Leading decentralized exchange aggregator, 1inch, has teamed up with Coinbase’s Ethereum Layer 2 solution, Base, to implement its 1inch Aggregation Protocol and the 1inch Limit Order Protocol.
With Base’s mainnet going live on August 9th, renowned exchanges such as Uniswap, Balancer, and SushiSwap have now become part of the network.
In line with these advancements, 1inch has been seamlessly integrated into the Base environment.
The goal is to harness liquidity from the 15 active decentralized exchanges on the network, which includes prominent platforms like Uniswap, Balancer, SushiSwap, and Base Swap.
Leveraging swap rates from multiple DEXs, the 1inch limit order protocol enables traders to place buy and sell orders at their chosen values in a calculated manner.
This offers a distinct approach compared to the typical immediate price conversions commonly seen in decentralized exchanges.
“Base stands out as a highly promising L2 solution, especially with the backing of a powerhouse like Coinbase,” remarked Sergej Kunz, the co-founder of 1inch Network. “Furthermore, we wholeheartedly align with Base’s mission of ushering in the next billion blockchain users.”
1inch highlighted that the Base blockchain is enriched by “Coinbase product integrations and user-friendly fiat entry points,” which will be available to the broader ecosystem’s projects.
Recently, Coinbase declared its decision to halt the trading of stablecoins such as Tether USDT, Dai DAI, and RAI for its Canadian clientele starting August 31. This move comes in light of these coins no longer aligning with the company’s listing criteria post their recent assessments.
1inch, a dominant force in the DEX aggregation realm, has registered a remarkable trading volume, crossing $1 billion just in the past week.
The protocol’s reach now extends to notable Layer 2 networks, including Optimism, Arbitrum, and zkSync Era. Moreover, it maintains compatibility with platforms like Ethereum, BNB Chain, Avalanche, and various other blockchains.
Base Activity Gains Momentum with Impressive Daily Users and Tokenized Social Network
Since its inauguration on August 9th, the Base Network has witnessed an influx of decentralized applications joining its ecosystem. This has led to an impressive spike in daily active users, with numbers exceeding 100,000.
A significant catalyst for this expansion is the excitement surrounding Friend.tech, a unique social network that allows tokenized Twitter accounts to engage in private conversations based on the access granted to an account’s “key” holders.
Furthermore, the Onchain Summer campaign by Base, punctuated by Coca-Cola’s NFT collection titled “Masterpiece”, has played a pivotal role in the platform’s ascent.
Functioning on the Base, this Ethereum Layer 2 solution has managed to eclipse other prominent scaling counterparts such as Arbitrum and Optimism in terms of daily transaction counts.
As of August 23rd, Base Network has set a new standard with its seven-day average daily transactions reaching 813,000. This number not only overshadows Arbitrum’s 646,000 and Optimism’s 469,000 but also eclipses Ethereum’s daily transaction count.
However, while these figures are noteworthy, it’s crucial to understand the current dynamics of the DeFi realm. Presently, meme coin transactions largely define the sector’s landscape. Insights from Dextool indicate that a substantial chunk of Base’s transactional activity is rooted in meme coin trading.
Interestingly, meme tokens associated with the Friend.tech platform have emerged as the frontrunners, underscoring the evolving character of the ecosystem.
According to Dextools data, counterfeit Friend.tech tokens accounted for 50% of Base’s trading volumes, which equates to $48.8 million of the total $79.7 million.
The evolution of Base has been influenced by some recent key developments. Compound has now aligned with renowned DeFi protocols such as Uniswap and SushiSwap by marking its presence on Base.
Additionally, Circle, the entity behind the USDC stablecoin, publicized its upcoming integration with Base on August 23rd. This integration, set for September, will occur concurrently with Circle’s expansion onto six other blockchains.