1inch announces rebrand to 1inch Network, laying groundwork for expansion

By CointelegraphAndrew Thurman4 days ago

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Decentralized finance platform 1inch announced on Thursday a rebrand to 1inch Network a facelift designed to better reflect the current and future state of the multichain, multiprotocol platform as it continues to grow, according to 1inch co-founder Sergej Kunz.

For us it is a logical move. Me and Anton started with just an aggregation protocol at the ETHNew York hackathon in 2019 and now we have the whole ecosystem of protocols, such as: 1inch Liquidity Protocol (prev. Mooniswap), 1inch Aggregation Protocol, instant governance and the 1INCH governance/utility token, he said.

Implementations of the various protocols have also expanded beyond Ethereum, as the team announced a deployment on Binance Smart Chain last month. As such, the natural next step for the project now the network is more teams, more protocols and more chains. Kunz said:

This month we plan to rollout a new protocol and another new product on top of the 1inch Network. Two other teams are right now evaluating with the 1inch Foundation to join the network with two more protocols.

The growth strategy appears to be conceptually similar to Yearn.finances expansion in late 2020. In that instance, Yearn, a yield vault protocol, announced a string of mergers and acquisitions to fold in a variety of complementary protocols, including money market C.R.E.A.M. and decentralized exchange SushiSwap. Those mergers have already proven fruitful, as C.R.E.A.M.s Iron Bank protocol-to-protocol lending platform is currently being used to bolster Yearn vaults.

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