1inch Exchange Goes Live on Binance Smart Chain
The DEX will also offer liquidity mining rewards to those who contribute to trading pools.
Key Takeaways
- 1inch has announced that its DEX will run on Binance Smart Chain alongside Ethereum, on which it currently operates.
- The project cited high Ethereum fees as the reason for the move.
- 1inch is offering 150,000 in 1INCH tokens ($650,000) to attract liquidity providers to the platform.
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Decentralized exchange (DEX) aggregator 1inch Exchange has launched its service on Binance Smart Chain (BSC).
1inch Expands to Binance Smart Chain
1inch Foundation has deployed its DEX aggregator and liquidity mining platform to Binance Smart Chain. The exchange initially launched on Ethereum in August 2020, allowing users to access DEXes like Uniswap, Balancer, Sushiswap, Mooniswap, and more.
However, rising fees on Ethereum have made those platforms overly expensive for small-scale investors. Now, 1inch aims to offer its platform on Binance Smart Chain (BSC) to bypass those fees.
Sergey Kunz, 1inch co-founder and CEO, says that he sees “a significant opportunity for 1inch Liquidity Protocol to become the biggest liquidity protocol on Binance Smart Chain.”
Other BSC-based decentralized exchanges have become a success. Pancakeswap, for example, reached a higher volume than any Ethereum-based DEX last week. Presently, it is the third-largest DEX by volume, according to CoinGecko, just below Ethereum’s popular Uniswap exchange at #2 and Mdex at #1.
Other notable DEXes on Binance Smart Chain include BurgerSwap, StreetSwap, Venus, StableSwap, and JulSwap.
New Incentives for Liquidity Providers
1inch’s development team has added $10 million of 1INCH tokens to Binance Bridge, which will help ensure the circulating token supply remains constant as funds move between platforms.
To kickstart the launch, the project has also introduced new incentives for liquidity providers who lock funds in BNB-1INCH pools. Over the next four weeks, participating providers will receive a total of 150,000 1INCH tokens, equal to 0.01% of the total supply or $650,000.
The price of the token jumped 10% from $3.99 to $4.41 during the hour following the announcement.
Disclosure: The author held Bitcoin at the time of press.
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