The DEX aggregator 1inch has added support for Solana. Users of the decentralized application can make exchanges by connecting Phantom or Trust Wallet via WalletConnect.
Support for other wallets and the launch of a solution in 1inch Wallet are expected in the future.
1inch aggregates liquidity from across the market, minimizes slippage, and provides the best rate for exchanges.
The Fusion protocol has been launched on the Solana network, where exchanges are executed by professional market participants — resolvers. The architecture of the solution allows for the desired trading parameters to be set, after which market makers compete to fulfill the order using a Dutch auction mechanism. The exchange rate starts at the highest and gradually decreases until one of the resolvers agrees to execute the order.
The project's blog separately mentions the increased security of exchanges on the Solana network. The smart contract code of 1inch is open and available for verification to anyone interested.
Developers can integrate the solution with support for Solana via API.
Cross-chain swaps for the sixth largest cryptocurrency by market capitalization are expected to be added soon. This will allow users to exchange assets from Solana for tokens from 10 other blockchains.
"This will end the isolation of Solana and turn it into a true center of global DeFi activity," the blog emphasized.
Recall that in April, as part of the 'Podcast Society' on the ForkLog YouTube channel, 1inch Network co-founder Anton Bukov stated that artificial intelligence will transform not only decentralized finance but the entire internet in the next five to ten years.
https://ru.tradingview.com/news/forklog:ca1e4251367b8:0/
