1inch Network has launched its decentralized exchange aggregation protocol and limit orders on the Ethereum Layer 2 network, Base.
The protocol will draw liquidity from decentralized exchanges such as Uniswap, Balancer, SushiSwap and Base Swap to optimize user swap rates. Additionally, the limit order protocol will enable Base users to trade at desired prices, executing only when the market price matches their set value.
"Base is a very promising Layer 2 solution, plus it's incubated by such a major player as Coinbase," 1inch Network co-founder Sergej Kunz said.
1inch leads in the DEX aggregation niche, processing over $1 billion in trading volume within the past week alone. The protocol has already integrated with the Optimism, Arbitrum and zkSync Era Layer 2 networks and also supports the Ethereum, BNB Chain and Avalanche blockchains, among others.
Base jumping into the Ethereum scaling race
The Base mainnet officially opened to the public on Aug. 9, with the number of daily active users on Base surpassing 100,000 — partly attributed to the hype surrounding social network Friend.tech and Base's Onchain Summer initiative — including Coca-Cola's "Masterpiece" NFT collection.
Daily transactions on the Ethereum Layer 2 have also surpassed those of other dominant Optimistic rollup scaling solutions Arbitrum and Optimism, according to The Block's data dashboard. Base's seven-day moving average daily transaction count reached 813,000 on Aug. 23, compared to Arbitrum's 646,000 and Optimism's 469,000.
Last week, Compound joined Uniswap and SushiSwap as one of the initial DeFi protocols to launch on Base. Yesterday, USDC-issuer Circle announced that the stablecoin would be integrated with Base in September, coinciding with its deployment on six new blockchains.
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