1inch Network Launches on Polygon
The DEX aggregator has gone live on one of Ethereum’s fastest-growing scaling solutions.
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Polygon lands another massive integration: 1inch Network has launched on the scaling solution.
1inch DEX Launches on Polygon
1inch Network, the popular protocol that aggregates some of DeFi’s most essential projects in one app, has gone live on Polygon.
— 1inch Network (@1inchNetwork) May 13, 2021
The move will initially allow users to access liquidity from Curve, SushiSwap, QuickSwap, Aave V2, and Cometh via Polygon, with more sources to be added at a later date.
Polygon is one of Ethereum’s top scaling solutions. It’s had a big year so far, integrating the likes of Aave, Curve, and SushiSwap. Transactions on the network have also exploded, while its native MATIC token has recently risen above $1 (it started the year at $0.18). It has its own Proof-of-Staker consensus algorithm and acts as a sidechain to Ethereum mainnet, processing transactions at a fraction of the cost. It costs less than a cent, paid in MATIC, to process a transaction. Polygon is also targeting sustainability in the NFT space, recently collaborating with Cent, a platform for tokenizing tweets.
Sergej Kunz, the co-founder of 1inch Network, explained that the project’s community had called for the integration. In a blog post announcing the update, he said:
“After the 1inch Network expanded to Binance Smart Chain, there was a massive request from the community to make Polygon available for swapping via 1inch. Currently, the 1inch Aggregation Protocol is already deployed on Polygon, while the 1inch Liquidity Protocol and the 1inch Governance Protocol are expected to expand over to Polygon in the upcoming few weeks.”
1inch went live on Binance Smart Chain in February amid surging gas fees on Ethereum. The price of using DeFi’s base layer has been creeping up again over the last few days, helped by ETH’s record prices and a frenzy for so-called “dog coins.” Now that the popular aggregator has gone live on Polygon, users will have another affordable alternative.
Disclosure: At the time of writing, the author of this feature owned ETH, CRV, AAVE, and MATIC. They also had exposure to SUSHI in a cryptocurrency index.