The popular decentralized exchange 1inch announced that the second version of its limit order protocol is now live. One of the most prominent features that the project outlined is allowing users to gaslessly place limit orders to swap into ETH dozens of tokens that support permits.
The project highlighted the launch in a press release shared with CryptoPotato. The document informed that ever since the launch of the v1 of the limit order protocol in June this year, it has attracted over 20,000 users who executed nearly 60,000 trades. The total value is just shy of $3 billion.
With the anticipation building for the second version, 1inch said it has worked on optimizing the trading features, including perhaps the most crucial issue in the DeFi world now – gas efficiency.
The release of V2 comes with a refactored, optimized, and simplified code, allowing different types of orders to be moved to separate files. According to the DEX, this has improved the user experience, making transactions cheaper.
Perhaps the most notable feature introduced by 1inch in V2 is the ability to facilitate gasless order placing to swap tokens into ETH. The team explained it as follows:
“A user can create a limit order to swap for ETH any token that they received in an airdrop or bought for fiat, as long as the token supports permits, even if their ETH balance is 0.”
It will allow users without any ETH to trade with tokens that support permits. According to 1inch, there are 112 such tokens on Ethereum now, 33 on BSC, and 15 on Polygon, including USDC, AAVE, UNI, DAI, 1INCH, BAL, and more.
Aside from the above, 1inch also outlined several other upgrades. These include the optimization of the RFQ feature, which now allows for more efficient offerings for market makers. They can now set a specific taker for fill with a permit.
Additionally, users will be able to immediately see whether their orders have been fully executed or canceled. V2 comes with support for ERC-721 and ERC-1155 tokens, moved to separate smart contracts to enhance the security of the new platform.
1inch said that the V2 protocol had been independently audited by several well-known auditors, including ABDK, Chainsulting, MixBytes, Pessimistic, and Certik.