Continuing with a successful model for farming programs, the 1inch and Ren teams have formed what is expected to be a long lasting and fruitful relationship that will provide multiple advantages to users of both platforms.
The 1inch Foundation is glad to announce that the 1inch’s partnership with Ren will let liquidity providers get additional benefits through another joint liquidity mining program that starts at 00.01 UTC on March 24 focusing on the newly launched 1INCH-renBTC pool.
Under this farming program, an equivalent of 20k USD in 1INCH tokens together with an equivalent of 20k USD in renBTC will be distributed among providers of liquidity to the 1INCH-renBTC pool over a four-week period (ending April 21, 2021).
Ren is an open protocol providing access to inter-blockchain liquidity for dApps and the aforementioned partnership will allow 1inch users to trade and provide liquidity for all Ren-based assets on the Binance Smart Chain (BSC), which has been gaining a lot of traction lately.
The partnership with Ren will also allow users to trade and provide liquidity for all Ren-based BSC assets via 1inch and earn trading fee rewards for their liquidity provision services. These liquidity pools will be available through 1inch in the ‘Pools’ section and will feature the following pairs:
- renBTC-BTC
- renBCH-BCH
- renDGB-DGB
- renDOGE-DOGE
- renZEC-ZEC
In the future, 1inch plans to add support for renFIL and renLUNA, but the partnership with the Ren team will extend way beyond liquidity provision and farming.
This partnership will also have three main areas for potential collaborations which include: additional Layer 1 Ren and 1inch collabs in 2021; the possibility of a native RenVM integration into the 1inch Network; and further LP mining programs for assets such as renDBG and renZEC.
About 1inch
1inch (https://1inch.exchange/) is a decentralized exchange aggregator that sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXes. Smart contract technology empowers this aggregator enabling users to optimize and customize their trades. Launched in May 2019 by co-founders Sergej Kunz and Anton Bukov, 1inch surpassed $27B in overall volume (live stats from Dune Analytics) in less than two years. In November 2020, 1inch was updated to version 2 (intro video) which major highlights are Pathfinder, an API that contains a new discovery and routing algorithm, and an intuitive, user-friendly UI. In December 2020, the 1inch team released its upgraded Liquidity Protocol – an AMM (automated market maker) with instant governance where LP (liquidity provider) earnings are dramatically increased by slowing down price changes to prevent arbitrage traders from earning up to 100% of the swap slippages. 1inch has already integrated support for 40+ top DEXes on Ethereum including Uniswap v1 and v2, Balancer, Curve, Kyber, SushiSwap, DODO, Oasis, and many more. In a move towards interoperability, in February 2021, 1inch Network expanded to Binance Smart Chain (BSC) and 1INCH governance token was deployed on BSC, offering users a chance to easily switch between Ethereum and BSC. All features of the 1inch Liquidity Protocol, the 1inch Aggregation Protocol and all 1INCH staking features became available to BSC users.
Official Medium: https://1inch.medium.com/
Official Twitter: https://twitter.com/1inchExchange
Official Discord: https://discord.gg/Xyxv2Yz
Official Telegram: https://t.me/OneInchExchange
About Ren
Ren (https://renproject.io/) is an open protocol that enables the movement of value between blockchains.
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