1inch, a well-known player in the DeFi ecosystem, is making waves with recent developments to further bolster its position in the market. Known for its decentralized exchange protocol, the project has a multitude of recent advances, from integration with the Solana blockchain to collaborations with respected global companies.
The co-founder of 1inch recently spoke on its prospects, including the expansion of its DeFi services by integrating with Solana, a highly scalable blockchain.
Another feature elevating 1inch's standing in DeFi is the introduction of cross-chain swaps via ZkSync alliance.
Functionality on multiple chains furthers flexibility and usability, opening up new vistas. A noteworthy feature shaping 1inch's DeFi trajectory has been the partnership with Compound and Zig Network, offering revolutionary capabilities to participants.
Unfortunately, the path hasn't always been smooth.
There have been reports of a $5 million loss due to a smart contract exploit, and the 1inch fund decided to sell its Ethereum and Wrapped Bitcoin holdings in the market rebound. On a brighter note, the hacker behind the incident returned stolen funds following negotiation.
In better news,
revelations of a new cross-chain swap feature and the launch of Fusion+ generated positive interest in the project. Expanding on cross-chain liquidity, 1inch made headlines by unveiling a crypto debit card in collaboration with Mastercard and Baanx.
Additionally, hardware wallet support and a $175M funding round led by Amber Group positioned the 1inch network to rebound effectively from a 30% downtrend. This, accompanied by its launch on Ethereum layer-2 scaling platform ZkSync, raises speculation and fuel the vision for innovative crypto platforms.
1INCH Coin News Analytics from Wed, 02 Dec 2020 08:00:00 GMT to Mon, 12 May 2025 14:03:39 GMT -
Rating 7
- Innovation 8
- Information 6
- Rumor 7
