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1Inch DeFi Protocol Expands To Avalanche Blockchain, Both Tokens Post 3% Gains

Fans of Avalanche (AVAX) can enjoy a great moment as the popular Ethereum-based 1Inch DeFi protocol has now been deployed on Avalanche protocol.

In a blog post on Thursday, January 20, the Avalanche team announces that the DeFi aggregator 1Inch Protocol is now live on its Avalanche blockchain network. Native tokens of both Avalanche (AVAX) and 1Inch (1Inch) have reacted to the news as they are more than $3% up in less than an hour after the announcement.

1Inch is an AMM-based DEX aggregator that s crypto traders to access a wide range of trading pools via one single dashboard. 1Inch Network is not a single product. It combines three decentralized Finance (DeFi) protocols under its 1Inch Network name: 1inch Aggregation Protocol, 1inch Limit Order Protocol, and 1Inch Liquidity Protocol.

The 1inch Aggregation Protocol and the 1inch Limit Order Protocol have been deployed on Avalanche. With this, users of 1Inch DeFi Protocol will have access to several Avalanche-based liquidity sources, including 1inch Limit Order Protocol, Aave, Baguette, Canary Exchange, Curve V1/V2, Elk Finance, KyberSwap, Lydia Finance, Olive Cash, Pangolin Exchange, SushiSwap, YetiSwap, WAVAX, and the most used Dapp on Avalanche Trader Joe.

According to a separate announcement by 1Inch, the decision to expand to Avalanche is powered by the recent growth of DeFi activity on Avalanche. According to DeFi Llama, Avalanche is currently the largest by a TVL of $10.51 billion. This amount was less than $1 billion in August 2021.

Yet Another Good News

Avalanche fans have something more to cheer for as 1Inch Protocol has also expanded to Gnosis Chain, formerly known as xDai Chain. Although not a big name in TVL, according to 1Inch, Gnosis Chain has the potential to become a DeFi giant.

The 1inch Aggregation Protocol and the 1inch Limit Order Protocol are now live on the chain. The list of Gnosis Chain-based protocols available through the 1Inch dashboard includes 1inch Limit Order Protocol v2, Curve v1, Elk Finance, Honeyswap, Levinswap, SushiSwap, Swapr, Symmetric, wxDai.

Before the recent addition of these two chains, 1Inch Protocol was available on Ethereum, Binance Smart Chain (BSC), Polygon, and layer-2 scaling solutions Optimistic Ethereum (OE) and Arbitrum.

Sergej Kunz, the co-founder of 1inch Network, commented:

“1inch’s main goal is to offer users the best deals across the blockchain space. To achieve that, 1inch protocols constantly expand to new chains, and the expansion to Avalanche and Gnosis Chain will offer 1inch users more options for cheap and fast transactions.”

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