1inch Network is a major decentralized exchange (DEX) aggregator which is also an automated market maker. Reports show that it is widening its reach by integrating with the renowned crypto wallet provider BitPay.
The decentralized exchange aggregator has been integrated into the cryptocurrency wallet app enabling the users to access its rates for their cryptocurrency swaps. The two firms said on August 31, 2021, that 1inch’s DEX aggregation functionality will from now and become available for all the users of the BitPay wallet.
This app enables people to manage, convert and spend 12 different cryptos via integrations with Apple Pay, MasterCard, ATMs, and Google Pay. The 1inch Network partnership lets the BitPay wallet users to use the decentralized exchange aggregator directly. 1inch Network unveiled massive integrations with various DeFi protocols and DEXs in 2021 to strengthen its liquidity pools for its users.
By design, this network uses an algorithm known as Pathfinder to search more than 60 different liquidity sources on Ethereum, at least 30 on Binance Smart Chain, and more than 20 on Polygon and Optimistic Ethereum. In the last two years, the DEX aggregator has surpassed $65 billion in total volume on the ETH network, based on this announcement.
During the winter of 2021, it secured funding from different sources including Pantera Capital and many other crypto venture funds. Sergej Kunz, 1inch Network co-founder, said that the partnership with BitPay Wallet app offers a chance for the DEX aggregator to reach out to new potential users who might “benefit from the 1inch’s attractive rates and user-friendly swap process.”
With the latest integration, BitPay users will be in a position to swap their Bitcoin, Ethereum, and other holdings for different crypto assets at 1inch Network’s competitive prices. They will not need to leave the app to do it.
Some two weeks ago, 1inch Network unveiled its deployment on the Optimistic Ethereum (OE) mainnet. It seemed to be following in the lead of fellow automated market maker Uniswap’s much-anticipated alpha launch of its v3 exchange on the OE mainnet. The utilization of the OE network is anticipated to considerably reduce user transaction fees and confirmation delays for the two platforms.