1Inch Network Joins DeFi Heavweights Launching on Ethereum Layer-2 Base

Decentralized exchange aggregator 1inch is rolling out its services atop the Coinbase-incubated Ethereum layer-2 network Base.

The team deployed the 1inch Aggregation Protocol and the 1inch Limit Order Protocol on Base today.

In contrast to instant conversions commonly offered by decentralized exchanges, 1inch’s limit order protocol lets investors place buy and sell orders at specific prices.

This order is executed if the market price reaches the specified value.

Now the protocol is live on Base, it will pull pricing data from the 15 different decentralized exchanges on the layer-2 network.

These include Uniswap, Balancer, and Sushiswap which launched on Base in the last few weeks following the blockchain’s mainnet launch on August 9.

“Base is a very promising L2 solution, plus it’s incubated by such a major player as Coinbase, said Sergej Kunz, the co-founder of 1inch Network. “In addition, we totally share Base’s philosophy aimed at bringing the next billion users to blockchain.”

1inch also said that the Base blockchain stands to benefit from “Coinbase product integrations and easy fiat onramps,” which will extend to projects in the ecosystem.

Base DeFi activity still nascent

Base saw increased network over the past week due to the rising popularity of a social media app Friend.tech, which enables tokenization of Twitter accounts for access to private chats for a specific account’s “keys” holders.

The number of transactions on Base even surpassed those on Ethereum on Wednesday.

Still, the DeFi sector remains in its early stages, with meme coin speculation largely overshadowing other activities.

Based on data from DEX Screener, meme coin trading on the Base network constituted the bulk of the network’s overall trading activity.

Notably, fake tokens for social media platform Friend.tech platform were the top-traded tokens, suggesting that the ecosystem is still quite nascent. The platform hasn’t officially released any token.

Two fake Friend.tech tokens accounted for 50% of Base’s volumes at $48.8 million out of a total of $79.7 million, shows DEX Screener data.