1inch Goes Multi-Chain: DEX Aggregator Expands to Solana in Defiant Move

DeFi’s favorite liquidity vacuum just got hungrier. 1inch—the OG DEX aggregator that made MEV bots sweat—is now hunting for arbitrage on Solana.

Why it matters: With Solana’s NFT and meme coin frenzy cooling off, 1inch smells blood in the water. Their routing algorithms could slice through Solana’s fragmented liquidity pools like a hot knife through butter.

The fine print: Integration went live today after months of ’testing’ (read: waiting for Solana’s uptime to resemble an actual blockchain). Traders get cross-chain swaps without the usual centralized exchange markup—because why pay fees to billionaires when code can do it cheaper?

Bottom line: Another brick in the wall of the multi-chain future. Or as Wall Street would call it: ’disintermediation risk’ they’ll pretend to understand at next quarter’s earnings call.

Ethereum’s slower pace hurts 1inch revenues

The shift to Solana follows a general slowdown for 1inch on Ethereum. Compared to the Jupiter DEX aggregator, 1inch only produces up to $300K on successful days, and as low as $1.3K during slow periods. 

The aggregator still serves close to 60K daily active wallets, with three swaps daily on average. The app burns around 24 ETH each day for its busiest router contracts, lining up among the top 20 gas burners. 

However, the router’s performance is only one part of the 1inch product package. Part of the slowdown is due to the shift to 1inch Swap, which continues to draw in significant quarterly volumes despite short-term activity fluctuations. 

The 1inch aggregator has already shown its experience with multi-chain presence, though limited to EVM-compatible chains. The network achieves up to $187M in volumes from its multi-chain activity, based on DeFi Llama data. In the past months, activity on the BNB Smart Chain also increased, showing 1inch was capable of tapping the hottest token trading networks. 

Solana DEX activity still hinges on Raydium, Orca, and Meteora, together making up over 80% of all trading volumes. Solana is also a leader in bot trading activity, with 86.6% of all bot-driven swaps. 

On Solana, 1inch will aim to stop MEV attacks, offering protected swaps for over 1M tokens that graduated to the DEX. After the initial launch, the aggregator will also offer cross-chain swaps at the best possible rate, offering access to liquidity from 13 chains already onboarded. 

Overall, Solana’s DeFi activity increased in Q1, driven by DEXs, a renewal of meme token launches, and lending. The chain still carries close to 4M daily active wallets, rising from a recent slump of 2.8M active wallets.

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