In a significant move that underscores its commitment to innovation and efficiency in the decentralized finance (DeFi) sector, 1inch Network has unveiled a series of upgrades to its platform. These enhancements are set to revolutionize the user experience by offering up to 16% savings on transaction costs for both swaps and limit orders.
The development marks a pivotal moment for 1inch, as it continues to refine its technology to meet the evolving needs of its users and integrators within the DeFi ecosystem.
1inch Elevating DeFi to new heights
Sergej Kunz, co-founder of 1inch, expressed his enthusiasm for the platform’s latest advancements. “At 1inch, we’re driven by a mission to continuously push the envelope in the DeFi world. Our newest upgrades are a testament to our unwavering dedication to innovation, efficiency, and empowering our users,” Kunz remarked. He proudly noted that the enhancements to the 1inch Swap and Limit Order functionalities have solidified the platform’s position as a leader in the market, boasting performance metrics that are at least 10% superior to those of its closest competitors.
The upgrades focus on two critical areas: an optimized swap router and a unified order structure for limit orders. These improvements are designed not only to enhance the platform’s operational efficiency but also to significantly improve the overall user experience. By streamlining transactions and reducing associated costs, the network is paving the way for a more accessible and user-friendly DeFi ecosystem.
Cutting-edge technological enhancements
The 1inch swap router, renowned for its optimization capabilities, has received a substantial upgrade. The latest iteration of the router has achieved a reduction in gas usage by up to 16% on the most commonly used routes, particularly with protocols such as Uniswap v2/v3 and Curve. The enhancement is a game-changer for users, offering them a more cost-effective way to execute transactions while contributing 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. The 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. The platform encourages users and developers to delve into the technology and features of the 1inch Limit Order Protocol by exploring its source code on GitHub or reviewing the detailed documentation.
Seamless trading with full Permit2 support
A notable feature of the updated protocols is the full support for the permit2 functionality. The 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. By eliminating redundant approval steps, permit2 not only streamlines the trading process but also enhances security by reducing the number of approvals users must grant. The reduction in approval requirements significantly limits potential attack vectors, offering users a safer and more efficient trading experience.
The introduction of permit2 support, along with the other upgrades, signifies 1inch’s dedication to removing barriers and simplifying the trading process for its users. By focusing on security and efficiency, 1inch is setting new standards for the DeFi industry, ensuring that its platform remains at the forefront of technological innovation.
The announcement of these upgrades is just the beginning of 1inch’s journey toward revolutionizing the DeFi space. With plans to roll out further enhancements to 1inch Fusion shortly, the platform is committed to continuous improvement and innovation. These efforts are aimed at ensuring that 1inch remains the go-to solution for users seeking to execute swaps or limit orders in the most efficient manner possible, as well as for developers looking to integrate the most optimized solutions into the market.
Conclusion
1inch Network’s latest upgrades represent a significant leap forward in the DeFi space, offering users and developers alike unparalleled efficiency and cost savings. By optimizing its swap router and unifying the order structure for limit orders, 1inch has solidified its position as a leader in the market, pushing the boundaries of what is possible within 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 pace with the rapidly changing DeFi landscape but is actively shaping its future, ensuring that it remains at the forefront of technological advancement and user empowerment.
