Binance Labs Leads $2.8 Million Funding Round for 1inch

The 1inch team announced the successful completion of a funding round worth $2.8 million with participation from institutional investors.

The round was led by Binance Labs. Other participants included: Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, Divergence Ventures, Kyber Network founder Loi Luu, and NEAR Protocol co-founder Ilya Polosukhin.

1inch is a liquidity aggregator for decentralised exchanges. It has integrated support for leading platforms, including Uniswap, Kyber Network, Airswap, Oasis, Bancor, Balancer, Curve, and others.

According to the press release, the funding round marks a ‘critical point in 1inch’s rapid growth,’ with total trading volume in the round recently reaching $1 billion.

The day before, the aggregator team integrated into it its own automated market-maker (AMM) algorithm called Mooniswap. It is expected that the arbitrageurs’ profits will be reduced in favour of liquidity providers.

1inch also provides a platform that enables users to earn yields by staking tokens across multiple liquidity pools.

The raised funding will help the team expand its product lineup. Among the near-term innovations announced by the developers are:

• a new algorithm for the API;
• a native token;
• a yield farming solution.

In July, the number of daily active wallets on 1inch reached 1,200, and their total surpassed 17,700, according to the statement.

According to Messari analysts, about 20% of the total trading volume of decentralised Ethereum exchanges is attributed to DeFi aggregators.

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