1inch, a decentralized exchange aggregator that sources liquidity from various exchanges, today announced the upgrade to v3 of its DEX aggregation protocol. The main improvement in version 3 (v3) is the ability to substantially reduce gas fees thanks to assembly code optimization.
v3 introduces lower transaction fees…
Before, swaps on Uniswap v2 were cheaper than 1inch, now the opposite is true. Swapping ETH for DAI on 1inch, for example, requires 10.3% less gas than the same trade on Uniswap and 4.9% less than on 0x.
“The 1inch team is excited to begin immediately offering the benefits of the 1inch Aggregation Protocol v3 to users. The decision to switch between the two protocol versions is up to the user, as it requires new approvals for each asset the user would want to trade and, consequently, additional gas costs. However, the protocol version is now set to v3 by default.”
– The 1inch Team
To note, in due time v2 will be deprecated. However, the 1inch team will still support it in the immediate future; enabling users to switch between the two versions in the interface.