Crypto:
30336
Bitcoin:
$65.049
% 0.19
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 65.049
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

1inch Network Wants to Increase Liquidity of Lumia Network

1Inch Network

1inch Network aims to provide more liquidity and better pricing by adding Lumia, a liquidity network, to its mass resources list. This integration, which aims to deepen on-chain liquidity and provide better prices to 1inch users, was announced on 18th March.

By providing access to centralized exchanges, Lumia aims to offer pricing to decentralized finance (DeFi) users that could compete and even surpass centralized platforms. Speaking about this integration, the co-founder of 1inch, Sergej Kunz, said “1inch aims to provide liquidity to users in the crypto market, and we’re pleased to see Lumia as a new and significant source of liquidity.”

Lumia’s liquidity solution is implemented with 1inch via a price quote request, a process where the customer requests a price quote from a provider (market maker) to buy tokens. Lumia contributes to this procedure by acting as a specialized market maker.

1inch plans to further develop its Lumia integration by expanding it with a gasless solution called 1inch Fusion. Lumia will act as a registered and approved address to fulfill 1inch Fusion orders.


You may also be interested in this post: Japanese Retirement Found Invests in Bitcoin


A 1inch spokesperson noted that the integration is currently fully functional on the 1inch Legacy platform and completion for 1inch Fusion is “coming soon”. 1inch Network provides liquidity from over 500 sources with over 76 million transactions and lifetime volumes exceeding $428 billion.

This network is governed by the 1inch DAO, a decentralized autonomous organization (DAO). 1inch claimed to have been the first DAO to hire a permanent legal team through a direct voting process in January 2024. Lumia was introduced by Orion DAO in February 2024 and marketed as a bridge between the vast liquidity of centralized crypto exchanges and the innovation of decentralized exchanges.

READ:  Cryptocurrency Taxes Are Being Eliminated in Argentina!

In March 2024, it was announced that former Binance executive U-Chyung Lim was hired as head of business development. The co-founder of the Orion Protocol, Kal Ali, stated that Orion DAO and its tokens will be completely transferred to Lumia. This decision was made during a DAO vote, and 90% of DAO members voted in favor of the transition. The native ORN token will be replaced with the new infrastructure token LUMIA at a 1:1 swap.


Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on TelegramYouTube and Twitter for the latest news and updates.

Rate this post

Leave a Reply

Your email address will not be published. Required fields are marked *