Decentralized finance platform 1inch announced on Th a rebrand to "1inch Network" — a facelift designed to improve reflect the current and hereafter state of the multichain, multiprotocol platform as it continues to grow, according to 1inch co-founder Sergej Kunz.

"For united states it is a logical move. Me and Anton started with just an aggregation protocol at the ETHNew York hackathon in 2019 and now we accept the whole ecosystem of protocols, such as: 1inch Liquidity Protocol (prev. Mooniswap), 1inch Aggregation Protocol, instant governance and the 1INCH governance/utility token," he said.

Implementations of the various protocols have besides expanded across Ethereum, as the team announced a deployment on Binance Smart Concatenation final month. Equally such, the natural side by side step for the project — now the "network" — is more than teams, more protocols and more chains. Kunz said:

"This month we plan to rollout a new protocol and another new product on top of the 1inch Network. Two other teams are right at present evaluating with the 1inch Foundation to join the network with two more protocols."

The growth strategy appears to be conceptually similar to Yearn.finance'southward expansion in late 2020. In that instance, Yearn, a yield vault protocol, appear a string of mergers and acquisitions to fold in a multifariousness of complementary protocols, including money market C.R.Eastward.A.Grand. and decentralized exchange SushiSwap. Those mergers accept already proven fruitful, as C.R.E.A.Yard.'s Iron Banking company protocol-to-protocol lending platform is currently being used to bolster Yearn vaults.

1inch Network is taking a more bottom-up arroyo to folding in complementary protocols, even so. Kunz noted that both teams considering joining 1inch Network are looking to apply for grants via the 1inch Foundation and that other teams are invited to utilize likewise. Currently, 1inch Labs employs "around" 40 people, and the foundation too pays grants to contributors separately.

The multifaceted growth strategy is role of a wider goal of decentralizing the development of the various protocols to coincide with forthcoming fully decentralized governance via a fork of Compound's governance structure.

"Nosotros as core contributors want to see more people and teams participating and contributing to the 1inch Network. Not merely i team should be a core contributor, merely equally many equally possible. All the protocols benefit from each other and will use the 1INCH token in its own protocols in unlike manners."

When asked near the possibility of launching a 1inch Network sidechain on Polkadot, Kunz didn't rule it out, proverb that the team is currently "investigating" Polkadot as well every bit Ethereum layer-two implementations with Optimism and zkSync. Kunz also invited new teams in the network to gear up up implementations of their ain.

Ultimately, the expanded scope and team means 1inch can tackle a diversity of initiatives at once, said Kunz.

"Nosotros see the approach with multiple teams working on 1 peachy network of great products is a scaling solution which allows [u.s.] to go fast."