The liquidity aggregator just beefed up its functionality with the
Limit Order Protocol, a new tool that may have use cases beyond DEXes.
Today, decentralized exchange and liquidity aggregator 1inch announce
the launch of the 1inch Limit Order Protocol. The new feature boasts 5
different security audits, and will enable users to buy or sell assets
at specific price targets on Ethereum, BSC, and Polygon. The new feature
will also be able to interact with smart contract logic, and be able to
execute orders based on oracle data.
Limit orders were previously available
to the DeFi ecosystem through a variety of protocols including Gelato
and 0x, the latter which 1inch utilized. However, the team claims this
new protocol will be more gas-efficient and secure in that it does not
require admin keys, and that the protocol will add additional value to
the ecosystem via composability with other protocols, such as Uniswap
v3.
While the Protocol immediately adds to the functionality of
the 1inch exchange, there are multiple possible use cases that external
teams have been invited to explore.
RELATED: 1INCH price hits a new high as the top DEX aggregator vies for DeFi dominance
“On
top of the protocol, complex, customized market making tools could be
built,” reads the announcement. “For example, a tool of that kind would
facilitate earning on a pair of assets pegged to the same currency, like
USDC and DAI, which are both pegged to the US dollar.”
In
addition to clear application in trading or DEX environments, 1inch
co-founder Sergej Kunz pointed towards a possible lending use case.
source link : https://cointelegraph.com/news/1inch-releases-composable-limit-order-protocol
