The 1inch Network has significantly shaped the decentralized finance (DeFi) landscape in 2024, introducing groundbreaking features and setting new records. This article explores the platform’s key advancements, ecosystem growth, and security innovations that have redefined user experiences in DeFi.
Key Features That Defined 1inch in 2024
Simplified and Safer DeFi
1inch introduced long-awaited upgrades like Fusion+, enabling effortless cross-chain swaps across multiple blockchains with enhanced security. Users now enjoy seamless token swaps with optimized gas fees and reduced slippage.
Cross-Chain Swaps Take Center Stage
November 2024 saw cross-chain swaps dominate user activity, thanks to integrations with networks like Optimism and BNB Chain. These Layer 2 solutions offer faster transactions and lower costs, making DeFi accessible to broader audiences.
Record-Breaking Milestones
1inch shattered multiple records in 2024:
- Highest daily transaction volume on Ethereum and BNB Chain.
- Fastest swap execution on Optimism, averaging under 2 seconds.
- Expanded ecosystem with Base Network integration, a Coinbase-backed Layer 2 solution.
👉 Explore 1inch’s 2024 achievements
Supported Blockchains and Their Benefits
1inch supports leading networks to cater to diverse DeFi needs:
| Blockchain | Key Advantages | Use Case |
|---|---|---|
| Ethereum | High security, robust smart contracts | Large-scale DeFi protocols |
| BNB Chain | Low gas fees, high throughput | Affordable swaps |
| Optimism | Instant transactions, scalability | Daily trading and micropayments |
| Base | Seamless fiat-to-crypto onboarding | Beginner-friendly DeFi |
Security Innovations: Watch-Only Wallets
1inch Wallet’s watch-only feature allows users to monitor balances and transactions without exposing private keys. This read-only mode enhances security for long-term holders and institutional investors.
FAQs About 1inch in 2024
Q: How does Fusion+ improve cross-chain swaps?
A: Fusion+ aggregates liquidity across chains, ensuring minimal slippage and no upfront gas fees.
Q: Why choose Optimism for swaps?
A: Optimism processes transactions off-chain, reducing costs by 90% compared to Ethereum mainnet.
Q: Is 1inch Wallet non-custodial?
A: Yes. Users retain full control of their assets, with optional watch-only modes for added security.
Q: What’s next for 1inch?
A: Expect deeper Layer 2 integrations and AI-driven liquidity optimization in 2025.
Conclusion
From pioneering cross-chain swaps to setting liquidity records, 1inch has cemented its role as a DeFi innovator in 2024. Its focus on security, affordability, and scalability ensures a seamless experience for both novice and advanced users.