According to the press release that was shared with CryptoPotato1inch Network has announced the expansion of Fantom’s 1inch Aggregation Protocol, and 1inch Limit Order Protocol.
Users will have access to more liquidity, as well as other options for cheaper and more efficient swaps.
With 1inch’s expansion on the scalable, EVM-compatible Layer 1 blockchain protocol, Fantom, a myriad of protocols will make the transition as well. Solidly, SpookySwap (Geist Finance), SCREAM and Beethoven X (Beets), SpiritSwap. Synapse. SushiSwap. PaintSwap. Morpheus Swap. Elk Finance. ProtoFi. Saddle. Speaking of the deployment, 1inch Network co-founder – Sergej Kunz commented,
“Fantom is a popular network, and it has performed quite remarkably lately. The deployment of 1inch protocols on that blockchain is set to offer users more efficiency and flexibility, as well as access to yet deeper liquidity.”
Fantom was launched during the ICO boom of 2018. It had previously kept a low profile, but it gained significant traction due to DeFi three years later. According to DeFi Llama., it saw a dramatic increase in TVL since September 2021.
In early 2022, the project’s total worth reached $15.22 million. This was also a sign of growth. However, its contributors – Andre Cronje and Anton Nell’s departure, triggered a sharp drop in the figures. As of April 14, Fantom’s TVL stood at $7.31 billion.
This move comes six months after DEX aggregator announced it was expanding to Arbitrum. Arbitrum happens to be an Optimistic Rollups powered Ethereum scaling solution.
As previously reported, the expansion aims to reduce transaction costs and increase throughput and withdrawal speed while simultaneously establishing full compatibility for Ethereum on the Web 3 interface as well as smart contract levels.
In January 2018, 1inch expanded its DeFi cross chain transaction capabilities on Avalanche, Gnosis and Gnosis. BNB Chain, Ethereum and Optimistic Ethereum are also supported by 1inch.
$175 Million Round of Funding
1inch Network announced that it had secured $175 million in Series B funding from Amber Group. More than 50 investors participated. VanEck, Alameda Research and Gemini Frontier Fund were just a few of the investors.
1inch stated that the capital infusion will allow it to expand its services, focus on traditional investors, while also facilitating their entry into the DeFi space through the building of new protocols, additional utilities, and ramping-up the contributor team.
Initially, DeFi Platform hoped to raise $70 Million with this funding round. Due to recent advances in the decentralized financial ecosystem and increased demand by potential backers, the numbers have risen to over $100 million.