The liquidity aggregator from decentralized exchanges, 1inch, unveiled a new protocol for limit-order operations — the 1inch Limit Order Protocol. ForkLog was informed of this by project representatives.
The limit order function allows users to buy or sell crypto assets at a specified price. In the 1inch app, this option was available but relied on the 0x protocol.
According to the statement, the 1inch Limit Order Protocol is more “efficient and flexible”.
The protocol is available on the Ethereum, Binance Smart Chain (BSC), and Polygon networks and supports the following token standards:
- ERC20/BEP20;
- ERC721;
- ERC1155;
- other standards via external extension.
Among the features of the new solution, the 1inch team noted:
- no usage fee, which will be especially noticeable for small orders;
- increasing the likelihood of order execution and reducing the time;
- providing the dynamic pricing function, which allows using any options such as supply and demand, oracles, etc.;
- arbitrary order-execution conditions to maximise profits;
- support for RFQ — orders to buy or sell a specific amount of cryptocurrency, optimised for market makers.
According to the developers, the 1inch Limit Order Protocol provides extensive functionality. For example, thanks to the dynamic pricing option it can be used to support auctions. It also enables the creation of complex adaptive tools for forming markets for asset pairs to facilitate income generation.
In April, the project introduced the 1inch Network ecosystem, which includes the 1inch Aggregation Protocol and the 1inch Liquidity Protocol, as well as the decentralized autonomous organization (DAO) that governs the network.
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