The 1inch Network expands to Binance Smart Chain
1inch users will get access to the same functionalities on Binance Smart Chain (BSC) as the ones that they already have within the Ethereum network.
1inch Foundation has deployed the 1INCH token on Binance Smart Chain, making 1inch Aggregation Protocol and 1inch Liquidity Protocol available to BSC users.
Most recently, BSC has shown enormous activity, prompting the arrival of new promising DEXes. As we at 1inch are always on the lookout for the hottest DeFi projects, the addition of BSC-based DEXes to our aggregation protocol came as a natural step.
The 1INCH token on Binance Smart Chain will be used for a bridge between the Binance and Ethereum networks. When a user sends 1INCH tokens to BSC, they will be locked in Binance Bridge, and a corresponding value in 1INCH tokens on Binance will be consequently unlocked. 1inch users will get access to PancakeSwap, BurgerSwap, StreetSwap, Venus, StableSwap, JulSwap, BakerySwap and other Binance-based DEXes and lending protocols.
10 mln 1INCH tokens were initially issued on BSC, and they will now be used as liquidity in Binance Bridge for transactions between Ethereum and Binance Smart Chain, and the total 1INCH supply will not increase.
Thanks to the move, 1inch users will be able to switch between Ethereum and Binance Smart Chain. Meanwhile, all features of 1inch Liquidity Protocol, 1inch Aggregation Protocol and all 1INCH staking features will become available to BSC users. For more information on how to use 1inch on BSC, please, proceed here.
“We see a significant opportunity for 1inch Liquidity Protocol to become the biggest liquidity protocol on Binance Smart Chain, as it’s already the most efficient AMM protocol in the market,” says Sergej Kunz, co-founder of 1inch Network.
A liquidity mining program for BSC users will be launched on February 26, 00:01 (UTC), featuring the BNB-1INCH pool. Over a four-week period, 0.01% of the 1INCH total supply will be distributed as rewards to liquidity providers.
Later, more pools will be added to the program, as we want to boost liquidity for 1inch Liquidity Protocol and, therefore, offer higher rewards to 1INCH stakers — if they support governance rewards by voting.
Binance Smart Chain is a community-driven blockchain software system with developers and contributors from around the world, launched by Binance back in September 2020.
We at 1inch eagerly support inter-chain scaling solutions, and the BSC integration is only the first step in that direction. Stay tuned!