The 1inch decentralized exchange has announced plans to expand its services in Bainance Smart China (BSC). This exchange used to operate only on the Ethereum network.
to the the report One-inch Coin Telegraph announced on Thursday that it had transferred 10 million 1-inch tokens, worth more than $ 40 million, to China’s Binance or Binance Smart network. According to the exchange, these tokens will be used as a liquidity link between Ethereum and Bainance Smart China. In addition, these tokens will implement the one-inch ecosystem, including the one-inch aggregation protocol and the one-inch liquidity protocol, in the Binance smart chain. The announcement of this exchange states:
At One Inch, we’ve always been looking for the hottest decentralized finance (DeFi) projects. Adding decentralized Bainance Smart China exchanges to our aggregation protocol is a natural step in that direction.
“One of the co-founders of One Inch, Sergei Kunz, noted that the growing popularity of China’s Smart Bins and low wages has instilled the idea in them.”
At present, we are considering China Binance Smart as an alternative solution to reduce commission costs and interact with Ethereum core network smart contracts. As wages rise, so do many projects, tokens, and users using China’s smart binaries, and this is a good time for the one-inch to expand into other Blockchainks.
Some members of the Ethereum community have long accused Bainance of China of being centralized. According to Bainance documents, this first tier blockchain is run by 21 ninety credentials, and the identities of all of them are unknown.
Rejecting this claim, Kans said that the One Inch team plays an active role in the network. He added:
Since we do not know the identity of the creditors, we cannot be sure that China’s binance is centralized. One Inch, meanwhile, plans to launch its own validator on the network.
Kans further noted that the One Inch team has not received any warranty or technical cooperation regarding the use of the protocol from Bainance. He added that he did not know for sure whether the transfer of one-inch tokens to Bainance Smart China was completely decentralized.
It is worth noting that the One Inch team has not consulted with its governing community to decide whether to expand activities in the Bainance smart chain.
“One inch team, Anton Bukov,” said in a statement:
Since nothing changes for Ethereum users on Ethereum, we thought we didn’t need to ask everyone about it. This is the only expansion of the one-inch network that will benefit all subscribers.
In the One Inch Governance Association, one of its members described One Inch as a “community of shareholders” whose goal is to turn the network into a “decentralized” and “unlicensed” network. He went on to mention the efficiency and security of the network as other goals of One Inch and added:
This means that fundamental changes can be made as a proposal and accepted through the voting process on the association.
This one-inch move comes at a time when many other projects are considering using the Bainance smart chain. The increase in fees on the Ethereum network is one of the main reasons for these decisions.