On August 31, Atlanta-based cryptocurrency payment service provider Bitpay announced that the Bitpay wallet had integrated the decentralized exchange aggregator (Dex) 1inch Network. Bitpay wallet users can use the 1-inch protocol to exchange ethers or the myriad of ERC20 tokens.
The Bitpay wallet supports 1 inch
Decentralized finance (Defi) has grown exponentially, according to statistics, as data from defillama.com shows that a total of $ 157 billion (TVL) is locked across all Defi-supporting blockchains.
Metrics from Dune Analytics show that there are 3.2 million unique addresses in terms of the growth of the Ethereum network despite the growth in users. Bitpay now enables Bitpay wallet users to participate in some of the Defi market promotions by supporting the Dex 1inch aggregation protocol.
The 1 inch Dex aggregator basically scans the myriad of Dex platforms like Uniswap, Sushiswap and others to find the lowest prices for crypto traders. The 1inch Defi protocol has its own native governance token and is also used for staking.
On Tuesday, the world’s largest crypto payment provider Bitpay announced that the company has partnered with 1inch and the protocol is now available to Bitpay wallet users. The integration means that users who access the Bitpay wallet can use the 1-inch Dex aggregation functionality without leaving the wallet.
Bitpay CEO: “We wanted to offer users a safe way to interact with Defi-Apps”
Bitpay CEO and co-founder Stephen Pair stated Tuesday that defi protocols and decentralized applications (dapps) are popular with Bitpay’s user base.
“We wanted to offer users a safe way to interact with them,” emphasized Pair in a statement. “The Bitpay wallet app enables our power users to issue, store and manage crypto, and support for the 1 inch Dex aggregator enables users to get the best crypto swap rates quickly “Added Pair.
Bitpay wallet support follows 1inch, announcing that the protocol would use the Ethereum scaling solution “Optimistic Rollups” through the Optimism Gateway. Sergej Kunz, the co-founder of 1inch Network, believes the partnership with Bitpay will give global users around the world more access to Defi access.
“As Defi services gradually move towards mass adoption, it is important to give as many users as possible access to the 1-inch Dex aggregation,” noted Kunz during the announcement.
What do you think of Bitpay adding 1inch Network support to the Bitpay wallet so users can access defi? Let us know what you think on this matter in the comments below.
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1inch Network, 1inch Protocol, BitPay, Bitpay 1inch, Bitpay Wallet, dApps, decentralized applications, decentralized finance, DeFi, defi Accessibility, Defi Apps, defi services, defillama.com, Dune Analytics, ERC20, ERC20s, ETH, Ethereum, Ethereum ( ETH), Optimism Gateway, Optimistic Rollups, Sergej Kunz, Stephen Pair, Wallet
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