Project Review
As the decentralized finance (DeFi) ecosystem expands, more projects are launched to solve apparent problems in the traditional finance industry. However, the 1inch Network was created to unite decentralized protocols.
1inch is a leading decentralized exchange (DEX) aggregator and automated market maker (AMM) designed to enable users to benefit from the most lucrative, fastest, and protected operations in the DeFi space.
The DEX aggregator solution of 1inch searches deals across multiple liquidity sources, offering users better rates than any individual exchange. 1inch’s Aggregation Protocol incorporates the Pathfinder algorithm for finding the best paths across over 200+ liquidity sources on eight chains, including Ethereum, BNB Chain, Polygon, & Avalanche.
The 1inch suite also contains a Limit Order Protocol that facilitates the most innovative and flexible limit order swap opportunities in DeFi.
Price Updates
1INCH, the governance token used to vote on protocol parameters in the 1inch Network, remains the top-performing cryptos. As altcoins rally, 1INCH has gained over 10% in the last 24 hours.
The 24 hours price chart of 1inch (1INCH). Source: CoinMarketCap
The rally has seen 1INCH set a new 3-week high at $0.7112 before retracing slightly. INCH now trades at $0.6910 and is ranked as the 85th largest cryptocurrency, with a market cap of $386 million.
Recent Developments and Future Events
The 1inch Network is one of the fastest-growing DeFi protocols, with more projects looking to leverage the decentralized exchange (DEX) aggregator solution of the 1inch Network. Over the last week, over five DeFi protocols have integrated 1inch.
On July 7, D’CENT Wallet, a multi-crypto wallet with a native dApp browser, announced that it had integrated 1inch, giving users direct access to 1inch swaps from its wallet. The partnership gives D’CENT Wallet users the best swap rates for ERC-20 tokens.
In the last week, Orange Wallet, Dystopia Swap, Synthetix, and Bubblemaps (ex Moonlight) announced integrations for different components of the 1inch Network.
The flurry of expansion for the 1inch Network has seen the number of users grow by 73% in one week. 1inch now occupies the second spot in the list of top-performing dApps in the Polygon DeFi ecosystem, with approximately 37k unique users.
In June, The 1inch Network announced that it had completed an integration with the derivatives platform Opium. The integration now enables users to take advantage of Opium derivatives pools directly in the 1inch dApp.
In addition, all the transactions users carry out on the 1inch dApp are processed through Opium’s smart contract. Opium’s API, which features derivatives pools, was also added to the 1inch dApp.
On the Flipside
Community
1inch has one of the most active communities of all crypto projects. The 1inch team fosters community involvement by hosting several giveaways and contests, like the just concluded #1inchMemeContest.
There are also frequent presentations by the founder of 1inch, Anton Bukov, designed to bring the community closer to the project. In addition, holders of the 1INCH token can vote on crucial matters of the community. After one of such events, Carlton Bags wrote;
Another user, @Teaching_Crypto, sharing his opinion about 1INCH, wrote;
Why You Should Care
The varying high-performance offerings in the 1inch Network suite have made the protocol one of the most sought-after DeFi projects. Although 1inch is enjoying significant adoption, the scale of its reach is predicted to grow even further as the DeFi ecosystem expands.
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Source: Cryptocurrency - investing.com
