1inch announces expansion to Avalanche and Gnosis chains

With the deployment of 1inch Aggregation Protocol and 1inch Limit Order Protocol on Avalanche and Gnosis Chain (formerly known as xDai Chain), 1inch Network is pleased to share that it continues to actively build The determination to expand the territory of the DeFi field.

Sergej Kunz, co-founder of 1inch Network, said: “The core goal of 1inch is to provide users with the best price for transactions across the entire blockchain. To achieve this goal, the 1inch protocol is continuously expanding to new chains, extending to Avalanche and Gnosis chains. The expansion will give 1inch users more options for cheap and fast transactions.”

Avalanche (also known as Avalanche Chain, Avalanche Protocol) is a popular cross-chain network, and Avalanche has shown quite significant growth recently.

According to DeFi Llama, Avalanche’s TVL (total value locked) was $10.6 billion in mid-January 2022.

According to The Block, while the TVL of the Avalanche ecosystem increased by 483% from around $2.3 billion in early September 2021 to around $13.4 billion by the end of November, so did the TVL of the Avalanche Bridge, which went from $1.5 billion in the same period. The dollar increased to $7.1 billion, or 373%.

Avalanche recorded an average daily transaction volume of 673,223 transactions in December 2021, with an average daily active address of 98,000. The most used dApp is Trader Joe with an average weekly trading volume of $223 million.

It is reported that several protocols will be immediately available on Avalanche through 1inch, including: 1inch Limit Order Protocol v2, Aave v2, Baguette, Canary Exchange, Curve v1/Curve v2, Elk Finance, KyberSwap, Lydia Finance, OliveCash, Pangolin, SushiSwap, Trader Joe, WAVAX, YetiSwap.

Protocols available on the Gnosis chain via 1inch include: 1inch Limit Order Protocol v2, Curve v1, Elk Finance, Honeyswap, Levinswap, SushiSwap, Swapr, Symmetric, and wxDai.

According to DeFi Llama, the Gnosis Chain (formerly the xDai Chain) had a TVL of $208.2 million in mid-January 2022. In December 2021, the chain averaged 223,814 transactions per day and had 11,318 active wallets per day, according to Dune Analytics. The largest DEX on the Gnosis chain is Curve v1, with an average weekly trading volume of $1.7 million.

Disclaimer: As a blockchain information platform, the information provided on this site does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of Mars Finance. Virtual currency does not have the same legal status as legal tender, and there are legal risks involved in virtual currency investment transactions. Mars Finance opposes all kinds of token hype, and investors are requested to view market risks rationally.