth Trajectory:
Following the public launch of the Base mainnet, the platform has experienced an encouraging surge in user engagement. Boasting over $100k in daily active users, Base has solidified its presence as a formidable contender in the cryptocurrency space. The platform’s ascent has been further catalyzed by the popularity surrounding Friend.tech, a social app that has elicited significant excitement within the community. An astonishing milestone was briefly attained when Base’s daily transaction volumes momentarily outpaced those of Ethereum, underscoring the platform’s burgeoning significance.

Navigating Challenges and Ensuring Security:
Inevitably, Base’s rapid ascent has not been without its share of challenges. The platform has encountered a wave of fraudulent tokens, marking a concerning aspect of its growth trajectory. Reports indicate that within a relatively condensed timeframe, Base witnessed the emergence of more than 500 scam tokens. This alarming statistic was accompanied by an unfortunate consequence: scammers successfully siphoned off $2 million in ill-gotten gains. As Base continues to navigate these adversities, its commitment to security and user protection remains paramount.

1inch’s strategic expansion onto Base, the Coinbase-backed layer-2 blockchain, signals a pivotal step towards enhancing the cryptocurrency trading experience. With an array of protocols now seamlessly available through 1inch on Base, users stand to benefit from reduced costs, accelerated transaction speeds, and an enriched liquidity landscape. The collaboration also exemplifies the industry’s dynamic nature, where innovation and partnerships converge to usher in new avenues for users to participate in the blockchain revolution. As Base navigates challenges on its path, its commitment to security and growth remains resolute, offering a glimpse into the platform’s evolving role within the cryptocurrency ecosystem.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.