Many Enthusiasts, 1Inch DEX Aggregator Expands Fantom Network

Illustration. (Photo: Pixabay)

JAKARTA - Aggregator Decentralized Exchange (DEX) 1Inch is expanding its Fantom (FTM) cryptocurrency network. This announcement was made by DEX 1Inch in an official statement quoted from CoinDesk, Monday 18 April.

The integration by this aggregator company will allow traders to have the best experience on Curve, Saddle, Sushi Swap and other crypto trading venues in the low-cost and Ethereum (ETH) compatible Fantom (FTM) ecosystem.

Co-founder of 1Inch Network, Sergej Kunz said in a press statement, that this was done in order to create more efficient transactions and higher liquidity for users of 1inch aggregation and limit order protocols.

“Already active on Ethereum, Avalanche, Optimism, and other popular crypto chains, 1inch has processed 177 billion US dollars in trading volume across 2.4 million wallets,” said SegejKunz.

Fantom's development was also fueled by soaring activity on the network.

“Fantom has received significant traction among users and intense volume,” 1Inci representative Pavel Kruglov told CoinDesk via Telegram.

According to data by DeFi Llama, Fantom's $5.9 billion total value locked (TVL), a metric of on-chain activity, makes it the sixth largest decentralized finance (DeFi) center.

1inch is the fourth largest DEX aggregator, according to data from DeBank. 1Inch was extended to Layer 2 of the Polygon protocol last May.

Kruglov said that 1inch plans to support even more crypto networks, but has yet to announce a timeline for the good news.

What is 1Inch?

1INCH is a decentralized exchange aggregator (DEX). These crypto assets offer users better cryptocurrency exchange rates than a single cryptocurrency exchange can.

In addition, this asset saves users time. Because they no longer have to manually check each exchange for the best swap rates.

This token will be used to govern all protocols of the 1 inch Network, taking governance in the DeFi space to a new level. This DEX blockchain platform requires many users to be involved in the project.

The more users involved, the more efficient and transparent the governance process will be. All community members are invited to submit their valuable feedback and proposals related to any governance issue.

Get to know Fantom and its price

Meanwhile, citing Coinmarketcap data, today's Fantom price (FTM to IDR) is Rp. 15,489.80 with a market of Rp. 39,378.08. The price of the FTM crypto has decreased by 6.45% in the last 24 hours

Reporting from republicworld.com, FTM is attracting the attention of crypto players. In fact, Fantom was nicknamed the 'Etherium Killer' after Solana and Cardano.

Fantom itself is an advanced blockchain project that provides a platform for building customized decentralized applications and non-exchangeable tokens.

The Fantom Foundation as the developer of this one crypto asset aims to build the infrastructure for a more democratic and efficient future while solving the challenges faced by older blockchain projects like Bitcoin.

Fantom aims to find solutions to increase the speed, security and scalability of decentralized cryptocurrencies.

Fantom is currently being targeted because it has a direct acylic graph (DAG) smart contract platform. It can increase scalability and transaction speed which can increase to more than 300 thousand per second.

Fantom is powered by the power of Lachesis which is built on top of the Ethereum blockchain, due to its fast and efficient platform, leading blockchain projects such as Chainlink, Raviton, and Band Protocol have collaborated with it, causing price spikes.