1inch, one of the most popular DEX and DeFi aggregators in the industry, is coming to the Polygon blockchain, boosting the network’s popularity and sending the price of its MATIC token skyrocketing by over 75%.
The popularity of Polygon, the most promising scalability network for Ethereum, continues to grow. Now 1inch, one of the decentralized exchanges (DEX) and most popular aggregators of the decentralized finance ecosystem (DeFi), has been integrated into this blockchain, to expand its liquidity capabilities and increase the financial opportunities it offers to its investors and users.
The DEX developers published a release recently informing its crypto community that 1inch had expanded to Polygon to facilitate its users’ access to multiple liquidity sources, such as Curve, SushiSwap, QuickSwap, Aave V2, and Cometh. Gradually, the DeFi protocol will add more projects from the decentralized ecosystem, further expanding the opportunities for its crypto community.
As 1inch points out, Polygon is the most promising platform for scaling and developing Ethereum infrastructure on the blockchain, and is seen as vital in helping the second-largest network in the crypto industry keep up with its competition amid the process of changing its current consensus algorithm, Proof of WorkPoW), to the protocol proof of stake (PoS), one that is more scalable and energy efficient.
It may interest you: 1inch Becomes the Most Affordable and Accessible DeFi DEX
At the request of the crypto community
In the statement, 1inch developers reported that after integrating the DeFi protocol into the BSC blockchain, the crypto community started a massive request for the protocol to be integrated into the Polygon network as well. With this integration, the developers simplify the process of transferring digital assets between the Ethereum and Polygon blockchain networks, implementing a bridge that connects the two chains with a dedicated wallet.
Sergej Kunz, co-founder of 1inch Network, notes that the 1inch aggregation protocol is already implemented on Polygon, while the liquidity and governance protocols are expected to be implemented in the coming weeks. Thus, 1inch continues to implement new improvements to optimize its platform, while Polygon positions itself as one of the most in-demand blockchain protocols today.
Interest in Polygon grows
Polygon, formerly known as Matic, is developed as a blockchain ecosystem that ensures scalability for the many decentralized applications (dApps) that currently exist in Ethereum, and that need to be available to everyone, regardless of the high level of demand and requirements that exist on the part of users.
This protocol simplifies the interaction of users with decentralized protocols, making the participation of everyone within the digital industry more effective, without worrying about the complexity of this ecosystem. Due to its functionalities, Polygon has become one of the most in-demand networks in the industry, attracting several recognized DeFi protocols, such as Aave y mStable, which already run within Polygon to offer scalability to users and escape the high costs of transacting on Ethereum.
Since the DeFi boom exploded in mid-2020, Ethereum has become a highly expensive network, with transactions that can exceed up to $100 in commission. With its architecture, Polygon presents itself as a solution to this problem, guaranteeing high scalability, which translates into faster and extremely low-cost transactions, with finality on the main chain. This, in turn, makes Polygon the second most important scalability solution in the ecosystem, according to data from Messari, which has significantly increased its value.
MATIC grows 75% in the last week
MATIC, Polygon’s native token, has seen a 75% growth in value over the past week. The price of MATIC, which had just surpassed the value of $1 by Monday, closed the week at a price quite close to $1,90.
Source: CoinGecko
In the past month, MATIC has grown by over 330%, while over the past year the token has appreciated by over 9.000%. At the time of writing, MATIC has a market capitalization of over $11.000 billion, ranking 18th among the largest cryptocurrencies in the industry.
Continue reading: Polygon's MATIC token grew 80% this week, fueled by mass adoption
