The number of unique wallets that use 1inch has crossed over the 1 million mark in June, surpassing the previous peak of 2021
1inch is a network that connects multiple decentralized exchanges (DEX) into one unified platform. 1inch exchange allows users to compare and optimize their crypto trades and swaps without going through every exchange separately. The platform is unique because 1inch splits the order and uses APIs to find the best possible route for a token swap. This way, the 1inch protocol aims to offer the best possible rates to users. An API (application program interface) is a collection of protocols and software-building applications. Providing security and lowering gas fees are among the main objectives of the 1inch network. The platform claims to lower Ethereum gas fees by allowing the usage of Chi GasTokens.
With the FED's narraive of going after cex most US traders will be forced to dive into dex to carry out thier trades with out drawing attention to the regulator's and among the blue chips exchanges 1nch happens to be one of them , 1INCH is the native token of the network. 1INCH is an Ethereum token that serves as a governance token and a utility token. The token is used in the governance modules of the aggregation protocol and the liquidity protocol. 1inch DAO is the decentralized organization that governs the network parameters and enables the 1Inch token holders to vote for protocol parameters and collect rewards. Besides, the 1INCH token is the network’s cryptocurrency and can be traded on many exchanges like Coinbase, Binance, pancakeswap sushiswap etc.
Binance
Looking at the price of 1inche token on the weekly timeframe we can see the price of the token has tested its base from when it was listed on Binance with stochastic RSI crossed and trending up which indicates a momentum change in the directions of the market. Although the price is still trading far from the 100 EMA but its currently testing the first line of resistances which is the 20 Ema at $0.411 breaking that will lead us to the next resistant which is around $0.65 which we can now say altcoins season has begun.
The 1inch network uses multiple protocols, and the synergy of these protocols ensures fast and protected operations in the DeFi space.
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