1inch Network reached to its all-time high of $7.5 during May as the bull run of 2021 peaked. However, the cryptocurrency fell brutally as the market began to correct itself. The bulls, once again, picked up for the cryptocurrency in November and it skirted close to the ATH; however, the token delved into market corrections, once again. At the time of writing, the cryptocurrency has been moving downhill – operating at a price level of $2.58. 1inch token has showed a minor upside move with an increase of 3% during the past twenty-four hours while the trading volume has increased by more than 60%. The cryptocurrency stands at a market rank of #89 in terms of capitalization.
What is 1inch Network?
1inch Network has a number of products under its belt that are designed to increase the efficiency of the decentralized finance space. The network has a decentralized exchange aggregator. With the advent of decentralized exchanges, there has been fierce competition in the market and most of the times users are not aware which DEX offers the best rates. Through the network’s DEX aggregator, users are matched with the best deals available across the market. It has a broad scope which comprises of over 30 liquidity sources on Binance Smart Chain, Arbitrum, Optimistic Ethereum and Polygon along with more than 60 liquidity sources on Ethereum.
Apart from that the 1inch Network also offers an automated market maker which offers some of the most attractive rewards in the market. The AMM of the network also utilizes the next-generation of blockchain technology. Moreover, it also has a multichain mobile wallet that provides an easy-to-use interface with storing, transaction and staking services. Apart from that, it also provides a Limit Order Protocol. In conclusion, the network may be one of the best projects with plenty of products in the DeFi space.
Future outlook
The 1inch Network is regarded to have a strong bullish outlook. The fundamentals of the network are strong and the team consistently rolls out new products and updates that incrementally increases the value of the network. The network recently announced the integration of the Liquidity Protocol’s LUSD wrappr from Synthetix which has enabled the instant and low fee swaps between the two networks. Many other such developments are also under works which will prove to be beneficial for the network. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $2.61 in a year’s time while the five-year projection places it at $2.85.
