Decentralized Exchange Aggregator 1Inch recently revealed that it is expanding to the smart contract-enabled blockchain network, Binance Smart Chain. Many projects are attracted to Binance Smart Chain due to the high speeds and low fees.
1Inch DEX aggregator revealed on Thursday that as per the recent release, they are stretching to the Binance Smart Chain. This move has come amid many projects opening up to and building on the blockchain network.
1Inch co-founder and CEO, Sergey Kunz, said:
Introduced in September 2020 by Binance Crypto Exchange, the Binance Smart Chain unlike the Binance Chain allows the developers to launch smart contracts that build the basis of DeFi tools.
The Binance Smart Chain Network supports over 300 transactions per second and above all, it just costs a few pennies to execute the transactions on this network.
1Inch Foundation recently deployed the 1Inch token on the BSC that made the aggregation and 1Inch liquidity protocol available to its users.
Along with the deployment of the 1Inch token on the BSC, it is going to be used as a cross-chain bridge between the blockchain networks of Binance and Ethereum.
This ultimately means that if a user sends in a 1Inch token to BSC, then it will be locked in Binance Bridge, and a corresponding value on Binance is going to be unlocked consequently.
Also, a liquidity mining program for BSC users has gone live today and features the BNB-1Inch pool.