One of the top Decentralized Exchange (DEX) Aggregators, 1inch has expanded to Binance Smart Chain in an effort to expand their services. Anton Bukov – the CTO of 1inch – has stated that the reason for this is that “Ethereum miners killed the Ethereum network by not raising the block gas limit.”
A Bridge Between Two Networks
1Inch launched in 2019 and has facilitated countless trading orders, looking for better exchange rates across multiple exchanges. However, due to the recent increase in ETH fees, the company has decided to give users a new way to trade – and BSC’s protocol allows for 10 times more gas per minute.
The company also stated that Binance Smart Chain will be used as a bridge between the two blockchain favored by DeFi hotshots worldwide.
“The 1INCH token on Binance Smart Chain will be used for a bridge between the Binance and Ethereum networks. 1inch users will get access to PancakeSwap, BurgerSwap, StreetSwap, Venus, StableSwap, JulSwap, BakerySwap and other Binance-based DEXes and lending protocols.”
Anton Bukov stated that although the integration was paid out of pocket, Binance did participate in 1inch’s seed round that took place in August.
1Inch aren’t the only blockchain-based firms looking for alternative solutions – it turns out the current issues surrounding GAS prices and the like have convinced a few firms to at least look for alternatives, whether on Binance Smart Chain, Compound Chain and others.
It’s worth noting that the increase in GAS fees isn’t something new – but the problem has been exacerbated in recent months. With a bit of luck, 1inch’s expansion into BSC will be some sort of catalyst for a process that results in further diversification of DeFi and crypto options – instead of following the current one-size-fits-all approach.
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