The top-tier 1inch Ether-native DeFi initiative has reportedly disclosed details regarding its appearance on the Binance Smart Chain, as part of a larger exodus.
Specifically, as revealed by the 1inch team, the porting of 10 million 1INCH tokens (current value equals to $40 million dollars) to BSC has reportedly been completed.
The tokens will next be functioning as a liquidity bridge between Ethereum and BSC and will seed the 1inch ecosystem on BSC, covering the 1inch Aggregation Protocol and the 1inch Liquidity Protocol.
“As we at 1inch are always on the lookout for the hottest DeFi projects, the addition of BSC-based DEXes to our aggregation protocol came as a natural step,”
per 1inch co-founder Sergej Kunz, the increase in population as well as the reduction of gas fees have reportedly been the driving factor for the move.
“Currently, we consider BSC to be an alternative solution to the Ethereum mainnet in terms of lowering gas costs for interacting with smart contracts. As gas prices stay too high we see a lot of projects, tokens and users coming to BSC, and this is the right moment for the 1inch to expand to other blockchains.” Kunz reportedly remarked.
BSC has reportedly been gathering a few negative comments from individuals across the Ethereum development community, who accused the layer-one blockchain of centralization.
Kunz has then spoken out against these accusations, reportedly claimed that the project would be actively contributing to the network.
“We don’t know for sure if the BSC is centralized as we don’t know who are the validators of their network. But 1inch plans to run its own validator on BSC.”