One could argue that decentralization has emerged as a critical factor in recent years’ surge in technological advancements.
Decentralized finance (DeFi) and related terms have recently gained much attention and application due to the increasing importance of interoperability, speed, and efficiency in this field.
The goal of the cross-chain is the same as that of the blockchain: to eradicate centralized bodies’ ability to meddle with decentralized ones financially.
Because of this exceptional quality, the promising 1Sol protocol can develop a powerful aggregator for distributed markets (DEXs).
Let’s look at how the 1Sol protocol improves the speed, quality, and cost-effectiveness of transactions and trading on DeFi platforms by optimizing cross-chain efficiency.
What Is 1Sol Platform?
1Sol is a decentralized exchange aggregator (DEX) built on a cross-chain.
This technology allows data to be shared between blockchain networks (interoperability), in this case, for Solana’s decentralized protocols. With increasing support from the financial community and widespread public adoption, Sol.io plans to develop into a sizable liquidity pool for all things CeFi, DeFi, and OTC.
1Sol did not make do with anything. It expanded the current market into the realm of DeFi by leveraging a multi-blockchain (i.e. cross-chain) technology, building on the foundation laid by earlier aggregators.
Solana’s transaction speeds are currently among the highest in the industry, giving 1Sol a head start as a cross-chain DEX aggregator.
What Is 1SOL?
The 1Sol utility token, or 1SOL, is the protocol’s original token.
Solana is currently the eighth most prominent cryptocurrency in the world, according to CoinMarketCap, placing it six places below Ethereum and seven places below crypto OG Bitcoin.
Users of the Solana blockchain can engage in a wide range of decentralized monetary transactions, including the buying and selling tokens and other digital assets.
The Solana ecosystem is expected to expand rapidly in the future.
DEX aggregators will become increasingly crucial as Solana’s volume of decentralized exchange trading grows. Solana will benefit significantly from the early introduction of a cross-chain DEX aggregator like 1Sol.
The mission of 1Sol is to provide the best possible DeFi experience while becoming the most popular trading portal on Solana.
1Sol has already embarked on its journey with top projects on Solana, including the consolidation of Serum, Raydium, Orca, and Saber.
What Is the 1Sol Protocol Used For?
The 1Sol protocol reduces user effort, anxiety, and financial cost.
It makes the most of a P2P network to pool orders and discover the most cost-effective path for each order across all exchanges.
The 1Sol protocol automatically compares token prices and fees across DEXs, improves slippage, and streamlines trade executions so that users don’t have to.
Using the cutting-edge Dijkstra algorithm, 1Sol’s 1Sol Smart Calculator significantly lowers Solana’s gas costs. The best path for swapping between DeFi, CeFi, and other swaps and OTC markets is plotted by this algorithm.
How Does the 1Sol Protocol Work?
Using sophisticated algorithms to facilitate cross-blockchain transactions, 1Sol increases trading volume, asset diversity, and liquidity.
In its simplest form, the 1Sol protocol consists of four operations: account initialization, a smart calculator; swapping; returning.
Initially, the user will set up an account and prepay for their gas.
The 1Sol Smart Calculator evaluates the various DEXs to determine the most cost-effective option. Users select the optimal option, agree to the swap, and carry it out.
Once this is done, the user will receive the maximum number of tokens they were allowed to exchange.
How and Where to Buy 1SOL token?
Though 1SOL has been listed on several cryptocurrency exchanges, it is not yet possible to buy it with US dollars or any other major fiat currency.
This article will walk you through the steps to buy 1SOL tokens on the exchange that currently trades them.
Alternatively, you can purchase Bitcoin, Ethereum, USDT, or BNB on any major exchange and then transfer those funds to the exchange that trades 1SOL tokens.
You’ll need to invest in cryptocurrency exchange and purchase Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB), etc.
Since Binance Exchange is one of the major cryptocurrency markets that permit deposits using fiat currency, we will use it here.
As soon as you’ve completed, the necessary Know Your Customer steps.
A payment option will need to be added. Purchase Bitcoin (BTC), Ethereum (ETH), Tether (USDT), or Binance Coin (BNB) with your choice of a credit/debit card or bank transfer here.
Once you’re done, you can fund your exchange account with Bitcoin, Ethereum, US Dollars, or Binance Coin (BNB), depending on the trading pairs you’re interested in. The exchange will confirm the deposit before selling you 1SOL.
At present, the best marketplace to buy and sell 1SOL tokens on is Maker DAO.