1INCH’s price had experienced a new ATH when it jumped by 47% to reach $7.55 a couple of days ago on the 6th of May 2021. This had occurred shortly after the cryptocurrency had hit a low close to $5.15 on the 5th of this month.
In related news, integrations relating to new liquidity as well as a plethora of protocol improvements and upgrades are all indicative of the fact that 1INCH has plans to increase its decentralized exchange (DEX) and decentralized finance (DeFi) aggregator market share.
This all comes at a time when DeFi’s ecosystem and infrastructure have been consistently evolving and subsequently expanding in order to envelop the entire cryptocurrency space. This also coincides with the simultaneous development of DEX and the race to be the next top aggregator in that respect, and this is proven by new entrants being brought to the forefront seemingly every other week.
Success for 1INCH
1INCH may be understood as a type of protocol that enables its users to access the highest liquidity with minimum slippage as well as some of the greatest exchange rates across Binance Smart Chain (BSC) as well as Ethereum (ETH).
The aforementioned increase in price can be traced to an announcement made on the 6th of May when 1INCH had managed to aggregate the available liquidity from the MDEX decentralized finance ecosystem. MDEX tends to function on the BSC. This integration did wonders for 1INCH as it furthered its reach and influence as well as solidifying its position in terms of becoming the most integrated aggregator (as far as DeFi is concerned) to this day. This all also coincided with the 1INCH Wallet being launched, one that many claims help establish an entry point in the world of decentralized finance in an accessible and user-friendly manner.
Partnership with WireX
As the wallet was being launched, 1INCH also made it known that a partnership with WXT (WireX) had been formed. WireX is a platform specializing in digital payments, and its partnership with 1INCH will hopefully assist in migrating 20% of WXT’s overall supply of tokens to Ethereum’s network.
Lastly, 1INCH had also managed to have Uniswap (UNI) V3 be integrated, which contributed to the price rally. As of the time of this writing, UNI has a price of $39.82, which is a 1.3% increase since yesterday.