1-inch price hits new high as the large DEX aggregator battles for DeFi dominance

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.

INCH / USDT 1 hour chart. Fountain: TradingView

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

1-inch price hits new high as the large DEX aggregator battles for DeFi dominance
1-inch price hits new high as the large DEX aggregator battles for DeFi dominance

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).

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”.

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.

VORTECS ™ score (green) against INCH price. Fountain: Cointelegraph Markets Pro

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.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement carries a risk. You must do your own research when making a decision.

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