Decentralised exchanges liquidity aggregator 1inch has introduced a new protocol for limit order transactions, the 1inch Limit Order Protocol.
The limit order feature allows users to buy or sell crypto assets at a certain price. The option was available in the 1inch app, but was based on the 0x protocol.
According to the statement, the 1inch Limit Order Protocol solution is more "efficient and flexible".
The protocol is available on Ethereum, Binance Smart Chain (BSC) and Polygon and supports the following token standards:
- ERC20/BEP20;
- ERC721;
- ERC1155;
- other standards via external extension.
Among the features of the new solution, the 1inch team noted:
- no user fee, which will be particularly noticeable for small orders;
- improved chances of order execution and shorter time;
- provision of dynamic pricing function, which allows the use of any options such as demand and supply, oracles, etc;
- arbitrary order execution conditions to maximise profits;
support for Request for Quotes (RFQ) - orders to buy or sell a specific quantity of cryptocurrency, optimised for market makers.
According to the developers, the 1inch Limit Order Protocol provides extensive functionality. For example, with its dynamic pricing option, it can be used to support auctions. The solution also allows creating complex adaptive tools for creating a market of asset pairs to simplify income generation.
As a reminder, in April the project presented 1inch Network ecosystem, which includes 1inch Aggregation Protocol and 1inch Liquidity Protocol, as well as a decentralised autonomous organisation (DAO) that manages the network.
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