While Bitcoin (BTC) and other major altcoins struggled on the upside yesterday, DeFi token 1inch skyrocketed over 100 percent, which raised its market value to another record high, inclusive of market capitalisation and trading volume.
Early on October 27, the native cryptocurrency and governance token of DEX aggregator 1INCH spiked to another all-time high, raising the market cap to over US$1 billion while the trading volume across all exchanges spiked to +US$2 billion at the time.
The rally follows the announcement that the 1inch protocol has integrated with Exodus wallet, which would make its offerings available through the decentralised wallet application. Adding to the euphoria was another announcement from leading South Korean exchange Upbit on its plan to list the 1inch token and two other DeFi tokens, Mask and AAVE.
DeFi tokens are apt to increase in price upon listing on major platforms. Some months ago, Dexe token surged over 110 percent in a day following its trading support on the largest crypto exchange, Binance.
1inch Sees a Spike in Network Activities
The DEX aggregator aims to provide users with the “best rates by discovering the most efficient swapping routes” across several decentralised trading platforms. According to data from DappRadar, about US$16 million worth of digital assets have been locked on the protocol, and recently it recorded a new high of US$700 million in the 24h trading volume.
The number of users on the network has also increased to 800k. On the seven-day chart, 1inch ranked among the top-10 decentralised protocols on Binance Smart Chain in transaction volume, and also the fourth-largest protocol on Polygon in users. All of the bullish stats attest to the growing network activities and demand for the token, hence the recent increase in price.
However, 1inch was down, trading at US$5.25 with a market capitalisation below US$1 billion at the time of writing.
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