Popular DeFi Protocol Launches on Base Network

Decentralized exchange (DEX) aggregator 1inch has announced that it has launched on Layer 2 blockchain Base incubated by Coinbase. 1inch stated that Base is ready to take advantage of “Coinbase product integrations and convenient fiat on-ramps” and this will be extended to projects in the ecosystem as well. The team also announced that the 1inch Aggregation Protocol and 1inch Limit Order Protocol have been deployed to the Base.

This expansion will allow 1inch users to access another Layer 2 solution with lower transaction costs and higher speeds as well as some extra liquidity. Commenting on the development, Sergej Kunz, co-founder of 1inch Network, said:

We are happy to expand to Base. Base is a very promising L2 solution, also incubated by a big player like Coinbase. In addition, we fully share Base’s philosophy, which aims to bring one billion users to the blockchain.

Uniswap v3, Balancer v2, SushiSwap v3, Rocket Swap and 1inch Limit Order Protocol v3 are some of the protocols that are immediately available via 1inch in Layer 2 Ethereum scaling solution.

Since the Base mainnet went public, the network has consistently managed to attract over $100,000 daily active users. With the growing popularity largely driven by the excitement of the social app Friend.tech, daily transactions in Base even surpassed that of Ethereum for a short time.