1inch announces 'v2' upgrade of its DEX aggregation platform

1inch announced Thursday the next-generation version of its decentralized exchange (DEX) aggregation platform.

The team behind 1inch said that improvements include Pathfinder, an API that sports "a new discovery and routing algorithm, which finds the best possible paths for a token swap in the shortest possible time." 

“One of the most vital improvements in 1inch v2, the effect of which users are set to feel immediately, is much higher speed,” Sergej Kunz, 1inch's co-founder and CEO, said in a statement. 1inch said that v2 also includes user interface improvements, noting in a press statement that the new UI was "built completely from scratch."

The release comes months after 1inch raised $2.8 million in a seed funding round led by Binance Labs, the crypto exchange's startup incubator arm. Other investors at the time included FTX, Galaxy Digital and Dragonfly Capital, as The Block reported at the time. 

DEX aggregators effectively function as unified portals to the DEX ecosystem, drawing together different sources of liquidity and providing traders with the ability to trade across different marketplaces. 

Volumes across decentralized exchanges fell in October, ending a months-long growth streak. Total DEX volume for the month came in at 18.46 billion compared to September's $24 billion.