1inch Network Integrated With Coinbase's Base Network

1inch Network is integrated with Base. (Photo; Doc. Crypturing)

JAKARTA - The world's leading liquidity agregator DeFi, protocol 1inch, announced its integration with Base, an Ethereum 2 (ETH) layer solution supported by Coinbase Global Inc.

According to the announcement, the 1inch Aggregation Protocol and the 1inch Limit Order Protocol (Limit order protocol) can now be accessed via the Base network. Through integration with the Base network, 1inch protocol users get access with lower transaction fees and higher speed, and extra liquidity.

Not only that, Coinbase Global is a leading crypto exchange in the world with liquidity originating from retail and institutional investors. Interestingly, this crypto exchange announced the launch of the Base network earlier this month and the number of daily active users has exceeded 100,000.

"We are happy because it is integrated with Base," said Sergej Kunz, co-founder of the 1inch Network. "Base is a very promising L2 solution, plus this is incubated by big players like Coinbase. In addition, we are fully in line with Base's philosophy which aims to bring billions of new users into the blockchain world."

With 1inch and Base network integration, users have direct access to various protocols, including leading decentralized exchanges (DEX) on the Ethereum and Binance Chain (BSC) networks.

1inch And Base Network Bring Public Attention

The mass adoption of digital assets and blockchain technology is very dependent on secure and scalable inter-network infrastructure in the decentralized financial ecosystem (DeFi).

Not to forget, Coinbase Global announced that Base will focus on scaling the Ethereum network at lower cost and higher speed. In addition, Coinbase insists that Base has no intention of publishing tokens like many other L2 networks that use their original coins to fund the underlying protocol.

In contrast, Coinbase will focus on providing scalable infrastructure for users of the Ethereum network. On the other hand, the 1inch network provides important liquidity services for mainstream users directly or indirectly.

For example, a 1inch network can connect directly with a person's crypto wallet to safely connect assets to various networks. In addition, the 1inch protocol has been integrated with a number of decentralized exchanges such as PancakeSwap, Trust Wallet, and Uniswap to allow asset exchanges smoothly.

According to the official website 1inch, the network has more than 400 liquidity sources and facilitates more than US$358 billion (Rp5.4 quadrillion) in total volume. In addition, the 1inch network has more than 7.8 million wallets that have been created and facilitated more than 56 million trades in total.