1inch announces rebrand to ‘1inch Network,’ laying groundwork for expansion

Decentralized finance platform 1inch introduced immediately a rebrand to “1inch Community” — a facelift designed to higher mirror the present and future state of the multi-chain, multi-protocol platform because it continues to develop, in keeping with 1inch co-founder Sergej Kunz.

“For us it’s a logical transfer. Me and Anton began with simply an aggregation protocol on the ETHNew York hackathon in 2019 and now now we have the entire ecosystem of protocols, equivalent to: 1inch Liquidity Protocol (prev. Mooniswap), 1inch Aggregation Protocol, prompt governance and the 1INCH governance/utility token,” he mentioned.

Implementations of the assorted protocols have additionally expanded past Ethereum, because the staff introduced a deployment on Binance Sensible Chain final month. As such, the pure subsequent step for the challenge — now the “Community” — is extra groups, extra protocols, and extra chains. Mentioned Kunz:

“This month we plan to rollout a brand new protocol and one other new product on prime of the 1inch Community. Two different groups are proper now evaluating with the 1inch Basis to hitch the community with two extra protocols.”

The expansion technique seems to be conceptually just like Yearn.Finance’s enlargement late final yr. In that occasion, Yearn, a yield vault protocol, introduced a string of mergers and acquisitions to fold in quite a lot of complimentary protocols, together with cash market C.R.E.A.M. and decentralized change Sushiswap. These mergers have already confirmed fruitful, as C.R.E.A.M.’s Iron Financial institution protocol-to-protocol lending platform is at the moment getting used to bolster Yearn vaults. 

The 1inch Community is taking a extra bottom-up method to folding in complimentary protocols, nevertheless. Kunz notes that each groups contemplating becoming a member of the Community wish to apply for grants through the 1inch Basis, and that different groups are invited to use as nicely. At the moment, 1inch Labs employs “round” 40 folks, and the Basis additionally pays grants to contributors individually.

The multi-faceted development technique is a part of a wider objective of decentralizing the event of the assorted protocols to coincide with forthcoming absolutely decentralized governance through a fork of Compound’s governance construction.

“We as core contributors need to see extra folks and groups collaborating and contributing to the 1inch Community. Not just one staff must be a core contributor, however as many as attainable. All of the protocols profit from one another and can use the 1INCH token in its personal protocols in numerous manners.”

When requested about the potential of launching a 1inch Community sidechain, Kunz didn’t rule it out, saying that the staff is at the moment “investigating” Polkadot in addition to layer-two implementations with Optimism and zkSync. Kunz additionally invited new groups within the Community to setup implementations of their very own.

In the end, the expanded scope and staff means 1inch can deal with quite a lot of initiatives directly, mentioned Kunz.

“We see the method with a number of groups engaged on one nice community of nice merchandise is a scaling resolution which permits [us] to go quick.”