1inch Network is now available on the Polygon network, a move that could boost its capabilities such as higher throughput and access to large liquidity pools.
1inch Network now available on Polygon
Polygon (formerly known as Matic) is a multichain scaling solution for Ethereum. The project aims to use Layer 2 sidechains to provide faster and cheaper transactions on the Ethereum blockchain. The project has gained adoption in recent years, and 1inch Network is the latest to join the platform.
1inch network announced on Thursday that it has officially expanded to Polygon. This move is expected to up additional liquidity sources on Curve, QuickSwap, SushiSwap, Aave V2 and Cometh. The decentralized exchange aggregator said the liquidity pools would be added right away, and more protocols would be added with time.
The platform said, “The 1inch Aggregation Protocol has expanded to the Polygon network (formerly known as Matic), one of the most promising scaling solutions on Ethereum. At the initial stages, the aggregation will be available for Curve, SushiSwap, QuickSwap, Aave V2 and Cometh, while more protocols will be gradually added.”
Polygon is an Ethereum scaling and infrastructure development platform. It is expected to help Ethereum keep up with the competition as it switches to the Proof-of-Stake (PoS) consensus algorithm. Polygon wants to help Ethereum become a unique and powerful multichain system and offers a high throughput of over 7,000 transactions per second. Polygon is already home to numerous projects, including The Graph, NIFTEX, Biconomy, Cometh, Chainlink, DAI, Percel, Bella, and more.
Community request convinced 1inch to make Polygon available
Sergej Kunz, the co-founder of 1inch Network, revealed that expanding their portfolio to Polygon was due to the massive request from the community. “After the 1inch Network has expanded to Binance Smart Chain, there was a massive request from the community to make Polygon also available for swapping via 1inch. Currently, the 1inch Aggregation Protocol is already deployed on Polygon, while the 1inch Liquidity Protocol and the 1inch Governance Protocol are expected to expand over to Polygon in the upcoming few weeks,” he added.
1inch Network has become a leading decentralized exchange aggregator even though it only recently integrated with Mdex.