Introduction to 1inch and Solana
Decentralized exchange (DEX) aggregator 1inch has launched on Solana, a significant step toward its vision of a unified multichain decentralized finance (DeFi) ecosystem. This integration enables users to trade over 1 million Solana-based tokens directly through the 1inch decentralized application (DApp), benefiting from maximal extractable value-protected swaps, optimized rates, and open-source smart contract infrastructure.
What the Integration Means for Users
The move brings 1inch’s Fusion protocol to Solana for the first time, allowing users to define their ideal swap parameters, which are then executed by competing professional market makers, or "resolvers," using Dutch auction mechanics. Combined with Solana’s ultra-fast block times, the setup promises more efficient and seamless trading execution than other networks. Users can expect "minimal fees" when executing swaps on Solana, with costs of less than one cent.
Crosschain Swaps on the Horizon
In addition to enabling Solana-based swaps, 1inch revealed plans to roll out crosschain functionality in the coming months, aiming to allow swaps between Solana and more than 10 other blockchains already supported by 1inch. Although there is no fixed launch date, development is progressing well, and the feature is expected to go live in the coming months. Crosschain swaps will initially support the 10 blockchains already integrated into 1inch’s crosschain swap ecosystem.
Solana’s Growing Presence in DeFi
1inch’s expansion into Solana comes as the blockchain has outperformed Ethereum and layer-2 networks in several key DeFi metrics. Over the past three months, it posted a 33% higher DEX trading volume ($539 billion), handled 400% more transactions, and hosted 180% more active addresses than its rivals, according to data from Dune Analytics. Both Solana and Ethereum play critical roles in the evolving DeFi landscape, with Solana’s performance improvements and growing adoption making it a serious contender.
Tools for Builders
The integration also includes access to six APIs through the 1inch Developer Portal, giving builders tools to create new DApps and services on top of the 1inch-Solana infrastructure. This move is expected to further boost innovation and growth in the Solana ecosystem.
Background on 1inch’s Crosschain Solution
On September 12, 2024, 1inch first revealed the details of its solution to crosschain interoperability issues when it published a white paper about the intent-based, crosschain interoperability protocol it was developing. Later, on September 18, 2024, the DEX aggregator revealed "Fusion+" to allow users to swap their digital assets crosschain while retaining self-custody of the assets.
Conclusion
The launch of 1inch on Solana marks a significant milestone in the development of a unified multichain DeFi ecosystem. With its Fusion protocol, crosschain swaps, and minimal fees, 1inch is poised to play a major role in the growth of the Solana ecosystem. As the DeFi landscape continues to evolve, the integration of 1inch and Solana is expected to bring new opportunities for users, builders, and the broader cryptocurrency market.
