The team behind 1inch Exchange announced plans to upgrade its DEX aggregation platform and make it next-gen, officially calling it 1inch v2.
Yesterday, November 5th, 1inch announced plans to launch the next-gen version of its DEX aggregation platform with several new improvements.
What changes are coming with 1inch v2?
According to the project’s team, one of the new features will be an API known as Pathfinder, which offers a new routing and discovery algorithm. The team further explained that Pathfinder basically finds the best paths for token swaps and that it is very time-efficient, as it can do it in a record time.
In fact, the team plans to boost speed as much as possible. 1inch CEO and co-founder Sergej Kunz noted that the so-called ‘1inch v2′ will focus on speed as its most vital improvement and that this will be something that its users will be able to feel immediately.
Additionally, v2 will also include other changes, such as significant improvements to the user interface. The team wanted to change the UI so much that they created the new one entirely from scratch.
Apparently, the changes that the project aims to implement will improve the project by quite a bit. The team has had enough in the way of funding to secure the best for its users, thanks to the seed funding round led by Binance Labs a few months ago.
Back then, the DEX aggregation platform managed to raise as much as $2.8 million after the leading exchange’s incubator startup took it under its wing. It attracted many major, influential investors, including FTX, Dragonfly Capital, and even Mike Novogratz’s Galaxy Digital.
Thrilled to introduce #1inch version 2! 🚀🦄🥳
🔥 Pathfinder – discovery and routing algo
🔥 UI – new, intuitive & modular design
🔥 Optimized gas $- reduced aggr. overhead
🔥 Fastest response time on market
— 1inch.exchange (@1inchExchange) November 5, 2020
DEX volume has been surging for months until October
Of course, the increase in interest in DEXes and DEX aggregators alike rose significantly this year, thanks to the DeFi sector explosion. As some may know, DEX aggregators function as unified portals to the ecosystem of DEXes, which has significantly improved their usability.
Basically, DEX aggregators draw together many different liquidity sources to provide them for DEXes’ traders. With liquidity issues solved, traders are free to trade on numerous different marketplaces with speed and ease.
Of course, it is also worth mentioning that DEXes did see a drop in volume throughout October 2020. Before October, their volumes have been surging for months, only to see a sudden drop last month.
According to available data, DEX volume for September 2020, when DEX was at its peak, at $24 billion every month. However, once October had ended, analysts reported that the monthly volume of decentralized exchanges has dropped to $18.46 billion, which is slightly lower than what was seen in August of this year. However, this is still higher than the volume seen in July.