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Highlights
- As a decentralised exchange (DEX) aggregator, the 1inch Network offers its users various options.
- Last week, 1Inch had announced that it would be expanding its aggregation and limiting the order protocol to Avalanche.
- According to CoinMarketCap, the 1INCH token was trading at US$1.50 with a volume of US$81,806,860 in the past 24 hours.
The bear market has spread its influence across the crypto market, with the leading ones, such as Bitcoin, Ethereum, Cardano, etc., reeling heavily under it. Not just the leading ones, some popular tokens such as 1Inch, a high-capital efficient Defi protocol, is unable to make a mark in the market on Monday.
As a decentralised exchange (DEX) aggregator, the 1inch Network offers its users an array of options. Through its protocol, 1Inch allows the users to seamlessly find swapping routes across platforms simultaneously, defend its users from attacks or hacks. On 20 January, 1Inch announced that it would be expanding its aggregation and limiting the order protocol to Avalanche. This is being considered as a significant step in its efforts to grow a multi-chain presence.
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Through this, the 1Inch users will get exposure to several Avalanche-based liquidity sources, such as Aave, Baguette, Curve, etc. This did help the token to gain ground marginally by 5% but soon went back to its bearish phase.
About the token
Besides offering unique features to swap and trade tokens, the 1Inch Network offers opportunities to liquidity providers. The 1Inch protocol offers features such as dynamic pricing, and a dynamic wallet mechanism which gives the users the opportunity to seamlessly store, stake tokens.
Conceptualised by Russian developers Sergej Kunz and Anton Bukov, the 1Inch Exchange is deemed non-custodial in nature, which offers features such as dynamic pricing, dynamic wallet mechanism, etc. With its dynamic interface, the users can seamlessly stoke, stake, and do transactions. Well audited by firms such as Certik, it offers security for its users to conduct various transactions.
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Market performance of 1Inch
How is 1Inch crypto faring in bearish crypto market?
The 91st ranked 1INCH token is not having a good day on the market on Monday. According to CoinMarketCap, the 1INCH was trading at US$1.50 with a volume of US$81,806,860 in the past 24 hours. At the time of drafting, it was down by 12.34% with a live market cap of US$702,133,710 with approximately 468,080,463 1INCH coins in circulation.
Due to its offer arbitrage opportunities and token swaps at minimal slippage rates, it is deemed one of the efficient DeFi protocols in the market at present. But the 1Inch users will be hoping that the crypto market can make a comeback on the market.
Many experts had dubbed 1Inch to have a good 2022, but with the bears ruling the market, it seems one will have to wait to see, as to when will the token rise again and see a rally.
