1inch Network has announced its expansion to Base, a Layer-2 Ethereum scaling solution incubated by Coinbase. This move is intended to offer 1inch users access to deeper liquidity, lower transaction costs, and higher speeds. However, the news comes as a warning regarding an impending exit scam by Magnate Finance was issued earlier today.Magnate Finance, with a Total Value Locked (TVL) of over $6.4 million on Base, is suspected to be linked to a previous exit scam involving Solfire that resulted in a $4.8 million rug pull in January 2022. The deployer’s address for Magnate Finance has been identified as the same as that linked to the Solfire scam. Within an hour of the warning, Magnate Finance seemingly vanished, removing its website and social media accounts. It was then revealed that the deployer account had manipulated the price oracle provider, enabling them to drain $5.3 million of liquidity by providing fake collateral.1inch Network reported that the 1inch Aggregation Protocol and the 1inch Limit Order Protocol have been deployed on Base. This move is expected to benefit 1inch users with access to Coinbase product integrations and straightforward fiat onramps. Since its public launch on Aug. 9, Base has seen impressive adoption, with daily active users surpassing the 100,000 mark and daily transactions increasing closer to those on popular Optimistic Rollup scaling solutions.Brian Armstrong, CEO of Coinbase, highlighted Friend Tech, a decentralized social application, as a critical driver of Base’s growth and adoption. The platform has recorded a total volume of over 43,064 ETH (equivalent to over $70 million) through 1.8 million transactions. However, Base has also experienced issues with RocketSwap and SwirlLend, which experienced a hack and a rug pull, respectively, totaling over $1 million. The introduction of key DeFi platforms such as 1inch hopes to bring legitimacy and security to the network going forward.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
9 |
| People |
Sergej Kunz, ZachXBT, Brian Armstrong |
| Companies |
Coinbase, 1inch Network, CertiK, Ethereum, Base |
| Currencies |
Ethereum, USDbC, DAI, WETH, Bitcoin |
| Securities |
None |
