1inch Network expands to Avalanche and Gnosis Chain
Decentralized exchange aggregator 1inch Network announced its intention to roll out the 1inch Aggregation Protocol and 1inch Limit Order Protocol this week on Avalanche and Gnosis Chain, respectively, and as such, expand their foothold within the DeFi sector.
An initial list of protocols will become immediately available via 1inch on cross-chain network Avalanche such as 1inch Limit Order Protocol v2, Aave, SushiSwap, Trader Joe and KyberSwap, among others.
Similarly, those protocols immediately accessible on Gnosis Chain, formerly known as xDai Chain, via 1inch, include 1inch Limit Order Protocol v2, Curve v1, and SushiSwap.
“1inch’s main goal is to offer users the best deals across the blockchain space,” stated Sergej Kunz, 1inch Network co-founder, continuing to remark that the expansion to Avalanche and Gnosis Chain “will offer 1inch users more options for cheap and fast transactions.”
According to analytical data from DeFi Llama, the Avalanche ecosystem currently holds $9.77 billion in total value locked (TVL), the majority of which is dominated by Aave, Benqi and Trader Joe with $2.48 billion, $1.35 billion, and $1.21 billion.
On the other hand, Gnosis Chain is currently recording a TVL of $206.8 million, largely accumulated in the last three months from projects including Curve, SuperFluid and RealT, which have amassed $62.9 million, $54 million and $31.3 million, respectively.
Analytical data reveals that DeFi’s total value locked slightly decreased by 8.29% across the week to a figure of $114.63 billion, continuing along with the wider market decline.
Following an overwhelming bearish 24 hours for DeFi’s leading tokens, all price results are negative this week and will be ranked by market capitalization.
Terra (LUNA) registered minus 8.15%. Avalanche (AVAX) fell sharply by 18.73%, while Wrapped Bitcoin (WBTC) pulled back 9.3%. Stablecoin Dai (DAI) suffered a similar fate down by 0.06%, while Chainlink performed the worst out of the top five, taking a 21.8% hit.