The 1-INCH worth hits a brand new excessive as the highest DEX aggregator battles for DeFi dominance

As the DeFi ecosystem (decentralized finance) evolves and extends to the entire cryptocurrency sector, the race for the top degenerator for decentralized exchanges (DEX) intensifies as new market participants appear every week.

One of the top DEX aggregators, the price of which recently hit a new record high, is 1INCH, a protocol that, according to the project's website, has "Access to the highest liquidity, lowest slippage and best exchange rates for Ethereum and Binance Smart Chain" offers.

1 INCH / USDT 4 hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView show that the 1-INCH price catapulted 47% higher from a low of $ 5.15 on May 5, to a new all-time high of $ 7.55 on May 6.

New liquidity integrations trigger the rally

1INCH's recent price growth was triggered by the May 6 announcement that the protocol had aggregated the available liquidity of the fast-growing MDEX DeFi ecosystem that operates on the Binance Smart Chain (BSC).


We're excited to announce that @ 1inchNetwork is aggregating the liquidity from #MDEX to #BSC # 1inch: a distributed network for decentralized protocols that enables the most lucrative, fastest and most secure operations in #DeFi

– (@Mdextech), May 6, 2021

This new integration helped to further expand the reach of 1 inch and cement its position as the most integrated DeFi aggregator to date.

The announced integration of MDEX liquidity was quickly followed by the release of the 1INCH wallet, which offers a "user-friendly entry point for DeFi".

# 1inchWallet is launched on @ProductHunt

⤵️ Feel free to leave your #feedback and ask questions to the ‍ developers! #DeFi # 1inch #iOS #cryptotradinghttps: //

– 1 inch network (@ 1 inch network) May 6, 2021

At the same time as the wallet was revealed, the team also announced that it will partner with the WireX (WXT) digital payment platform to purchase 20% of the WXT token supply from the Stellar (XLM) network to Ethereum ( ETH) to migrate) network.

Together, these developments helped 1INCH hit a new record high of $ 7.55 on May 6, before profit-taking brought the price down to $ 6.30 in the early hours of trading on May 7.

After the price drop and as evidence of how quickly the protocol integrates new upgrades, the 1INCH team announced that it has integrated Uniswap (UNI) V3, which was rolled out on May 5th. As a result, the 1INCH price increased 13%. following the announcement of an intraday high at $ 7.13.

While the 1-INCH price chart traded sideways in the first week of May, VORTECS ™ data from Cointelegraph Markets Pro began to see an optimistic outlook for the altcoin on May 1, ahead of the recent price surge.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS ™ Score (green) vs. 1-INCH price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ Score was flat towards May and then rose on May 1st, peaking at 77, approximately 3 days before the price rose 47% over the next 24 hours.

The project's recent integrations with the Binance Smart Chain, the release of its own native wallet and the fact that it is one of the most widely used DEXs on the Ethereum network are all signals that the project is leading the way for automated market- Making and is DeFi offers opportunities in the crypto space. Each of these developments indicate that the token is well positioned for further upward movement.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Every investment and trading step is associated with risks. You should do your own research when making a decision.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *