Friday, June 25, 2021

1inch releases composable Limit Order Protocol

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As we speak, decentralized alternate and liquidity aggregator 1inch announce the launch of the 1inch Restrict Order Protocol. The brand new characteristic boasts 5 totally different safety audits, and can allow customers to purchase or promote property at particular value targets on Ethereum, BSC, and Polygon. The brand new characteristic will even be capable of work together with good contract logic, and be capable of execute orders based mostly on oracle information. 

Limit orders were previously available to the DeFi ecosystem via quite a lot of protocols together with Gelato and 0x, the latter which 1inch utilized. Nonetheless, the workforce claims this new protocol can be extra gas-efficient and safe in that it doesn’t require admin keys, and that the protocol will add further worth to the ecosystem by way of composability with different protocols, comparable to Uniswap v3.

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Whereas the Protocol instantly provides to the performance of the 1inch alternate, there are a number of potential use circumstances that exterior groups have been invited to discover.

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“On high of the protocol, complicated, custom-made market making instruments could possibly be constructed,” reads the announcement. “For instance, a instrument of that sort would facilitate incomes on a pair of property pegged to the identical forex, like USDC and DAI, that are each pegged to the US greenback.”

Along with clear software in buying and selling or DEX environments, 1inch co-founder Sergej Kunz pointed in direction of a potential lending use case.