1inch Network, a leading player in the decentralized finance (DeFi) sector, has recently unveiled a series of upgrades to its platform, demonstrating its commitment to innovation and efficiency. These enhancements aim to revolutionize the user experience by offering up to 16% savings on transaction costs for both swaps and limit orders.
This development is a significant milestone for 1inch as it strives to meet the evolving needs of its users and integrators in the DeFi ecosystem.
Sergej Kunz, co-founder of 1inch, expressed his excitement about the platform’s latest advancements. He emphasized 1inch’s dedication to pushing the boundaries in the DeFi world and stated that these upgrades solidify the platform’s position as a market leader. Kunz proudly highlighted that the performance metrics of the 1inch Swap and Limit Order functionalities are at least 10% superior to those of its closest competitors.
The upgrades focus on two critical areas: optimizing the swap router and unifying the order structure for limit orders. These improvements not only enhance the platform’s operational efficiency but also significantly improve the overall user experience. By streamlining transactions and reducing associated costs, 1inch is paving the way for a more accessible and user-friendly DeFi ecosystem.
The 1inch swap router, known for its optimization capabilities, has undergone a substantial upgrade. The latest version of the router has achieved a reduction in gas usage of up to 16% on commonly used routes, particularly with protocols like Uniswap v2/v3 and Curve. This enhancement provides users with a more cost-effective way to execute transactions and contributes to the broader goal of increasing the DeFi ecosystem’s efficiency.
In addition to the swap router improvements, 1inch has introduced a revolutionary unified order structure within its Limit Order Protocol. This redesigned version seamlessly integrates traditional limit orders and high-performance RFQ orders into a single, streamlined protocol. The result is a protocol that is not only 14% more gas-efficient for upgraded limit orders and 3% more gas-efficient for RFQ-like orders but also highly extensible, supporting the innovative 1inch Fusion and RFQ. Users and developers are encouraged to explore the technology and features of the 1inch Limit Order Protocol by reviewing the detailed documentation or delving into its source code on GitHub.
A notable feature of the updated protocols is the full support for the permit2 functionality. This innovative feature allows users to execute trades without the need for token approval if they have previously traded the same token in other DeFi projects. Permit2 eliminates redundant approval steps, streamlines the trading process, and enhances security by reducing the number of approvals users must grant. This reduction in approval requirements significantly limits potential attack vectors, providing users with a safer and more efficient trading experience.
The introduction of permit2 support, along with the other upgrades, illustrates 1inch’s dedication to simplifying the trading process and removing barriers for its users. By prioritizing security and efficiency, 1inch is setting new standards for the DeFi industry and ensuring its platform remains at the forefront of technological innovation.
These upgrades are just the beginning of 1inch’s journey to revolutionize the DeFi space. With plans to roll out further enhancements to 1inch Fusion in the near future, the platform is committed to continuous improvement and innovation. These efforts aim to make 1inch the go-to solution for users seeking efficient swaps or limit orders and for developers looking to integrate optimized solutions into the market.
In conclusion, 1inch Network’s latest upgrades represent a significant leap forward in the DeFi space, providing users and developers with unparalleled efficiency and cost savings. By optimizing the swap router and unifying the order structure for limit orders, 1inch has cemented its position as a market leader, pushing the boundaries of decentralized finance. The introduction of full permit2 support further enhances the trading experience, making it more seamless and secure. As 1inch continues to innovate and evolve, it is clear that the platform is not just keeping up with the rapidly changing DeFi landscape but actively shaping its future, ensuring it remains at the forefront of technological advancement and user empowerment.
