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1inch Expands on Solana, Plans Cross-Chain Swaps Across 10+ Networks

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  • 1inch enables MEV-protected swaps for over 1 million Solana-native tokens.
  • Solana surpasses 5 billion transactions and 228 million active addresses to date.
  • Cross-chain swaps will connect Solana with 10+ DeFi blockchains via 1inch Fusion.

Multi-chain DEX aggregator 1inch has officially launched support for the Solana blockchain, expanding its trading and liquidity aggregation services to one of the fastest-growing networks in decentralized finance (DeFi).

1inch officially announced its service debut on the Solana platform on April 29. The integration enables Solana access to the 1inch Fusion protocol, on-chain swaps, and six developer APIs. Traders on Solana can access more than 1 million Solana-based tokens through the platform, which guarantees MEV-protected transactions and optimal swap rates.

Solana Integration Enhances Trading Efficiency

Through this integration, 1inch users can execute maximal extractable value (MEV)-protected swaps utilizing open-source smart contracts. The Fusion protocol allows users to set their desired trading parameters. Professional market makers, or resolvers, compete using a Dutch auction model to fulfill those trades. This structure helps minimize slippage and optimizes pricing across Solana’s decentralized finance (DeFi) ecosystem.

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Source: 1inch

“Now, more than one million tokens issued on Solana are available on 1inch for secure, MEV-protected swaps at the best rates,” stated 1inch’s official announcement. Notably, Solana supports rapid blockchain processing speeds, which keeps swap transaction costs for traders below one cent each swap.

This move highlights Solana’s growth in DeFi, which makes it popular for fast and efficient operation. Dune Analytics data shows that Solana achieved the most trading volume on decentralized exchanges, exceeding $539 billion in the past quarter.

Solana outpaced Ethereum DEX trading volume with $395 billion in the last three months, while Ethereum had $364 billion. Solana exceeded Ethereum in total transactions with 4.8 billion with 224 million active addresses, whereas Ethereum processed 1 billion transactions for 78 million active addresses.

Cross-chain Swaps to Bridge Solana and Broader DeFi

Furthermore, the DEX aggregator disclosed its intention to build cross-chain swap features between Solana and over ten other blockchains. Although no specific launch date was provided, a representative expects its launch to occur in the next few months. The cross-chain functionality will initially support all networks currently integrated with the platform’s swap ecosystem.

“Our integration with Solana moves us closer to uniting disparate chains,” said Sergej Kunz, co-founder of 1inch. He explained that Solana’s blockchain architecture integrates perfectly with Ethereum’s deep liquidity, making it essential for the developing DeFi ecosystem.

This integration positions the platform as a major player among DEX aggregators. It ranks second behind Jupiter and has steadily expanded across significant networks, including Ethereum, Binance Smart Chain, Polygon, and Optimism.

The Developer Portal of the DEX aggregator provides developers access to six APIs supporting further blockchain growth. By releasing six developer APIs, the Solana infrastructure becomes accessible to developers who create innovative decentralized applications (DApps) for the DeFi ecosystem.

JPMorgan Expands Blockchain Payments Network with GBP Account Support

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  • JPMorgan’s Kinexys now supports GBP accounts, enhancing cross-border payments.
  • The new GBP integration boosts JPMorgan’s blockchain payments for corporate clients.
  • Kinexys processes over $2B daily with clients like Trafigura and SwapAgent onboard.

JPMorgan Chase & Co. has expanded its blockchain-based payments system, Kinexys, to support British pound-denominated accounts. This move is designed to fill a gap in the stablecoin market, with the majority of transactions tied to the U.S. dollar.

Addition of the pound to JPMorgan creates more options for corporate clients seeking quick, low-cost, and flexible cross-border payment solutions. The new service enables clients to make transactions 24/7 in pounds, euros, and dollars, which enhances operational efficiency and increases currency liquidity.

Kinexys Grows with the Addition of British Pound Support

Launched in 2019 as JPM Coin, Kinexys is a blockchain network that facilitates real-time settlement and foreign exchange transactions for corporate clients. The platform, which was initially dollar-focused, expanded to support euro transactions last year. 

Adding the pound gives JPMorgan a broader range of offerings to match the increasing demand from companies seeking to access quick and inexpensive payments in currencies other than U.S. dollars. Despite increasing interest in pound-denominated transfers, approximately 80% of the platform’s volume remains dollar-based.

JPMorgan’s expansion follows a trend within the stablecoin market, as dollar-pegged tokens have left companies seeking alternatives in other major currencies. To address this, the Kinexys network can provide cross-border payments and foreign exchange services at any time of day. JPMorgan’s latest move highlights its effort to expand Kinexys as a key tool for its corporate clients, including the London Stock Exchange Group’s SwapAgent and global commodities trader Trafigura, who are already on board, according to Bloomberg reports.

Corporate Clients Benefit from Real-Time Blockchain Payments

This is a major development for Kinexys, as it allows companies to carry out real-time payments with the addition of British pound support. London Stock Exchange Group’s post-trade services firm, SwapAgent, and commodities trader Trafigura are the first companies to use the new pound accounts. 

