1inch, a popular decentralized exchange, announced the availability of the second version its limit order protocol. The project’s most notable feature is the ability to gaslessly place limit orders for users to swap into ETH dozens tokens that support permits.
1inch V2 Limit Order Protocol Goes Live
In a press release, the project shared with CryptoPotato about the launch. According to the document, the protocol has been used by over 20,000 people who have executed close to 60,000 trades since June 2011, when it was launched. The sum total is just shy $3 billion.
1inch stated that it is working on optimizing trading features to meet the growing anticipation for the second version. This includes perhaps the most important issue in DeFi right now, gas efficiency.
V2 includes a simplified, rewritten, and optimized code that allows different orders to be transferred to separate files. This has made transactions easier and more user-friendly, according to the DEX.
One of the most important features introduced by 1inch is the ability for gasless orders to swap tokens to ETH. It was explained by the team as follows:
“A user can set up a limit order to exchange ETH for any token they have received in an airdrop, or bought for fiat. This is regardless of their balance in ETH.
Users without ETH will be able to trade tokens that have support permits. 1inch reports that there are currently 112 tokens available on Ethereum, 33 on BSC and 15 on Polygon. These include USDC, AAVE and DAI, 1INCH and BAL.
1inch also highlighted several upgrades to the above. The RFQ feature has been optimized, which allows market makers to offer more efficient products. With a permit, they can set a taker to fill the order.
Users will also be able see immediately whether their orders were fully executed or cancelled. V2 supports ERC-721 tokens and ERC-1155 tokens. These tokens have been moved to separate smart contract to increase security.
1inch stated that the V2 protocol was independently audited and certified by several well-known auditors including ABDK (Chainsulting), MixBytes (Pessimistic), Certik, and MixBytes.
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