High speeds and low fees are alluring many projects to move to Binance Smart Chain, the crypto exchange’s smart contract-enabled blockchain network.
1inch moves to Binance Smart Chain
Decentralized exchange aggregator 1inch said Thursday that it was expanding to the Binance Smart Chain, as per a release. The move comes amidst many projects opening up to and building on the network.
Sergey Kunz, 1inch co-founder and CEO, said in the regard:
“We see a significant opportunity for 1inch Liquidity Protocol to become the biggest liquidity protocol on Binance Smart Chain, as it’s already the most efficient AMM protocol in the market.”
Binance Smart Chain (BSC) was introduced by crypto exchange Binance in September 2020. Unlike the “Binance Chain,” the BSC allows developers to launch smart contracts—which form the basis of decentralized financial (DeFi) tools. It costs a few pennies to transact on the network, while it can support over 300 transactions per second.
1inch Foundation said it had deployed the 1INCH token on Binance Smart Chain, making 1inch Aggregation Protocol and 1inch Liquidity Protocol available to BSC users. “We at 1inch are always on the lookout for the hottest DeFi projects, the addition of BSC-based DEXes to our aggregation protocol came as a natural step,” the DEX said.
With the deployment, the native 1INCH token on BSC will be used as a cross-chain “bridge” between the Binance and Ethereum networks. This means that whenever a user sends in 1INCH tokens to BSC, they will be locked in Binance Bridge, and a corresponding value on Binance will be consequently unlocked.
Doing so would allow users to seamlessly access popular BSC projects and DEXs like PancakeSwap, BurgerSwap, Venus, StableSwap, and others.
Token lock-ups and LPs
To start, over 10 million 1INCH tokens were issued on BSC and will be used as liquidity in the Binance Bridge for transactions between Ethereum and Binance Smart Chain, and the total 1INCH supply will not increase.
A liquidity mining program for BSC users has gone live today featuring the BNB-1INCH pool. Over a four-week period, 0.01% of the 1INCH total supply will be distributed as rewards to liquidity providers.
With time, more pools will be added to the program to increase the total liquidity on the platform, which will, in turn, offer higher rewards to 1INCH stakers — if they support governance rewards by voting.
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