Decentralized exchange aggregator 1inch network expands to Polygon
The decentralized exchange aggregator 1inch Network has expanded to Polygon, a layer-2 scaling solution for Ethereum.
The move from the DEX platform, which aims to find the best deals across multiple decentralized exchanges (DEXs), will provide users access to several Polygon-based liquidity sources that initially include Curve, Sushiswap, QuickSwap, Aave V2, and Cometh. More protocols will be added in time, the company said.
Polygon facilitates faster and cheaper transactions as layer-two solution by running parallel networks, or sidechains, alongside the main Ethereum blockchain. Polygon is becoming more popular as DeFi giants like Aave integrating with the network to bypass Ethereum’s high gas fees.
Polygon, Previously known as Matic Network, aims to help Ethereum “keep up with the competition” as it moves to the proof-of-stake (PoS) consensus algorithm, 1inch said. Polygon is said to offer a high throughput of around 7,000 transactions per second.
According to the announcement from 1Inch Network, The decision to integrate with Polygon comes in the wake of increased user demand.
Sergej Kunz, co-founder of 1inch Network said. “After the 1inch Network’s expansion to Binance Smart Chain, there was a massive request from the community to make Polygon also available for swapping via 1inch,” Adding “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.”
Polygon runs a bridge connecting its blockchain with the Ethereum Network to facilitate easy transfer of assets between the two blockchains. Thus, traders accessing 1inch via Polygon can transfer their digital assets between the Ethereum and Polygon blockchains. Polygon also has a dedicated wallet where users can store their assets.