Source: Vladimir Kazakov – Adobe Stock
- The 1inch network has confirmed its expansion into Polygon, the fastest-growing scaling solution on Ethereum.
- Sergej Kunz, the co-founder of 1inch Network, added that the 1inch Governance Protocol is expected to expand over to Polygon in the upcoming few weeks.
The 1inch network early in the year went live on the Binance Smart Chain (BSC) but according to Sergej Kunz, the co-founder of the project, there has been demand from the community to make Polygon also available for swapping. Initially, the project launched on Ethereum but moved to BSC amid surging gas fees. The team has now confirmed the successful expansion into Polygon on Thursday.
According to a blog post, in the initial stages, the integration will offer users liquidity from Curve Finance, SushiSwap, QuickSwap, Aave V2 and Cometh, while more protocols will gradually be added. With DeFi attracting massive attention and billions in investment, 1inch holds great promise as a DeFi aggregator. 1inch currently has roughly $200M in total locked value.
The platform joins a list of notable protocols that are choosing the Polygon sidechain to Ethereum mainnet. Formerly Matic, it processes roughly 7,000 transactions per second and slashes the transaction fee on Ethereum. Since the turn of the year, Polygon has welcomed SushiSwap, Curve and Aave among others.
— 1inch Network (@1inchNetwork) May 13, 2021
The co-founder of 1inch Network, Sergej Kunz, explained that the community has been calling for the integration into Polygon. He further confirmed that the unique 1inch governance protocol would also expand over to the network in the near future.
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.
Polygon is already using its own Proof-of-Stake consensus mechanism which has allowed the protocol to achieve higher transactional speed at a fraction of the cost on the Etheruem network. As an Ethereum bridge network and the fastest-growing scaling solution, Polygon is attracting some of the largest DeFi protocols especially after its launch of the $100M DeFi fund a few weeks ago. Polygon has further been exploring opportunities that can bring sustainability into the rising NFT space.
Polygon ready to break ATH
In the wake of the announcement, Polygon (MATIC) has surged to add nearly 10 percent in the last 24 hours. At the time of press, the digital asset is exchanging for $1.14. Earlier in the week, the token set a new ATH after topping $1.20. The addition from the last 24 hours marks a roughly 50 percent growth in the last 7 days with its market cap topping $7 billion. The token is quickly climbing up the market ranks, with Monero’s (XMR) $7.2 billion market cap – sitting 26th – now on its sight.
1inch on the other hand has recorded a slight drop in the last 24 hours. Exchanging for just under $6 at the time of press, the token has been retracing after reaching $7.87, its ATH last week.