1inch and Solana Partner to Boost Development in Decentralized Finance (DeFi) Sector
In a groundbreaking move, 1inch, a leading decentralized finance (DeFi) platform, has integrated with the Solana blockchain, opening up access to over one million Solana-based tokens through its decentralized application (DApp). This integration is set to redefine the DeFi landscape on Solana.
The new APIs, built following the September 2024 launch of the Fusion+ architecture, are designed to help developers create fast, efficient, and scalable DApps within Solana's ecosystem. This collaboration aims to enhance liquidity and simplify complex cross-chain operations.
Solana traders can now benefit from 1inch's Dutch auction mechanism, which optimizes rates and guards against maximum extractable value (MEV). The integration also allows users to access optimized swaps costing less than a cent on Solana.
Moreover, traders can now tailor swap parameters that are executed by competing market makers on Solana. This feature offers a level of customization that was previously unavailable, empowering traders to make more informed decisions.
The collaboration between 1inch, Solana, and BitGo's staking platform is also expected to improve decentralization and profitability within the Solana network. BitGo, a cryptocurrency custodian, has enhanced its staking services in collaboration with Marinade Labs. BitGo's updated staking model allows users to benefit from competitive staking rewards without exposing their assets to third-party risk.
BitGo clients can now stake Solana tokens directly from their wallets using Marinade Native, thanks to this partnership. Marinade Native's Stake Auction Marketplace and Protected Staking Rewards have already shown significant improvements in decentralization and profitability within the Solana network.
Solana's performance metrics show it has processed over $539 billion in trading volume and managed 180% more active addresses than Ethereum over the past quarter. In terms of DEX activity, Solana outpaced Ethereum by 33% in volume and by 400% in transaction count, demonstrating Solana's growing dominance in the DeFi space.
The integration takes advantage of Solana's high-speed blockchain infrastructure, offering swift confirmations and ultra-low fees. By leveraging Solana's capabilities and 1inch's Fusion+ architecture, the platforms are laying the groundwork for a flexible and secure trading environment.
The upcoming rollout of 1inch's cross-chain functionality is expected to further connect liquidity across blockchain ecosystems, potentially leading to even more opportunities for traders and developers on Solana. The joint efforts of these three entities are setting a new benchmark for DeFi, promoting confidence and user participation in the Solana ecosystem.
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