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 -5.14% Universe / USD UNIUSD $ 0.00
$0.00-5.14% Volume 0 Change $0.00 Open $0.00 Circulating 88.03 m Market Cap 138.22 K 5 mon OpenSea Is “Not Planning” an IPO, says CFO After Community Push Back 6 mon Despite ETH Hitting A New ATH, Ethereum’s DeFi Market Share Drops by 30% in the Past Year 8 mon SEC Creates A Stand-Alone Office to Conduct Investigations into Crypto and Other Digital Assets: Report
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 -3.60% 1inch Network / USD 1INCHUSD $ 0.92
-$0.03-3.60% Volume 54.96 m Change -$0.03 Open $0.92 Circulating 415.08 m Market Cap 383.88 m 5 mon BitMart to Compensate Victims of the $150 Million Hack Caused By A Stolen Private Key 5 mon Twitter CEO & Bitcoiner Jack Dorsey is Out, Ethereum Is In 6 mon Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List was $16.5 billion for Ethereum ETH -3.41% Ethereum / USD ETHUSD $ 2,025.80
-$69.08-3.41% Volume 17.61 b Change -$69.08 Open $2,025.80 Circulating 120.83 m Market Cap 244.77 b 4 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 4 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 4 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 and another $2.3 billion for Binance Smart Chain (BSC).