Author

@RoundElephant

References

• Base - Coinbase's Optimistic Rollup

• ​Welcome to the OP Stack

Simple Summary

This proposal calls for the deployment of the 1inch Aggregation Protocol, 1inch Limit Order Protocol, and 1inch Fusion Mode on Base – Coinbase’s Optimistic Rollup.

Abstract

Upon approval, this proposal will endorse the deployment of the 1inch Aggregation Protocol, 1inch Limit Order Protocol, and 1inch Fusion Mode on Coinbase's Base. Base is Coinbase's Optimistic Rollup solution built on the OP stack, facilitating faster and more cost-efficient transactions while maintaining Ethereum-level security.

Motivation

Integrating the 1inch Network protocols with Coinbase's Base will provide users with significantly reduced gas fees and expedited transaction confirmations. Such a deployment ensures that 1inch's array of protocols remains user-friendly while not compromising on the platform's inherent security.

Specification

This proposal serves as a signal from the 1inch Network DAO to 1inch Labs. If accepted, the 1inch DAO calls for 1inch Labs to initiate the deployment of the 1inch Aggregation Protocol, 1inch Limit Order Protocol, and 1inch Fusion Mode on Coinbase's Base. The responsibility of maintaining the backend and frontend components of this deployment would also rest with 1inch Labs.

The deployment of 1inch Network protocols on Base will require collaboration between the 1inch core contributors and core contributors of Base.

Rationale

User Benefits

• Cheaper transactions: Users will experience a reduction in gas fees and transactional costs, enabling them to conduct more transactions with the same amount of funds.

• L1 security: Despite being a Layer-2 solution, users won't have to sacrifice the robustness of Ethereum's Layer-1 security, ensuring their transactions are secure and trustless.

• Direct fiat on-ramping from Coinbase in the future (presumably): Users can potentially enjoy the convenience of direct fiat to crypto conversions, eliminating the need for multiple platform jumps and thus streamlining their onboarding process into the 1inch Network.

1inch Network Benefits

• More volume from users: By deploying on a widely recognized platform like Base, 1inch will likely attract more users, leading to an increase in transaction volume.

• Strengthen relationship with Coinbase: Coinbase is one of the world’s leading crypto exchanges. Collaborating with Coinbase for this integration not only offers immediate benefits but also establishes a strong foundation for potential future integrations.

Base Benefits

• The most efficient aggregator, 1inch, will be deployed on their network: This solidifies Base's position as a premier Layer-2 solution by hosting one of the most effective and recognized DeFi aggregators.

Considerations

Deploying 1inch Network protocols on Coinbase's Base holds no governance ramifications.

Given that 1inch won't have any liquidity confined to Base, this deployment is free from any associated security threats.