Uniswap Creator Teases about V3 as 1Inch Protocol Launches Faster and Cheaper Version 3
As DEX aggregation protocol makes it cheaper to swap tokens on 1inch than on Uniswap, Hayden Adams says Uniswap seeing “real use and adoption.”
Decentralized finance (DeFi) application 1inch has released its version 3 with some new features, promising to offer its users the fastest trades at best rates.
The DEX aggregation protocol is targeting the pulse of the problem, high transaction fees on Ethereum that is making it difficult for smaller users to utilize different applications on the second largest network.
“We are thrilled to unveil version 3 of the 1inch Aggregation Protocol, which facilitates lower gas fees,” noted the team in its official announcement.
Reducing gas fees is actually the main improvement in V3, which is made possible through assembly code optimization.
This reduction in the transaction cost applies to swaps using DEX Uniswap V2 and its forks like SushiSwap and LuaSwap, among others.
The team shared how now swapping ETH for DAI on 1inch will be a lot less, over 10% less gas, than trading the same on Uniswap and nearly 5% less than on 0x. “It is now cheaper to swap tokens on 1inch than on Uniswap, as well as other popular protocols,” points out the team.
And that is three months since the end of UNI liquidity mining, “so this is from real use and adoption,” said Adams.
He then teased the community about how Uniswap will soon be launching its V3 as well, which has been a lot in the news but is yet to be released.
“I've heard a new and improved version of the Uniswap protocol is being announced soon.”
Already, the UNI token became the first DeFi coin to enter the top 10 crypto list, currently trading just under $30, up 560% YTD. UNI -2.48% Universe / USD UNIUSD $ 0.02
$0.00-2.48% Volume 0 Change $0.00 Open $0.02 Circulating 88.03 m Market Cap 1.35 m 4 d 1.5 Billion New DAI Minted in The Past Month, Maker Now Earning $400k per day in Revenue 2 w Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum 1 mon CipherTrace Releases DeFi Compliance Solution Built on Chainlink to Abide by OFAC Sanctions Requirements
While Uniswap has yet to release its much-anticipated V3, 1inch is bringing more liquidity to its users through cheaper swapping token features on the platform. As of mid-March 2021, the total value of liquidity available on 1inch 1INCH -2.07% 1inch / USD 1INCHUSD $ 5.73
-$0.12-2.07% Volume 197.46 m Change -$0.12 Open $5.73 Circulating 167.25 m Market Cap 959.05 m 2 d Another $25 Million Gone, This Time xToken Was Exploited 4 d Ethereum is Literally Unusable; Fees Surge to New ATH as Dogs Take Over the Network 1 mon Total Value Locked (TVL) in DeFi Surpasses $100 Billion; Revenue is Ready to Hit $1 Bln was $16.5 billion for Ethereum ETH -4.16% Ethereum / USD ETHUSD $ 3,911.22
-$162.71-4.16% Volume 43.95 b Change -$162.71 Open $3,911.22 Circulating 115.88 m Market Cap 453.25 b 13 min Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital 20 h Diginex's Crypto Custodial Arm Digivault Bags Approval From UK FCA 21 h Square CFO: “No Plans” to Buy More Bitcoin At This Time After Losing $20M Due to Price Drop and another $2.3 billion for Binance Smart Chain (BSC).