1inch Rebrands to 1inch Network: Plans Further Network Development

The popular Decentralized Finance (DeFi) platform 1inch is expanding its scope by creating multiple teams, protocols, and chains, all based around the idea of providing instruments for users to maximize their financial opportunities in DeFi.

What started as the winning project in a hackathon, quickly grew to become one of the favorite DEX for users in the DeFi ecosystem. The rebranding of the platform will now see the project evolve further.

Calvin Liu, the Strategy Lead at Compound Labs, commented on the move by saying:

“1inch has one of the sharpest and best-executing teams I’ve ever had the pleasure of meeting-. Today 1inch is already a hugely important player in DeFi market infrastructure; so I’m pretty excited to see them continue to develop game-changing new products and unite them into the 1inch Network. This shift should definitely push forward not only the project itself, but the entire DeFi industry!”

At this time, the 1inch Network is composed of 5 different components that can work interoperably, providing the network with a reliable source of innovation and technical improvements: 1inch Aggregation Protocol, 1inch Liquidity Protocol, 1inch DAO,1inch Labs, and the 1inch Foundation.

1inch in a Continued Expansion

While the rebranding to “1inch Network” is one of the biggest announcements by the team’s project in the last months, it is just the continuation of a constant expansion that has been taking place for a while.

Back in March, 1inch was integrated with Binance Smart Chain (BSC) that saw 10 million 1INCH tokens being migrated to BSC from Ethereum, which until that point had been the only blockchain network used by the 1inch ecosystem.

Next month the project launched its own liquidity mining program, which kickstarted the upward trend that culminated in 1INCH reaching its highest value since its launch in December of 2021.

Other notable events in this expansion were new partnerships with projects like ARCx, ICHI, Ren, Vesper, and Opium all of…

Read More