Notably, SwapAgent will incorporate the GBP blockchain accounts into a pilot for digital settlement services to enhance its ability to manage settlements beyond traditional banking hours. Meanwhile, Trafigura plans to use the service for real-time payments across its financial hubs in London, New York, and Singapore.

JPMorgan’s Kinexys platform is enabled by the integration of blockchain technology that allows clients to transact efficiently and programmatically. The platform’s programmable payment features enable companies to automate treasury operations to improve cash flow management and operational control. JPMorgan’s move is a key milestone for its push into becoming a blockchain-based corporate client as a primary tool for streamlining financial transactions and reducing reliance on traditional banking hours.

The inclusion of the British pound on the Kinexys network marks JPMorgan’s ongoing effort to grow blockchain services to meet the changing needs of global businesses. Due to its rapid growth and average daily transaction volume rising to over $2 billion, Kinexys is becoming an increasingly important player in the blockchain-based payments industry. JPMorgan supports multiple currencies in Kinexys and hopes the solution will be a competitive alternative to existing payment systems, as it is available 24/7.

Circle Reports Over $20 Trillion in USDC Transactions; Circulation Surges 78%

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  • USDC transaction volume hits $1 trillion monthly, reaching $20 trillion lifetime in 2024.
  • Circle’s USDC is now supported across 16 blockchain networks, boosting global interoperability.
  • Circle complies with the EU’s MiCA, securing an e-money license in France and EURC.

USD Coin Circle’s stablecoin has seen a 78% increase in usage and circulation, reaching over 500 million people worldwide. According to a report, its monthly transaction volume reached $1 trillion in November 2024, adding to the lifetime transaction volume of over $20 trillion. This growth has expanded due to use cases in various sectors like payments, remittances, and decentralized finance (DeFi).

Regulatory Oversight and Technological Development of USDC

Circle’s adherence to international laws has greatly helped increase confidence in USDC. Compliance with the European Union’s Markets in Crypto Assets (MiCA) and receiving an electronic money license in France have helped the company in the global markets. Due to the recent developments, Circle has successfully transferred USDC across Europe and other jurisdictions with similar legal systems.

Since USDC is now available on 16 blockchain networks, the company’s advancements, including the Cross-Chain Transfer Protocol (CCTP), have enabled cross-border transactions. This makes it possible to make transfers between blockchain networks nearly realistically, increasing its usefulness in the global financial system. This has provided the stablecoin with the necessary legal perspective and strong technological support, contributing to its growth and continuous expansion within the market and among financial institutions and fintech companies.

Expanding USDC’s Reach in Emerging Economies

Circle has concentrated its efforts on increasing the usage of USDC in emerging markets, especially in Latin America and Africa. These regions have noted a rising use of stablecoins as an inflationary hedge and a means of accessing the global financial system. Strategic collaborations with companies like Nubank and Chipper Cash have enabled Circle to leverage these opportunities since it provides dollar-denominated services to local populations.

Besides partnerships, the stablecoin has proven useful in areas such as humanitarian aid, where blockchain can help offer secure financial support in areas of conflict such as Ukraine. This has been amplified by the rise of use in global payroll and cross-border transfers, as having another payment gateway solution is critical. Furthermore, Circle’s global business plan and the increasing need for digital payment systems make USDC a strategic asset for promoting financial inclusion and economic power.

Filecoin Foundation Join Lockheed Martin To Build Blockchain Network In Space

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Filecoin Foundation in association with aerospace corp Lockheed Martin announced to build a blockchain network in space, at the World Economic Forum’s annual meeting in Davos, Switzerland on May 23.

Billed as the Interplanetary File System, or IPFS is an open-source network that stores information that can be shared by users.

Joe Landon, VP of advanced programs development at Lockheed Martin Space, said the goal of the project is to develop a program for deploying the IPFS in space.

“We need to develop the technology to support a long-term presence in space without having to rely entirely on Earth-based communications and data storage,” Landon said. 

According to its website, the Filecoin Foundation is a self-funded organization that facilitates governance of the Filecoin network — a blockchain-based cryptocurrency and digital payment system that builds on top of the IPFS.

Noting that today’s centralized internet model “just doesn’t work in space,” Marta Belcher, president, and chair of the Filecoin Foundation said

“Every time you click, that data has to be retrieved from a particular server in a particular place. That means that if you’re on the moon, there’s going to be a multi-second delay while that data travels from Earth, but with IPFS data isn’t retrieved by where it is, but rather by what it is, so it can be retrieved from whatever’s closest to you, eliminating that delay.”

Lockheed Martin and Filecoin plan to pick a spacecraft platform to host IPFS

In the ensuing months, Lockheed Martin and Filecoin will work to establish a spacecraft platform to host an IPFS payload that will transmit data back and forth between Earth and other spacecraft.

“We are starting out with an exploration phase that will include scoping the technical work required and identifying the right demonstration mission,” said Belcher. “Once we have identified the appropriate mission or missions, we’ll have a longer-term timeline.”

In the beginning, the initial payload demonstration is planned for low Earth orbit. 

Further, the announcement post claims that IPFS would allow users to back up files and websites by hosting them across numerous nodes. Landon said this project aims to bring the benefits of decentralized storage systems to space.