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The road to decentralization

1inch users will get access to the same functionalities on Binance Smart Chain (BSC) as the ones that they already have within the Ethereum network.

1inch Foundation has deployed the 1INCH token on Binance Smart Chain, making 1inch Aggregation Protocol and 1inch Liquidity Protocol available to BSC users.

Most recently, BSC has shown enormous activity, prompting the arrival of new promising DEXes. 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.

The 1INCH token on Binance Smart Chain will be used for a bridge between the Binance and Ethereum networks. When a user sends 1INCH tokens to BSC, they will be locked in Binance Bridge, and a corresponding value in 1INCH tokens on Binance will be consequently unlocked. 1inch users will get access to PancakeSwap, BurgerSwap, StreetSwap, Venus, StableSwap, JulSwap, BakerySwap and other Binance-based DEXes and lending protocols.

10 mln 1INCH tokens were initially issued on BSC, and they will now be used as liquidity in Binance Bridge for transactions between Ethereum and Binance Smart Chain, and the total 1INCH supply will not increase.

10Thanks to the move, 1inch users will be able to switch between Ethereum and Binance Smart Chain. Meanwhile, all features of 1inch Liquidity Protocol, 1inch Aggregation Protocol and all 1INCH staking features will become available to BSC users. For more information on how to use 1inch on BSC, please, proceed here.

“We see a significant opportunity for 1inch Liquidity Protocol to become the biggest liquidity protocol on Binance Smart Chain, as it’s already the most efficient AMM protocol in the market,” says Sergej Kunz, co-founder of 1inch Network.

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