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1inch Exchange introduces its services on Binance Smart Chain

1inch Exchange introduces its services on Binance Smart Chain

Prominent DEX aggregator 1inch Exchange has launched its BSC service. 1inch Exchange has expanded its DEX aggregator and liquidity mining platform to Binance Smart Chain. The exchange initially introduced on Ethereum in August 2020, enabling users to access DEXes such as Uniswap, Balancer, Sushiswap, Mooniswap, and more. Nevertheless, increasing fees on Ethereum have made those platforms costly for small-scale investors. Presently, 1inch intends to grant its platform on Binance Smart Chain (BSC) to circumvent those fees.

The exchange further elucidates that holding its token on BSC would bridge the Binance and Ethereum networks. Transferring 1INCH tokens to BSC will lock them in Binance Bridge, the exchange’s cross-chain swap platform. However, it will consequently unlock a corresponding value in the tokens on Binance. It figured that this would provide 1inch users access to the increasing number of DeFi farms on BSC. It involves PancakeSwap, BurgerSwap, StreetSwap, Venus, StableSwap, JulSwap, and BakerySwap.

1inch adds $10 Million of 1INCH tokens on Binance Bridge

Furthermore, 1inch’s development has added $10 million of 1INCH tokens to Binance Bridge. It will help ensure the circulating token supply remains steady as funds move within platforms. The project has also included new incentives for liquidity providers who lock funds in BNB-1INCH pools to boost the launch. A liquidity mining incentive will be introduced on Feb. 26, highlighting a BNB/1INCH pool allocating 0.01% of the total supply over four weeks. Moreover, talking about the collaboration, Sergey Kunz, 1inch co-founder, and CEO, declares that he views a prominent opportunity for 1inch Liquidity Protocol to become the most extensive liquidity protocol on BSC.

The exchange’s native token 1INCH has grown by 10% on the day; as a consequence, challenging the market-wide crypto change. At the time of press, 1INCH was trading at $4.30. Its all-time high touched on Feb. 6 when the token topped $5.80. Even after the pullback, it has grown more than 200% after the beginning of this year. 

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