According to the press release indicated CryptoPotato1inch Network announced the expansion of the 1inch Aggregation Protocol and 1inch Limit Order Protocol in Phantom.
The move will help users access deeper liquidity and more alternatives to efficient and cheaper swaps.
Expansion to Phantom
With 1inch expansion in the scalable, EVM-compatible Layer 1 blockchain protocol, Phantom, many protocols will make the transition as well. Some of these names include Solidly, SpookySwap, Geist Finance, SCREAM, Curve, Beethoven X (Beets), SpiritSwap, Synapse, SushiSwap, PaintSwap, Morpheus Swap, Elk Finance, ProtoFi, Saddle. Speaking about the deployment, the founder of 1inch Network – Sergej Kunz commented,
“Phantom is a popular network, and it’s now very good. The 1 -inch protocol deployment on the block is set to give users greater efficiency and flexibility, as well as access to deeper liquidity.
Launched during the ICO boom in 2018, the Phantom typically doesn’t have a profile before gaining significant traction three years later due to its focus on DeFi. TVL is on the rise since September 2021, according to DeFi Llama.
Growth was also recorded in early 2022 when the total value locked in the project reached $ 15.22 billion. However, one of the contributors – Andre Cronje and Anton Nell departed, triggering a sharp drop in figures. On April 14, Phantom TVL stand at $ 7.31 billion.
The move comes six months after aggregator DEX announced an expansion into Arbitrum, which is an Ethereum -scale solution supported by Optimis Rollups.
As previously reported, the expansion is underway intended in reducing transaction costs and increasing throughput and countdown speeds while simultaneously establishing full compatibility with Ethereum on Web 3 interfaces and smart contract levels.
Most recently, 1inch as well added DeFi’s cross-chain transaction capabilities in Avalanche and Gnosis in January of this year. Furthermore, other 1inch supported networks are the BNB Chain, Ethereum, Optimistic Ethereum, and Polygon networks.
$ 175 Million Funding Round
In November last year, 1inch Network declare secured $ 175 million in a Series B funding round led by Amber Group, with over 50 additional investors involved. Some of these names are VanEck, Alameda Research, Gemini Frontier Fund, and Tribe Capital.
1inch noted that the capital infusion will be used to expand services and focus on traditional investors while facilitating entry into the DeFi space by building new protocols, additional requirements for native cryptocurrency, and adding a team of contributors.
First, the DeFi platform aims to raise $ 70 million in funding rounds. As a result of recent advances in the decentralized finance ecosystem and increased demand from potential backers, it is raising the figure to over $ 100 million.