1inch Network And Coinbase's Base Network Collaboration Aims to Bring Billions of New Users to The Blockchain World
The leading decentralized finance (DeFi) liquidity aggregator protocol, 1inch Network, has announced its integration with Base, an Ethereum layer-2 scaling solution backed by Coinbase Global Inc. This integration allows users of the 1inch Aggregation Protocol and the 1inch Limit Order Protocol to access these services via the Base network, benefiting from lower transaction fees, higher speeds, and additional liquidity.
Coinbase Global, a prominent cryptocurrency exchange, launched the Base network earlier this month, and it has already attracted over 100,000 daily active users. The exchange's liquidity, sourced from both retail and institutional investors, adds to the appeal of the Base network. Sergej Kunz, co-founder of the 1inch Network, expressed enthusiasm about the integration, stating, "Base is a very promising L2 solution, plus this is incubated by big players like Coinbase. In addition, we are fully in line with Base's philosophy which aims to bring billions of new users into the blockchain world."
The integration of 1inch and Base networks grants users direct access to various protocols, including leading decentralized exchanges (DEXs) on the Ethereum and Binance Smart Chain (BSC) networks. This collaboration has garnered significant public attention, as the mass adoption of digital assets and blockchain technology heavily relies on secure and scalable inter-network infrastructure within the DeFi ecosystem.
Coinbase Global has emphasized that Base will prioritize scaling the Ethereum network while maintaining lower costs and higher speeds. Unlike many other layer-2 networks that use their native tokens to fund the underlying protocol, Coinbase has no plans to issue tokens for Base. Instead, the exchange will concentrate on delivering scalable infrastructure for Ethereum network users.
The 1inch Network, on the other hand, offers essential liquidity services to mainstream users, both directly and indirectly. For instance, the 1inch network can securely connect a user's crypto wallet to various networks, facilitating asset transfers. Moreover, the 1inch protocol has been integrated with several decentralized exchanges, such as PancakeSwap, Trust Wallet, and Uniswap, enabling seamless asset exchanges.
