The 1inch network has announced its expansion into the Fantom network. The 1inch Aggregation Protocol and the 1inch Limit Order Protocol will transition to the Fantom network.
Fantom is one of the rapidly growing blockchain networks. It has recorded a rise in adoption, and its total value locked (TVL) has grown. This has created utility for the FTM token that has recorded significant gains over the past year.
1inch Network moves to Fantom
Fantom is compatible with the Ethereum Virtual Machine (EVM). By expanding the 1inch Network into Fantom, users will access increased liquidity, enabling them to complete swaps swiftly, efficiently and at low costs.
The move of 1inch into the Fantom network will make more DeFi projects make similar moves. The projects that will also make this transition include Beethoven X (Beets), Curve, Elk Finance, Geist Finance, Morpheus Swap, PaintSwap, ProtoFi, Saddle, SCREAM, Solidify, SpritSwap, SpookySwap, SushiSwap and Synapse.
As aforementioned, the Fantom network has witnessed significant growth over the years. The network was launched in 2018 through an Initial Coin Offering (ICO). After its launch, the network did not receive much publicity until 2021, when it started focusing on the DeFi sector. Data from DeFiLlama shows a significant growth in the network’s TVL from September 2021.
The network also reported a rise in adoption at the beginning of this year. The TVL of this network hit $15.22 billion in early 2022. However, the network was dealt a major blow after some of the core developers, Andre Cronje and Anton Nell, announced their departure from the network. Since then, Fantom’s TVL has been on a plunge, and at the time of writing, the TVL was standing at $5.55 billion.
“Fantom is a popular network, and it has performed quite remarkably lately. The deployment of 1inch protocols on that blockchain is set to offer users m1ore efficiency and flexibility, as well as access to yet deeper liquidity,” said the co-founder of the 1inch Network, Sergej Kunz.
The 1inch Network has been actively expanding across different networks to increase liquidity for its users. Six months ago, the network announced its expansion to Arbitrum. Arbitrum is an Ethereum scaling solution powered by Optimistic Rollups.
At the time, the 1inch network said that the objective of the expansion was to lower the transaction costs, increase speeds and transaction throughput. It would also provide compatibility with the Ethereum network on the Web3 interface and boost its smart contract capabilities.
The 1inch network has also expanded its cross-chain transaction capabilities into Gnosis Chain and Avalanche. The other networks where the 1inch network has also moved include Polygon, Ethereum, BNB Chain and Optimistic Ethereum.
1inch network secures $175M in a Series B funding round
The growth of the 1inch network is also attracting investments. In November 2021, the network raised $175 million through a Series B funding round. The funding round was led by Amber Group, and it saw participation from more than 50 investors. In this funding round, some of the participating investors included Alameda Research, Gemini Frontier Fund, Tribe Capital, and VanEck.
The 1inch network noted that the funds would be used to expand its services to its users. It also added that it would focus on traditional investments to facilitate their entry into the DeFi sector by creating new protocols and expanding utility for the network’s native token. It would also expand the contributor team to better serve its users.
The funding round broke the expectations of the firm. 1inch Network had targeted raising $70M from the funding round. The high amount raised could be because of the growing adoption of decentralized finance applications and the increased demand for these projects by institutional investors.
To learn more visit our Investing in Fantom guide.
