The 1-INCH price hits a new high as the top 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 after hitting a low near $ 5.15 on May 5, the price of 1 INCH catapulted 47% higher and hit 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).

This new integration has helped to further expand the reach of 1Inch 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”.

At the same time 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 lowered the price 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%. after announcing 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 in 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.

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