As part of a wider exodus, the highest-profile Ethereum-native decentralized finance project yet has announced an expansion to Binance Smart Chain.
In a press release on Thursday, the 1inch team revealed that it has ported 10 million 1INCH tokens (currently worth over $40 million dollars) to BSC. The tokens will be used as a liquidity bridge between Ethereum and BSC and will seed the 1inch ecosystem on BSC, including the 1inch Aggregation Protocol and the 1inch Liquidity Protocol.
“As we at 1inch are always on the lookout for the hottest DeFi projects, the addition of BSC-based DEXes to our aggregation protocol came as a natural step,” reads the announcement.
In a written interview with Cointelegraph, 1inch co-founder Sergey Kunz cited rising popularity and lower gas costs as the inspiration for the expansion.
“Currently, we consider BSC to be an alternative solution to the Ethereum mainnet in terms of lowering gas costs for interacting with smart contracts,” he said. “As gas price stays too high we see a lot of projects, tokens and users coming to BSC, and this is the right moment for the 1inch to expand to other blockchains.”
BSC has been the target Title: 1inch announces expansion to Binance Smart Chain, plans to run BSC node
Sourced From: cointelegraph.com/news/1inch-announces-expansion-to-binance-smart-chain-plans-to-run-bsc-node
Published Date: Thu, 25 Feb 2021 16:05:06 +0000