1INCH hits a new all-time-high as the DEX aggregator struggle for DeFi dominance

As being one of the top DEX aggregators, 1INCH has recently seen its price reaching high. 1INCH is offering “access to the most liquidity, lowest slippage and best exchange rates across Ethereum and Binance Smart Chain” according to the project's website.

1INCH hits a new all-time-high as the DEX aggregator struggle for DeFi dominance

Data shows after hitting a low near $5.15 on May 5, 1INCH went 47% higher to reach a new all-time high at $7.55 on May 6.

The price growth 1INCH experienced was sparked by the May 6 announcement that the protocol had aggregated the liquidity available from the rapidly rising MDEX DeFi ecosystem operating on the Binance Smart Chain (BSC).

The announcement of the integration of MDEX liquidity was quickly followed by the release of the 1INCH Wallet which is claiming to offer “user-friendly entry point to DeFi.”

Along with the Wallet revealing, the team also announced that it would be collaborating with WireX digital payment platform to help in migrating 20% of the WXT token supply to the Ethereum (ETH) network which is currently on Stellar (XLM) network.

All this news together helped 1INCH to hit a new record high at $7.55 on May 6 before profit-taking dropped the price as low as $6.30 in the early trading hours on May 7.

Following the price pullback, and as a testament to how quickly the protocol works to integrate new upgrades, the 1INCH team announced that it had integrated Uniswap v3 which was launched on May 5 resulting in 1INCH price rallied 13% to an intraday high at $7.13.

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0