The decentralized exchange aggregator 1inch has unveiled plans to broaden its operations onto the Base layer-2 blockchain, a project nurtured by Coinbase. This strategic expansion aims to capitalize on the benefits of Base’s integration with Coinbase products and its user-friendly fiat onramps.
With the deployment of 1inch’s Aggregation Protocol and Limit Order Protocol on Base, users can expect improved transaction efficiency, lower costs, and increased liquidity. This move aligns with Base’s goal to onboard a broader user base to the blockchain ecosystem.
1inch Seizes Opportunities on Base
1inch’s integration with Base holds potential advantages for both platforms. Leveraging the Coinbase incubation, Base can tap into a suite of Coinbase product integrations and the convenience of fiat onramps, extending these benefits to the broader ecosystem.
By deploying their protocols on Base, 1inch provides its users with access to an additional layer-2 solution, promising faster transaction speeds and reduced costs compared to the main Ethereum network.
Sergej Kunz, co-founder of 1inch Network, expressed enthusiasm about the expansion, citing Base’s promising nature as a layer-2 solution backed by a major player like Coinbase. He highlighted the shared philosophy of bringing blockchain accessibility to a wider audience, a goal that both 1inch and Base align with.
Diverse Protocol Availability
1inch users will have access to an array of protocols via the Layer 2 Ethereum scaling solution on Base. Protocols such as Uniswap v3, Balancer v2, SushiSwap v3, Rocket Swap, and 1inch Limit Order Protocol v3 are immediately accessible, enabling a seamless experience for trading and managing cryptocurrencies.
Since its public mainnet launch, Base has garnered substantial attention and engagement. Boasting more than $100k in daily active users, the platform has demonstrated consistent growth. The surge in popularity, largely attributed to the buzz surrounding the social app Friend.tech, temporarily propelled Base’s daily transactions beyond those of Ethereum.
Challenges and Vigilance
While Base has experienced remarkable growth, it hasn’t been immune to challenges. The platform faced a flurry of fraudulent tokens, with over 500 scam tokens emerging in a relatively short period. Also, these scams led to the theft of $2 million in profits. This underscores the importance of maintaining vigilance and security measures within the rapidly evolving blockchain landscape.
Moreover, 1inch’s expansion onto the Base layer-2 blockchain marks a strategic move to enhance user experience and capitalize on the platform’s integration with Coinbase’s resources. Also, as Base continues to attract users and attention, its partnership with 1inch highlights the potential for innovation in the layer-2 ecosystem.
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