1inch Network, a multichain liquidity aggregator, has recently integrated Lumia, a liquidity network, into its platform. This integration aims to enhance on-chain liquidity and provide better pricing options for users of 1inch. The announcement was made on March 18.
The key feature highlighted in the press release is Lumia’s connectivity to centralized exchanges like Binance, OKX, and KuCoin. By expanding liquidity sources, decentralized finance (DeFi) users can now access pricing that is equal to or even better than what centralized platforms offer.
Sergej Kunz, co-founder of 1inch, explained that Lumia’s liquidity solution has been integrated through a request for quote process. This process allows customers to request quotes from market makers to purchase tokens. In this case, Lumia will function as a private market maker.
Furthermore, the integration will be further enhanced by expanding to 1inch Fusion, a gasless solution developed by 1inch. Lumia will act as a resolver, which is a registered address authorized to fulfill 1inch Fusion orders.
A spokesperson from 1inch confirmed that the integration is currently fully functional on 1inch Legacy and will soon be completed for 1inch Fusion.
The 1inch Network aggregates liquidity from 500 sources, facilitating over 76 million trades and boasting a lifetime volume of over $428 billion.
The network is governed by the 1inch decentralized autonomous organization (DAO) and made headlines in January 2024 for being the first DAO to hire a permanent legal team through a voting process.
In February 2024, Orion DAO introduced Lumia, its Web3 liquidity layer, positioning it as a reliable liquidity source for businesses and a bridge between centralized crypto exchanges and decentralized exchanges.
In March 2024, the company appointed U-Chyung Lim, a former Binance executive, as its chief business development officer.
According to Kal Ali, co-founder of Orion Protocol, the decision to transition entirely to Lumia was made through a DAO vote, with 90% of members voting in favor of the move. The native ORN token will be swapped for the new infrastructure token, LUMIA, in a 1:1 swap supported by all exchanges.
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