Neutrino Protocol announces its strategic partnership with decentralized exchange aggregator 1inch to provide a seamless user experience at best market prices. This collaboration is focused on connecting the Ethereum (ETH) ecosystem and the Neutrino USD (USDN) network with tokens from the Waves ecosystem.
With this partnership, Neutrino Protocol will leverage its bid towards multi-chain assetization by porting its functions to the ETH ecosystem. The Ethereum network is currently one of the world’s largest DeFi community. Hence, Neutrino will open doors of a vast ETH-based DeFi ecosystem to several Waves tokens. Meanwhile, 1inch would list USDN and give its users access as well as staking rewards to it. The aggregator will also play an active role in Neutrino’s next product on decentralized Forex.
When the ETH-based DeFi network joins Waves and Neutrino, this inter-chain integration will enable 1inch with Gravity node operability. This node is a token-agnostic and blockchain-agnostic protocol for interoperability. Gravity connects the aggregator to an entire infrastructure of new non-ETH ecosystems. When Gravity’s mainnet is deployed, 1inch becomes a trusted inter-chain transfer provider in the global market.
Being a multi-chain assetization protocol, Neutrino allows users to create crypto-collateralized tokens and peg them to multiple financial assets. From national currencies to gold, stocks, and even other cryptocurrencies, Neutrino protocol links your crypto-collateralized tokens with all types of financial assets.
WAVES is an underlying asset recognized by the Neutrino protocol that enables users with staking rewards via a pool of consensus algorithms on Leased Proof of Stake. It helps you stake Neutrino-issued synthetic assets such as USDN and provides rewards to you. Due to this uniques mechanism, Waves becomes a high-yield producing DeFi tool for borrowers.
For Neutrino, the most prominent assetization product is the USDN. It is also the first Neutrino assetization product and has a market capitalization of over $20 million as of 2020. USDN is being used actively by 5,000 users through the Neutrino’s dApp. This makes Neutrino protocol a key component to waves. It unites blockchain communities and ecosystems and builds inter-chain DeFi infra from investments made towards Gravity node development.
On the other hand, 1inch stays strongly committed to providing users with several swaps and lucrative options. The aggregator’s high efficiency aligns with Neutrino’s project mission. The key factor to this partnership is 1inch in exceeding its overall trade volume of $1 billion last year. Such a fast-growing aggregator can unlock new business opportunities for the Ethereum ecosystem as well as the global DeFi marketplace.