As the ecosystem of decentralized financing (DeFi) evolves and expands to the entire cryptocurrency sector, The race for the leading DEX (Decentralized Exchange) aggregator is accelerating as new entrants appear in this area every week.
One of the top DEX aggregators, the price of which recently hit a new record is 1 inch (1 inch), a protocol that offers “Access to the highest liquidity, the lowest possible slippage and the best exchange rates for Ethereum and Binance Smart Chain”, according to the project website.
Data from Cointelegraph Markets Pro Y. TradingView show that After hitting a low near $ 5.15 on May 5, the 1-INCH price catapulted 47% to hit a new all-time high of $ 7.55 on May 6.
New liquidity integrations are causing the recovery
1INCH’s recent price growth was triggered by the May 6 announcement The protocol had added the available liquidity from the MDEX DeFi ecosystem working on the fast growing Binance Smart Chain (BSC).
#MDEX x # 1 INCH
We are happy to announce that @ 1inchNetwork aggregated liquidity of #MDEX on #BSC # 1 inch: A distributed network for decentralized protocols that enables the most lucrative, fastest and most protected operations in #DeFi pic.twitter.com/Z3keYCxvcQ
to???? Mdex.com (@Mdextech) May 6, 2021
We are pleased to announce that 1inch Network has added MDEX DeFi’s liquidityTO at BSC: A distributed network for decentralized protocols that enables the most lucrative, fastest and safest operation in # DeFi
This new integration helped expand 1Inch’s reach and solidify its position as the most integrated DeFi aggregator to date.
The announced integration of MDEX’s liquidity was quickly followed up the introduction of the 1-inch wallet, which provides an “easy entry into DeFi”.
# 1inchWallet starts on @ProductHunt
â¤µï¸ ?? Feel free to leave yours #Feedback and ask questions to the â ???? Developer!#DeFi # 1 inch #iOS #cryptotradinghttps://t.co/h5np5T4EkX
to???? 1 inch network (@ 1 inch network) May 6, 2021
Feel free to leave your #feedback and ask any questions? Developer!
At the same time the wallet was revealed, the team too announced This would partner with the WireX (WXT) digital payment platform to help migrate 20% of the supply of WXT tokens from the Stellar (XLM) network to the Ethereum (ETH) network.
Together, these events have helped 1INCH hit a new record of USD 7.55 on May 6th before profit taking brought the price down to $ 6.30 during the early trading hours of May 7th.
After the drop in prices and as proof of how quickly the protocol works to incorporate new updates, the 1-inch team has announced that was integrated by Uniswap (UNI) V3, which was published on May 5th. As a result, the 1-INCH price rose 13% after the announcement to hit an intraday high of USD 7.13.
While the 1-INCH price chart traded sideways in the first week of May, VORTECS ™ data from Cointelegraph Markets Pro showed an optimistic outlook for the altcoin on May 1 ahead of the recent price hike.
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 activity on Twitter.
As you can see in the graphic above, VORTECS ™ was unchanged and started rising on May 1st, hitting a high of 77 approximately 3 days before the price rose 47% over the next 24 hours.
The recent integrations of 1 inch into the Binance Smart Chain, the introduction of its own native wallet and the fact that it is one of the most widely used DEXs on the Ethereum network are signs that the project is paving the way for creation automated devices shows marketplaces and the capabilities of DeFi in the field of cryptocurrency. Each of these developments suggest that the token is well positioned to continue rising.
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