Key Takeaways
- 1inch has announced that its DEX will run on Binance Smart Chain alongside Ethereum, on which it currently operates.
- The project cited high Ethereum fees as the reason for the move.
- 1inch is offering 150,000 in 1INCH tokens ($650,000) to attract liquidity providers to the platform.
Share this article
Decentralized exchange (DEX) aggregator 1inch Exchange has launched its service on Binance Smart Chain (BSC).
1inch Expands to Binance Smart Chain
1inch Foundation has deployed its DEX aggregator and liquidity mining platform to Binance Smart Chain. The exchange initially launched on Ethereum in December, allowing users to access other DEXes like Uniswap, Balancer, Sushiswap, Mooniswap, and more.
However, rising fees on Ethereum have made those platforms overly expensive for small-scale investors. Now, it aims to offer its platform on Binance Smart Chain (BSC) to bypass those fees.
Sergey Kunz, 1inch co-founder and CEO, says that he sees “a significant opportunity for 1inch Liquidity Protocol to become the biggest liquidity protocol on Binance Smart Chain.”
Other BSC-based decentralized exchanges have become a success. Pancakeswap, for example, reached a higher volume than any Ethereum-based DEX last week. Presently, it is the third-largest DEX by volume, according to CoinGecko, just below Ethereum’s popular Uniswap exchange at #2 and Mdex at #1.
Other notable DEXes on Binance Smart Chain include BurgerSwap, StreetSwap, Venus, StableSwap, and JulSwap.
New Incentives for Liquidity Providers
1inch’s development team has added $10 million of 1INCH tokens to Binance Bridge, which will help ensure the token supply remains constant as funds move between platforms.
To kickstart the launch, the project has also introduced new incentives for liquidity providers who lock funds in BNB-1INCH pools. Over the next four weeks, participating providers will receive a total of 150,000 1INCH tokens, equal to 0.01% of the total supply or $650,000.
The price of the token jumped 10% from $3.99 to $4.41 during the hour following the announcement.
Disclosure: The author held Bitcoin at the time of press.
Share this article
1Inch.Exchange Announces Yield Farming Opportunity for Its Upcoming To…
Just one week after the launch of Mooniswap and bagging $2.8 million from the biggest names in crypto investing, 1inch.exchange is taking their business a step further. 1inch yesterday has…
1inch Exchange Airdrops Native Token on Christmas Day
1inch Exchange, a leading DEX aggregator, has released its native token, which will be used both as a governance token and as a utility token. Titled 1inch (1INCH), the platform…
DeFi Project Spotlight: 1inch.exchange, the Trading Router for Decentr…
1inch.exchange has emerged as an essential part of the booming decentralized finance (DeFi) movement. What initially began as a one-stop-shop for aggregating liquidity has morphed into a swiss army knife of…
Looking Back on 2020 and 2021 Predictions
Happy New Year from all of us at Crypto.com Research! 2020 was an unprecedented year for the world and for crypto. Before we fully plunge into 2021 predictions, we will…