The popular Decentralized Finance (DeFi) platform 1inch is expanding its scope by creating multiple teams, protocols, and chains, all based around the idea of providing instruments for users to maximize their financial opportunities in DeFi.
What started as the winning project in a hackathon, quickly grew to become one of the favorite DEX for users in the DeFi ecosystem. The rebranding of the platform will now see the project evolve further.
Calvin Liu, the Strategy Lead at Compound Labs, commented on the move by saying:
“1inch has one of the sharpest and best-executing teams I’ve ever had the pleasure of meeting-. Today 1inch is already a hugely important player in DeFi market infrastructure; so I’m pretty excited to see them continue to develop game-changing new products and unite them into the 1inch Network. This shift should definitely push forward not only the project itself, but the entire DeFi industry!”
At this time, the 1inch Network is composed of 5 different components that can work interoperably, providing the network with a reliable source of innovation and technical improvements: 1inch Aggregation Protocol, 1inch Liquidity Protocol, 1inch DAO,1inch Labs, and the 1inch Foundation.
1inch in a Continued Expansion
While the rebranding to “1inch Network” is one of the biggest announcements by the team’s project in the last months, it is just the continuation of a constant expansion that has been taking place for a while.
Back in March, 1inch was integrated with Binance Smart Chain (BSC) that saw 10 million 1INCH tokens being migrated to BSC from Ethereum, which until that point had been the only blockchain network used by the 1inch ecosystem.
Next month the project launched its own liquidity mining program, which kickstarted the upward trend that culminated in 1INCH reaching its highest value since its launch in December of 2021.
Other notable events in this expansion were new partnerships with projects like ARCx, ICHI, Ren, Vesper, and Opium all of them providing users with new means to invest in DeFi.
The rebranding announcement published on April 8th suggests that the project’s expansion is just starting as 1inch Network will be rolling a new protocol this month, with at least 2 teams evaluating another 2 additions.
While the announcement didn’t significantly affect the overall performance of the Network’s governance token (1inch) which had been on an upward trend over the past month, the currency reached its all-time high on April 8th with a value of $6.50
Coinbase Joins the DeFi Alliance
With the DeFi ecosystem continuing to grow and expand to new networks, Coinbase announced on Thursday that it had joined the DeFi alliance shear of its public listing.
The DeFi alliance is a DeFi accelerator aiming to grow the DeFi ecosystem to 1b users by 2025 by providing funding and support to DeFi projects in their early stages of development, boosting the ecosystem by promoting innovation.
While no specific information on the terms of the partnership, a Coinbase representative told CoinDesk that it does not involve investment or financial support, which makes it likely to be strategic support.
DeFi has continued to attract both users and investors, even after the price of many smaller DeFi tokens fell in late 2020.
The cryptocurrency exchange has shown an increasing interest in the DeFi ecosystem, with its CEO Brian Armstrong stating that the company will be giving priority to providing access to DeFi apps in the future.
With the DeFi market having a total locked value of $51 billion at this time, it has become increasingly important for the cryptocurrency industry to keep an eye on and participate in it, with endorsement from companies like Coinbase being a valuable addition to continuing boosting the ecosystem.