Cryptocurrency exchange KuCoin will introduce native token swap functionality in its internal wallet after integrating decentralized finance (DeFi) market maker 1inch’s application programming interface.
1inch’s Pathfinder algorithm will augment the functionality of KuCoin Wallet, the exchange’s recently launched decentralized wallet platform, which features cross-chain trading and support for DeFi and non-fungible tokens (NFTs).
The algorithm will aggregate liquidity from over 250 proactive, automated market maker sources across the DeFi ecosystem. 1inch connects to liquidity sources running on nine different blockchain networks, providing a wide range of tradable asset pairs.
The partnership will also allow KuCoin Wallet users to access the functionality of the 1inch limit orders protocol.. These orders are executed at a predetermined price once it is reached. This includes gasless limit orders for Ether (ETH), blockchain listing requests, and other tokens that require permissions rather than transaction approval.
KuCoin Wallet boss Jeff Haul noted that 1inch has established itself as a leader in the DeFi aggregator space, and its functionality should enhance KuCoin Wallet’s offering to its users:
“Swap is a high frequency feature of the wallet, and 1inch is one of the most popular DEXs in the Web3 industry, so we are working together through native integration to provide a smooth and profitable trading experience for our users.”
KuCoin launched its own browser-based custodial wallet in June 2022 and hinted at impending support for DeFi, NFT, and GameFi. The original functionality of NFTs was powered by KuCoin’s proprietary NFT marketplace, Windvane.
The exchange earmarked a $150 million pre-Series B fundraising round in 2022 to fund the development of Web3, DeFi, and NFT offerings and services within its ecosystem.
1inch continues to expand its footprint in the cryptocurrency ecosystem, and in August 2022 it sealed a pivotal partnership with South Korea’s burgeoning blockchain metaverse, Klaytn.
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