1inch Heads to Avalanche and Gnosis Chain

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The decentralized exchange aggregator 1inch has launched on Avalanche and Gnosis Chain.

1inch Grows Multi-Chain Presence

1inch Network has announced another expansion.

The decentralized exchange aggregator has deployed its contracts on Avalanche and Gnosis Chain.

Launched in August 2020, 1inch is DeFi’s top decentralized exchange aggregator in terms of daily volume. By aggregating multiple decentralized exchanges on any one blockchain, the platform allows users to find the most favorable rates for swapping DeFi tokens.

According to Dune Analytics, 1inch has handled about $357.7 million in trading volume in the last 24 hours, far surpassing competitors like 0x, DODO, CowSwap, ParaSwap, Tokenlon and MistX.

1inch initially launched on Ethereum and has since expanded to several networks that offer compatibility with the Ethereum Virtual Machine, including Binance Smart Chain, Polygon, Arbitrum, and Optimism. Avalanche and Gnosis Chain (formerly known as xDai Chain) are the latest two additions to 1inch’s list of supported networks. As with the previous deployments, both networks are EVM-compatible. 

1inch is hoping that moving to Avalanche and Gnosis will help the project acquire users and grow its multi-chain presence. In a Thursday press release, 1inch co-founder Sergej Kunz said that the move would “offer 1inch users more options for cheap and fast transactions.”

Of the two new networks, Avalanche has more on-chain activity across a range of DeFi applications. According to data from DeFiLlama, the total value locked on Avalanche is currently $10.48 billion.

1inch will integrate many of the leading protocols running on Avalanche, including Aave, Curve, Trader Joe, Sushi, Pangolin, YetiSwap, Elk Finance, KyberSwap, Lydia Finance, Baguette, Canary Exchange, OliveCash, and WAVAX. 

On Gnosis Chain, meanwhile, 1inch will integrate Curve, Sushi, Elk Finance, Honeyswap, LevinSwap, Swapr, Symmetric, and wxDai. Gnosis Chain, which acts as an Ethereum sidechain, has seen significantly less adoption than Avalanche. According to DeFi Llama, the total value locked on the network is around $206.6 million today. 

Disclosure: At the time of writing, the author of this piece owned ETH, MATIC and other cryptocurrencies.

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Decentralized exchange aggregator trading volumes surge to new highs

Trading volumes on popular decentralized exchange (DEX) aggregators have surged to new highs over the past few weeks.

Decentralized exchange aggregators provide a way for token traders and swappers to scan several DEX platforms to get the best swap rates at the time.

According to Dune analytics, popular DEX aggregators such as 1inch, 0x, and Paraswap have seen volumes surging over the past month. The combined volume for those three hit a cumulative weekly all-time high of $6 billion last week, increasing by around 50% since the beginning of November.

DEX aggregator weekly volumes – dune.xyz

1inch has a minor lead in terms of the current market share at 53%, but 0x is rapidly catching up with 42% recorded for December so far. Last week, 1inch announced a Series B funding round led by Amber Group that raised $175 million.

On Dec. 5, 0x actually surpassed 1inch in terms of daily volume share with 49% compared to 43.7% according to Dune. According to 0xTracker, the DEX aggregator has processed $3 billion in volume over the past 7 days.

0x provides an application programming interface (API) that can be used by DeFi developers to integrate token swaps sourced from leading DEXes directly into smart contracts.

The 0x protocol also has a native DEX called Matcha which has processed $4.7 billion in trade volume over the past 30 days as reported by its dashboard.

Related: DeFi aggregator growth ‘set to dwarf 2020’s volume’

Dune’s DEX analytics reports that there has been $4 billion in trading volume on decentralized exchanges over the past 24 hours and $33 billion for the past week. The aggregator share of that volume is currently 20%.

Uniswap is the current DEX market leader by a long way with a 79% share according to Dune. It has processed $26.2 billion in trading volume over the past week. SushiSwap, which was originally cloned from Uniswap, ranks in second place with a 9.8% share of the DEX market.


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FOMO or fundamentals? Here’s why Orion Protocol (ORN) rallied by 730%

As the decentralized finance (DeFi) industry grows, new exchanges and liquidity pools constantly emerge. For the average investor, keeping track of all of them and finding the best yield opportunities has become increasingly complicated.

The situation becomes even worse as centralized exchanges also offer staking opportunities. Therefore, the need for a liquidity aggregator that connects to several decentralized and centralized exchanges has become quite clear. Orion Protocol aims to provide access from a single platform for users to trade and swap pools.

Instead of competing with exchanges, the service aggregates order books and liquidity into one decentralized platform. When in place, Orion Terminal will offer Binance and KuCoin trading without the need for any accounts or Know Your Customer (KYC) verification. Moreover, it will provide connectivity to both Ethereum and Binance Smart Chain.

The Orion Terminal aims to go live on March 31, and since February, Orion Protocol’s ORN token has rallied by 730%.

ORN/USDT on Binance. Source: TradingView

According to the Orion Protocol blog, users will trade and stake without giving up their private keys, using MetaMask, Fortmatic and Coinbase wallets. By depositing funds into the smart contract, users will be able to trade across exchanges with no need for multiple accounts.

As for the staking and liquidity pool aggregation services, final testing and a mainnet are expected for mid-2021. The project also has amassed over 40 partners, bringing additional volume to the protocol and boosting potential staking rewards.

Expansion plans include derivatives, leveraged exchange-traded funds (ETFs), nonfungible tokens (NFTs), lending, margin trading and staking for many digital assets.

This all sounds very enticing, but promises of Bloomberg-like crypto trading terminals have been coming and going since 2017, and none of those have lived up to expectations. Furthermore, in October 2020, MetaMask launched its own decentralized exchange aggregation service.

Furthermore, the number of non-KYC centralized exchanges is declining every year, leaving little room for Orion Protocol to expand its service.

In short, DEX aggregation is an extremely competitive sector with little to no entry barriers. Therefore, the ORN token might have priced in some market share that may never come to fruition.

Balancer TVL and trading volume. Source: DeBank

As a comparison, the Balancer Protocol Governance Token (BAL) has a $1.7 billion total value locked (TVL) and $50 million in daily average volume. Meanwhile, BAL’s market capitalization stands at $743 million, 28% above Orion Protocol’s yet-to-launch product.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.