What is 1inch
1inch is one of the most widely used networks in the blockchain world. 1inch first protocol is a DEX that searches over the blockchain to find the best possible paths to provide its users the best exchange rates and lucrative opportunities. 1inch uses a pathfinder algorithm that searches over 60+ places on Ethereum, Binance smart chain, Arbitrum, and Polygon.
1inch Liquidity Protocol is an AMM (automated market maker) that provides lots of features to its users. From flexible order limits to trailing stop losses, dynamic pricing, conditional orders. 1inch surely has a lot of features for its users. 1inch also has a wallet that provides secure transactions and staking ability to its users.
The Native Token
The native token 1inch is used for the voting and governance on the platform that allows its holders a vote. At the time of writing, 1inch is being traded at the price of $5.51. 1inch has created its all time high around the price of $7.875 during the month of May 2021. The daily trading volume has also increased by almost 2013.90%. 1inch is listed in the 99th spot on coinmarketcap and has a market dominance of about 0.04%.
The price has increased by almost 37.97% in a single day. This is quite a feat of about 1inch. Where the whole market is bleeding red due to the drop in the Btc prices, 1inch is one of the rare coins in the market that has been printed green candles. Even though the price today went from a bottom of $3.98 to $7.55, the price had dropped down a bit to come to around $5.5 but this is still a huge gain as compared to the prices of other ones that have dropped a lot, some by 5% and some by 15%.
Long Term Investment
According to wallet investor, 1inch is not a good investment. In a five-year plan according to them, the price is going to drop down to a price of $3.331. But the general sentiment of the people and traders is quite bullish and expect the price to go up.