1inch releases composable Restrict Order Protocol

Right now, decentralized alternate and liquidity aggregator 1inch announce the launch of the 1inch Restrict Order Protocol. The brand new function boasts 5 completely different safety audits, and can allow customers to purchase or promote property at particular worth targets on Ethereum, BSC, and Polygon. The brand new function may even have the ability to work together with sensible contract logic, and have the ability to execute orders based mostly on oracle information. 

Limit orders were previously available to the DeFi ecosystem by way of a wide range of protocols together with Gelato and 0x, the latter which 1inch utilized. Nonetheless, the group claims this new protocol shall be extra gas-efficient and safe in that it doesn’t require admin keys, and that the protocol will add extra worth to the ecosystem through composability with different protocols, equivalent to Uniswap v3.

Whereas the Protocol instantly provides to the performance of the 1inch alternate, there are a number of potential use instances that exterior groups have been invited to discover.

RELATED: 1INCH price hits a new high as the top DEX aggregator vies for DeFi dominance

“On prime of the protocol, complicated, personalized market making instruments could possibly be constructed,” reads the announcement. “For instance, a instrument of that sort would facilitate incomes on a pair of property pegged to the identical forex, like USDC and DAI, that are each pegged to the US greenback.”

Along with clear utility in buying and selling or DEX environments, 1inch co-founder Sergej Kunz pointed in the direction of a potential lending use case.