1inch Platform Starts Working with Solana

The 1inch platform announced the launch of work with the Solana blockchain. Now, the application's clients can make transactions using Phantom or Trust Wallet via the WalletConnect protocol. Future plans include the integration of additional solutions for storing cryptocurrencies and the launch of its own wallet, 1inch Wallet.

The service continues to fulfill its mission to optimize the exchange of digital assets: it collects available liquidity from various sources, reduces the difference between the predicted and actual rate (slippage) and guarantees favorable conditions for transactions. A specialized Fusion protocol has been developed for Solana, through which professional crypto market participants execute orders.

The algorithm allows you to set the parameters of the transaction, after which market makers compete to execute it through the Dutch auction mechanism: the price starts at the maximum and gradually decreases until one of the performers accepts the conditions. The project team especially emphasizes the security of the operations: the source code of smart contracts is open and available for inspection to anyone interested.

Cross-chain exchanges are expected to be implemented soon for the sixth-largest blockchain by market cap. This will allow Solana asset holders to convert their assets into tokens from ten other networks, which should significantly increase liquidity and interoperability between ecosystems.

“This decision will end Solana’s isolation and turn it into a key point of the global decentralized financial space,” the official blog stated.