On September 18, 2024, 1inch Network expanded its DeFi capabilities by launching on Solana. This integration allows users to trade over 1 million Solana-based tokens via the 1inch DApp. The move aims to create a unified multichain DeFi ecosystem.
The integration brings 1inch's Fusion protocol to Solana, enabling users to define ideal swap parameters. These parameters are then executed by competing market makers using Dutch auction mechanics. Users can expect minimal fees, potentially less than one cent, when executing swaps on Solana.
1inch plans to roll out crosschain functionality in the coming months, allowing swaps between Solana and over 10 other blockchains. This expansion comes as Solana has outperformed rivals in key DeFi metrics over the past three months. Solana posted 33% higher DEX trading volume, 400% more transactions, and 180% more active addresses.