Decentralised Exchange (DEX) 1inch has unveiled its ‘V4 router’ in a bid to make swaps and trades cheaper than competing platforms like Uniswap and SushiSwap on Ethereum.
Version 4 of the 1inch router brings “several major improvements” to the DEX including cheaper swaps via lower gas costs, improved RFQ swaps and the introduction of ‘DAI-standard permits’.
According to 1inch, this will make swaps with the 1inch Router v4 “on average 5.4% cheaper than the same swaps made directly on DEXes, such as Uniswap” – a much-needed improvement to the rising cost of gas fees on Ethereum.
1/ This is it. Our hero has finally reached the point of no return.
Months of practice haven’t passed in vain, and #1inch is finally ready to challenge high gas fees once again!
In the name of cheap swaps and low slippage, will you join this mad crusade?#DeFi #crypto pic.twitter.com/Pvizu58Dqj
— 1inch Network (@1inch) November 10, 2021
The upgrade will also include the inclusion of nine more tokens on Ethereum, another nine coins on Binance Smart Chain (BSC) and one token on Polygon.
The DEX also said that Request For Quote (RFQ) swaps – trades made using the ‘1inch Limit Order Protocol’ – with the 1inch Router v4 “will be 20.8% cheaper than the same swaps via other DEX aggregators”.
Additionally, the added support for DAI-standard permits means that users can make swaps without a separate transaction approval using the DaAI stablecoin.
Data from defiprime.com shows that 1inch has contributed towards 10% of total DEX volume on Ethereum in the past 24 hours whilst its native token, 1INCH, currently sits at $4.58.
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