1inch Integrates with Lumia to Boost Liquidity and Improved Pricing for DeFi Users
Summary:
1inch, a multichain liquidity aggregator, expands its aggregated sources with the introduction of liquidity network Lumia. The integration will enhance on-chain liquidity and offer improved pricing for 1inch users. Notably, Lumia connects to central exchanges such as Binance, KuCoin and OKX, offering decentralized finance (DeFi) users competitive prices. The 1inch network, supervised by DAO, is a force in the market, facilitating over 76 million transactions with a cumulative volume exceeding $428 billion. In 2024, Orion DAO launched Lumia, a Web3 liquidity layer acting as a bridge linking centralized crypto liquidity with decentralized resources. Orion DAO and its tokens will soon fully transition to Lumia.
1inch, a multichain liquidity aggregator, has recently expanded its aggregated sources to include liquidity network Lumia. The integration was officially announced on March 18, and it is expected to enhance on-chain liquidity and enable improved pricing for 1inch users. Particularly notable is Lumia’s connectivity to central exchanges such as Binance, KuCoin and OKX. This expanded liquidity should offer decentralized finance (DeFi) users a pricing that could potentially outpace those of centralized platforms. "The key goal of 1inch is to provide users with access to liquidity across the whole cryptocurrency market, and Lumia’s addition is a significant stride towards achieving that," noted Sergej Kunz, 1inch co-founder.
Lumia's liquidity services have been incorporated with 1inch via a Request for Quote (RFQ), a method in which Lumia will function as a Private Market Maker (PMM) to request quotes from a provider (market maker) for token acquisition. Moreover, the implementation will be additionally advanced through its inclusion in 1inch Fusion, a gasless innovation by 1inch, where Lumia will act as a Resolver, an authorized address set up to complete 1inch Network Fusion orders. The integration is currently wholly active on 1inch Legacy and is expected to be finalized shortly on 1inch Fusion, as per a 1inch spokesperson's statement to Cointelegraph.
The 1inch network acquires liquidity from over 500 origin points and has facilitated more than 76 million transactions, with an aggregate volume surpassing $428 billion. Its operation is overseen by the 1inch decentralized autonomous organization, or DAO, which in January 2024 reportedly became the first DAO to hire an in-house legal team through a voting process.
Lumia, a Web3 liquidity layer, was launched in February 2024 by Orion DAO, and promoted as a bridge linking the substantial liquidity of leading centralized crypto exchanges with the advancements of decentralized ones. In March 2024, the firm appointed former Binance executive U-Chyung Lim as its Chief Business Development Officer.
In a conversation with Cointelegraph, Kal Ali, Orion Protocol co-founder, confirmed that Orion DAO and its tokens would be fully migrated to Lumia. He added, "The Orion DAO will be integrated into Lumia DAO, making it way more community-interactive." During a DAO vote, 90% of its members agreed to this transition. Consequently, ORN tokens will be transferred to the new infrastructure token, LUMIA, in a 1:1 swap supported by all exchanges.
Published At
3/19/2024 3:30:00 PM
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