14 Apr DEX Aggregator 1inch Expands to Fantom Network
As per the press release shared with CryptoPotato, 1inch Network announced the expansion of the 1inch Aggregation Protocol and the 1inch Limit Order Protocol on Fantom.
The move will help users access deeper liquidity and more alternatives for efficient and cheap swaps.
Expansion to Fantom
With 1inch’s expansion on the scalable, EVM-compatible Layer 1 blockchain protocol, Fantom, a myriad of protocols will make the transition as well. Some of those names include Solidly, SpookySwap, Geist Finance, SCREAM, Curve, 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.”
Launched during the ICO boom in 2018, Fantom had mostly kept a low profile before gaining significant traction three years later due to its focus on DeFi. Its TVL skyrocketed from September 2021, according to DeFi Llama.
Growth was also recorded in early 2022 when the total value locked on the project reached $15.22 billion. 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.
The move comes six months after the DEX aggregator announced its expansion to Arbitrum, which happens to be the Optimistic Rollups-powered Ethereum scaling solution.
As reported earlier, the expansion is aimed at reducing transaction costs and enhancing throughput and withdrawal speeds while simultaneously establishing full compatibility with Ethereum on the Web 3 interface and smart contract levels.
More recently, 1inch also expanded its DeFi cross-chain transaction capabilities on Avalanche and Gnosis in January this year. Furthermore, other networks supported by 1inch are BNB Chain, Ethereum, Optimistic Ethereum, and Polygon networks.
$175 Million Funding Round
In November last year, 1inch Network announced securing $175 million in a Series B funding round led by Amber Group, with over 50 additional investors participating. Some of the names were VanEck, Alameda Research, Gemini Frontier Fund, and Tribe Capital.
1inch noted that the capital infusion will be utilized to expand its services and focus on traditional investors while facilitating their foray into the DeFi space by building new protocols, additional utilities for the native cryptocurrency, and ramping up the contributor team.
Initially, the DeFi platform aimed to raise $70 million with the funding round. As a result of the recent progress in the decentralized finance ecosystem and the increased demand from potential backers, it raised the figures by over $100 million.
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