Decentralized exchange protocol 1inch went live on BSC.
🦄 Crossing the hell of burned #Ethereum lands our hero stumbles upon the mysterious yellow portal. No one knows what secrets it holds, but the intense heat from molten #shitcoins surging right from the #blockchain depths forced #1inch unicorn to make a step towards the unknown.. pic.twitter.com/B9tnKh90bz— 1inch.exchange (@1inchExchange) February 25, 2021
The platform was launched on Ethereum in August 2020. Using arbitrage bots, it helps to find the best market price while exchanging cryptocurrencies over various DEXs like UniSwap, Balancer, MuniSwap, and others.
As fees on the Ethereum network have been growing, DEXes became costly for minor investors. With the purpose to find an alternative, 1inch offers its services on Binance Smart Chain.
The native token of the network 1INCH will link Binance and Ethereum ecosystems. People holding the asset will be able to reach various Binance-operating DEXes and lending platforms.
1inch Chief Executive Officer Sergey Kunz mentioned that the platform's Liquidity Protocol has the potential to turn into the largest liquidity protocol on BSC.
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Generally, Binance Chain has been becoming more and more popular among developers. DEXes running on the network are making progress. For instance, Pancakeswap overtook DEXes running on Ethereum in terms of volume. Presently it ranks third according to CoinGecko.