1inch Network has launched officially on Solana, deploying its Fusion protocol to the Solana blockchain for the first time. This integration will connect Solana to 1inch’s crosschain swap ecosystem, which already supports over 10 different blockchains and is continuing to expand. On September 12, 2024, 1inch announced the coming of its intent-based, crosschain interoperability protocol. This announcement came with a white paper, which lays out their approach to solving the problems of crosschain interoperability.

This integration with Solana will give developers access to six different APIs from 1inch via the 1inch Developer Portal. 1inch wants to make it easy to swap from Solana to the other blockchains 1inch now supports on their platform.

On September 18, 2024, 1inch launched the first version of their product called “Fusion+,” allowing users to do crosschain swaps and stay in self-custody of their assets. With the Fusion protocol, users can set their perfect swap parameters. Following the creation of these parameters, professional market makers, or “resolvers” at times execute these professional market makers. These resolvers compete with each other based on Dutch auction mechanics to complete the orders.

In addition to lower fees, Solana’s ultra-fast block times ensure that trades can be executed more efficiently and seamlessly than on other networks. Users can expect transaction costs at less than a penny for each swap executed on Solana. New data shows Solana’s increasing influence in the decentralized finance (DeFi) landscape. For the last three months, Solana has had 33% more DEX trading volume ($539 billion) than all of its closest competitors combined. It dealt with 4x as many transactions and had 180% growth in active addresses over the same time frame.

Still, according to one 1inch.io Communicating with Cointelegraph, Solana and Ethereum are important voices in the changing communication of DeFi.

"Both Solana and Ethereum play critical roles in the evolving DeFi landscape." - 1inch representative

Regarding the launch date for the crosschain swaps feature, a 1inch representative stated:

"At this stage, there is no fixed launch date. However, development is progressing well, and we expect the feature to go live in the coming months." - 1inch representative

The congressman further claimed that users could look forward to “near-zero fees” when swapping on Solana.