Users can now swap digital assets on EVM chains for assets on Solana.
Decentralized exchange (DEX) aggregator 1inch has added Solana compatibility to its cross-chain swap ecosystem.
The protocol expanded to Solana at the end of April, and now, users can directly swap assets on EVM chains for assets on Solana through its Fusion+ swap feature. 1inch aggregates the best swap rates for users across DeFi, and through its cross-chain features, the protocol also sources liquidity from DEXs on other networks.
The release touts user safety as one of the primary benefits of the cross-chain swap feature, as it bypasses third-party bridges and messaging protocols, while protecting swaps from MEV attacks.
1inch, which launched in 2021, is the second largest DEX aggregator by volume, with $13.9 billion in 30-day volume, only trailing Solana-native Jupiter’s $26 billion.
“Solana’s speed and efficiency made it an ideal candidate for our next frontier in cross-chain swaps…By removing the need for bridges and messaging protocols such as LayerZero or Chainlink CCIP, we’re delivering a fundamentally safer and smoother cross-chain experience,” said Sergej Kunz, the co-founder of 1inch.
Despite the platform handling significant volume, the 1INCH token has struggled to regain momentum this cycle. It launched in December 2020 at $2.36, and quickly rose to its all-time high of $7.45 in less than six months. However, the token now trades at just $0.24, a 96% drop.
