Decentralized finance (DeFi) application 1inch has released its version 3 with some new features, promising to offer its users the fastest trades at best rates.
The DEX aggregation protocol is targeting the pulse of the problem, high transaction fees on Ethereum that is making it difficult for smaller users to utilize different applications on the second largest network.
“We are thrilled to unveil version 3 of the 1inch Aggregation Protocol, which facilitates lower gas fees,” noted the team in its official announcement.
Reducing gas fees is actually the main improvement in V3, which is made possible through assembly code optimization.
This reduction in the transaction cost applies to swaps using DEX Uniswap V2 and its forks like SushiSwap and LuaSwap, among others.
The team shared how now swapping ETH for DAI on 1inch will be a lot less, over 10% less gas, than trading the same on Uniswap and nearly 5% less than on 0x. “It is now cheaper to swap tokens on 1inch than on Uniswap, as well as other popular protocols,” points out the team.
In reaction to this, Uniswap creator Hayden Adams tweeted out how the popular decentralized exchange is still dominating at 60% of DEX trading volume, which is close to its all-time high.
And that is three months since the end of UNI liquidity mining, “so this is from real use and adoption,” said Adams.
He then teased the community about how Uniswap will soon be launching its V3 as well, which has been a lot in the news but is yet to be released.
“I’ve heard a new and improved version of the Uniswap protocol is being announced soon.”
Already, the UNI token became the first DeFi coin to enter the top 10 crypto list, currently trading just under $30, up 560% YTD.
UNI 2.05%
Universe / USD
UNIUSD
$ 0.00
$0.00
2.05%
Volume 0
Change $0.00
Open $0.00
Circulating 88.03 m
Market Cap 65.98 K
1 h
Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC)
2 h
Uniswap Creator Teases about V3 as 1Inch Protocol Launches Faster and Cheaper Version 3
1 d
Aave Releases AMM Liquidity Pool, Uniswap and Balancer LPs Can Use their LP Tokens as Collateral in Protocol
While Uniswap has yet to release its much-anticipated V3, 1inch is bringing more liquidity to its users through cheaper swapping token features on the platform. As of mid-March 2021, the total value of liquidity available on 1inch
1INCH 3.33%
1inch / USD
1INCHUSD
$ 4.60
$0.15
3.33%
Volume 222.92 m
Change $0.15
Open $4.60
Circulating 146.64 m
Market Cap 674.29 m
2 h
Uniswap Creator Teases about V3 as 1Inch Protocol Launches Faster and Cheaper Version 3
1 w
Rug Pulled on Users as DeFi Project Meerkat Finance Disappears Along with $31 Million
2 w
1Inch Decentralized Exchange to Transition to Binance Smart Chain as Ethereum Exodus Begins
was $16.5 billion for Ethereum
ETH 2.89%
Ethereum / USD
ETHUSD
$ 1,832.71
$52.97
2.89%
Volume 23.26 b
Change $52.97
Open $1,832.71
Circulating 115.09 m
Market Cap 210.93 b
37 min
TRON Takes Aim at Ethereum’s NFT Market with the Launch of its TRC-721 Standard
1 h
Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC)
1 h
China’s Publicly-Traded Company Meitu Buys Another 386 BTC ($21.6M) and 16k Ether ($28.4M)
and another $2.3 billion for Binance Smart Chain (BSC).
The post Uniswap Creator Teases about V3 as 1Inch Protocol Launches Faster and Cheaper Version 3 first appeared on BitcoinExchangeGuide.
