The 1inch Network expands to Avalanche and Gnosis Chain

by 1inch Network

2022 20 Jan • 2 min read

The expansion to the two fast-growing blockchains will offer 1inch users more options for low-costs, high-speed transactions.

The 1inch Network is thrilled to share that its conquest of the DeFi space goes ahead as the 1inch Aggregation Protocol and the 1inch Limit Order Protocol have been deployed on Avalanche and Gnosis Chain, formerly known as the xDai Chain.

“1inch’s main goal is to offer users the best deals across the blockchain space,” says Sergej Kunz, 1inch Network co-founder. “To achieve that, 1inch protocols constantly expand to new chains, and the expansion to Avalanche and Gnosis Chain will offer 1inch users more options for cheap and fast transactions.”

Avalanche is a popular cross-chain network that has recently shown quite remarkable growth.

According to DeFi Llama, Avalanche’s TVL stood at $10.6 bln in mid-January 2022.

While TVL in the Avalanche ecosystem increased from about $2.3 bln in early September 2021 to about $13.4 bln in late November for a gain of 483%, so did the TVL in the Avalanche Bridge, increasing from $1.5 bln to $7.1 bln in the same period for a gain of 373%, according to The Block.

Avalanche saw an average daily transaction number of 673,223 in December 2021, with 98k daily active addresses. The most used dApp currently is Trader Joe with an average daily volume of $223 mln.

A number of protocols will be immediately available via 1inch on Avalanche, including:

Gnosis Chain, formerly known as xDai Chain, had a TVL of $208.2 mln in mid-January 2022, according to DeFi Llama. In December 2021, the chain on average ran 223,814 daily transactions and had 11,318 active daily wallets, according to Dune Analytics. The largest DEX on Gnosis Chain is Curve v1, with an average weekly volume of $1.7 mln.

The protocols immediately available via 1inch on Gnosis Chain include: