1inch Network, a multichain liquidity aggregator, has recently integrated Lumia, a liquidity network, into its platform. This integration, announced on March 18, aims to bolster on-chain liquidity and offer improved pricing for users of 1inch.
1inch 🤝 Lumia ($ORN)@1inch: hundreds of billions in trading volume
Lumia: DeFi’s best liquidity source
Integration now LIVE.
Powered by $ORN. pic.twitter.com/Y9AGBDQmlZ— Lumia (@BuildOnLumia) March 19, 2024
Lumia stands out for its access to centralized exchanges like Binance, OKX, and KuCoin, a feature highlighted in the press release. By tapping into centralized platforms, Lumia’s liquidity solution aims to match or even exceed the pricing available on decentralized exchanges, benefiting users in the decentralized finance (DeFi) space.
Sergej Kunz, co-founder of 1inch, expressed enthusiasm about the collaboration, stating,
“1inch aims to offer users liquidity across the entire crypto market, and we are glad to welcome Lumia as a new and significant liquidity source.”
The integration involves Lumia’s liquidity solution operating as a private market maker within the 1inch ecosystem through a request for quote process. Additionally, Lumia will serve as a resolver in 1inch Fusion, the gasless solution developed by 1inch, further enhancing the integration.
While the integration is currently fully operational on 1inch Legacy, it is expected to be completed shortly for 1inch Fusion, according to a spokesperson from 1inch.
1inch Network aggregates liquidity from over 500 sources, facilitating more than 76 million trades with a lifetime volume exceeding $428 billion. Governed by a decentralized autonomous organization (DAO), 1inch made headlines in January 2024 for becoming the first DAO to hire a permanent legal team through the voting process.
On the other hand, Lumia, introduced by Orion DAO in February 2024, acts as a Web3 liquidity layer, bridging centralized exchanges’ liquidity with the innovation of decentralized exchanges. Recently, Lumia appointed former Binance executive U-Chyung Lim as its chief business development officer.
Lumia is here.
Introducing Lumia: the liquidity layer of Web3, designed to redefine the entry point of DeFi – connecting L1’s and L2’s with boundless liquidity from CEXs and DEXs.
A thread 🧵👇
👉 https://t.co/B8hYtP5eYn#ORN pic.twitter.com/ywKw5RLF2U
— Lumia (@BuildOnLumia) February 26, 2024
Moreover, Orion Protocol‘s co-founder, Kal Ali, revealed that the Orion DAO will transition entirely to Lumia DAO, following a vote where 90% of DAO members supported the move. As part of this transition, the native ORN token will be swapped for the new infrastructure token, LUMIA, in a 1:1 swap supported by all exchanges.
