Today, there are many decentralized exchanges (DEX) that offer crypto traders ample opportunities to earn gains via crypto trading. DEXs offer flexibility - there’s no central authority managing user funds with no restriction on who can trade. But DEXs differ in their structure, spot rates and fees. 1inch, a DEX aggregator, aims to satisfy the need for a platform that helps traders get the best price for their trades. Let’s learn more about 1inch.
1inch is a DEX aggregator that allows users to optimize trades across hundreds of DEXs on multiple blockchains including Ethereum, Binance Chain, Polygon, Optimism, Gnosis, Avalanche, Arbitrum, etc. It instantly analyses thousands of quotes and fees across multiple DEXs to provide users with the best rates. It reroutes the customers’ trades and ensures that they get the best price.
1inch aggregation protocol uses the Pathfinder algorithm to segregate the best prices from over 70 liquidity sources on Ethereum, over 40 on BSC, over 20 on Polygon, over 40 on Avalanche and other sources. The protocol draws on DEXs such as Uniswap, ox, Balancer, and 1inch’s own liquidity protocol, Mooniswap.
1inch also offers the 1inch wallet, a multichain mobile platform with an easy-to-navigate interface, secure storing and staking capabilities.
As of today, the platform has over $55 billion in liquidity available and has conducted trades of over $166 billion in volume. 1inch has raised over $15 million in funding from Binance Labs, Pantera Capital, FTX, IOSG, Dragonfly Capital and Galaxy Digital.
1INCH is the native token of the 1inch platform. Besides fuelling the 1inch ecosystem, the token facilitates governance on protocol parameters in their upcoming DAO model. The maximum supply of 1INCH token is 1.5 billion. Its circulating supply is currently over 413 million.
1INCH is priced at $1.55 today and is just outside of the top 100 crypto list with a market cap of ~$650 million. 1INCH has dropped more than 75% from its all-time-high of $7.45 achieved in May 2021.
In 2022, it has been undergoing a correction under a strong trendline resistance. However, it seems to have finally overcome the trendline last week and is likely headed to the golden pocket of its drop at $1.82. If this level is held, short term targets of $2 and $2.22 should be attainable.
Source: TradingView, Binance
1inch has a lot to offer in the upcoming months. 1inch Network, the next generation AMM(Automated Market Maker), seeks to protect users from attacks and offers opportunities to liquidity providers. 1inch’s limit order protocol offers the most flexible and innovative order swap opportunities in Defi.
For an investor, 1INCH token needs to showcase some fundamental strength before it is considered as a long term investment.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.