The growth shown by Avalanche and Gnosis is the reason 1inch chose them.
1inch the Decentralized Exchange (DEX) aggregator is expanding its outreach, as the 1inch Aggregation Protocol and the 1inch Limit Order Protocol have been deployed on Avalanche and Gnosis Chain.
“1inch’s main goal is to offer users the best deals across the blockchain space. To achieve that, 1inch protocols constantly expand to new chains, and the expansion to Avalanche and Gnosis Chain will offer 1inch users more options for cheap and fast transactions.”
Sergej Kunz, 1inch Network Co-founder.
The DEX aggregator asserted that the phenomenal growth by Avalanche and Gnosis is one of the reasons for choosing them.
1inch cited data from DefiLlama and claimed that Avalanche’s (Total Value Locked) TVL stood at $10.6 billion in mid-January 2022.
TVL in the Avalanche blockchain increased from about $2.3 billion in early September 2021 to about $13.4 billion in late November 2021 for a gain of 483%, according to The Block.
Moreover, it recorded 98000 daily active addresses in December 2021.
The other network, Gnosis Chain, formerly known as xDai Chain, had a TVL of $208.2 million in mid-January 2022, as per data from DeFiLlama. In December 2021, the network on average ran 223,814 daily transactions and had 11,318 active daily wallets, according to Dune Analytics.
As per the announcement, a number of protocols will be immediately available on both blockchains. Even after this news, 1inch has posted a red candle with a price of 1.9 USDT on Binance.
Different blockchains have existed for quite a time. However, since the arrival of Decentralized Finance (DeFi), the dominance of Bitcoin and Ethereum are waning. Networks are collaborating to form multichain DeFi systems. So it is expected that in future we will have an interoperable multichain DeFi ecosystem.
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