BaseShift: Unveiling 1inch's Sojourn

Martin Walker
Aug 26, 2023 at 03:53 pm

1inch, the pioneer in decentralized exchange aggregation, has made a resounding announcement of its expansion, this time venturing into the realm of Base, a layer-2 blockchain incubated under the auspices of Coinbase. Notably, the synergistic integration of Base with Coinbase's suite of products and the establishment of user-friendly fiat onramps are poised to furnish Base with a strategic advantage, a fortification that will inevitably cascade down to projects nestled within its thriving ecosystem.

Brace for impact as the 1inch team unveils a dual deployment on Base, featuring both the 1inch Aggregation Protocol and the 1inch Limit Order Protocol. A strategic symphony that is primed to amplify the potency of Base and usher in a new era of fluid transactions.

A groundbreaking facet of this expansion is the fresh avenue it opens for 1inch users. This foray into Base translates into unfettered access to an alternative layer-2 solution, one adorned with the dual laurels of cost-efficiency and velocity, not to mention an infusion of supplementary liquidity, an invaluable addition to the trader's arsenal.

In the words of Sergej Kunz, the luminary co-founder of the 1inch Network, "The expansion to Base is a felicitous juncture for us. The aura of promise that shrouds Base, coupled with its lineage tied to the influential Coinbase, renders it an irresistible venture. Moreover, the congruence of our vision with that of Base, aimed at democratizing blockchain for the masses, augments our enthusiasm."

Within the expansive spectrum of the Layer 2 Ethereum scaling solution, 1inch stands as a gateway to an array of prominent protocols. The lineage includes Uniswap v3, Balancer v2, SushiSwap v3, Rocket Swap, and the trailblazing 1inch Limit Order Protocol v3, all seamlessly accessible through the 1inch platform.

The Base mainnet's emergence into the public sphere has been nothing short of spectacular, with a burgeoning user base exceeding $100k in daily activity. It is worthy of note that this surge in traction can be attributed in part to the fervor surrounding the social app, propelling Base's daily transaction volume to briefly eclipse that of Ethereum, a testament to its newfound prominence.

Yet, amidst the crescendo of successes, Base has encountered its share of trials. A wave of counterfeit tokens has swept through its domain, a deluge of over 500 fraudulent avatars in a compact time frame. This lamentable surge was paralleled by the nefarious exploits of scammers, pocketing an illicit bounty of $2 million. A poignant reminder that even in the midst of triumph, vigilance remains the watchword.

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