1inch Network, a prominent player in the decentralized finance (DeFi) sector, has announced a series of upgrades to its platform that are set to revolutionize the user experience. These enhancements will result in significant cost savings of up to 16% on transaction costs for both swaps and limit orders.
The unveiling of these upgrades is a crucial moment for 1inch as it strives to meet the evolving needs of its users and integrators in the DeFi ecosystem. Sergej Kunz, co-founder of 1inch, expressed his excitement about the platform’s latest advancements, emphasizing the company’s commitment to innovation, efficiency, and empowering its users. Kunz proudly stated that the enhancements to 1inch Swap and Limit Order functionalities have solidified the platform’s position as a market leader, outperforming its closest competitors by at least 10%.
The upgrades primarily focus on two critical areas: an optimized swap router and a unified order structure for limit orders. These improvements aim to enhance the platform’s operational efficiency and improve the overall user experience. By streamlining transactions and reducing associated costs, 1inch is paving the way for a more accessible and user-friendly DeFi ecosystem.
The 1inch swap router, known for its optimization capabilities, has received a substantial upgrade. The latest version of the router has achieved a remarkable reduction in gas usage, particularly with protocols like Uniswap v2/v3 and Curve, resulting in up to 16% savings. This enhancement provides users with a more cost-effective way to execute transactions while contributing to the broader goal of increasing the efficiency of the DeFi ecosystem.
In addition to the swap router improvements, 1inch has introduced a revolutionary unified order structure within its Limit Order Protocol. This redesigned version seamlessly integrates traditional limit orders and high-performance RFQ orders into a single, streamlined protocol. The outcome is a protocol that is 14% more gas-efficient for upgraded limit orders and 3% more gas-efficient for RFQ-like orders. It is also highly extensible, supporting the innovative 1inch Fusion and RFQ. To explore the technology and features of the 1inch Limit Order Protocol, users and developers are encouraged to delve into its source code on GitHub or review the detailed documentation.
One notable feature of the updated protocols is the full support for the permit2 functionality. This innovative feature allows users to execute trades without the need for token approval if they have previously traded the same token in other DeFi projects. By eliminating redundant approval steps, permit2 streamlines the trading process and enhances security by reducing the number of approvals users must grant. This reduction in approval requirements significantly limits potential attack vectors, offering users a safer and more efficient trading experience.
The introduction of permit2 support, along with the other upgrades, demonstrates 1inch’s dedication to removing barriers and simplifying the trading process for its users. By prioritizing security and efficiency, 1inch is setting new standards for the DeFi industry and ensuring that its platform remains at the forefront of technological innovation.
These upgrades are just the beginning of 1inch’s journey to revolutionize the DeFi space. With plans to roll out further enhancements to 1inch Fusion in the near future, the platform is committed to continuous improvement and innovation. These efforts aim to make 1inch the go-to solution for users seeking to execute swaps or limit orders in the most efficient manner possible, as well as for developers looking to integrate optimized solutions into the market.
In conclusion, 1inch Network’s latest upgrades represent a significant leap forward in the DeFi space, offering users and developers unparalleled efficiency and cost savings. By optimizing its swap router and unifying the order structure for limit orders, 1inch has solidified its position as a market leader and is pushing the boundaries of what is possible within decentralized finance. The introduction of full permit2 support further enhances the trading experience, making it more seamless and secure. As 1inch continues to innovate and evolve, it is evident that the platform is actively shaping the future of the rapidly changing DeFi landscape and remains at the forefront of technological advancement and user empowerment.
