Algebra’s blog post on March 8 informed the crypto space about its plans to join forces with 1inch, the network of DeFi protocols. This combining of the forces is predicted to have some positive impact on the image of Algebra. Users of both projects will have a wide variety of tools and assets to choose from once the integration is completed. Moreover, it will open up new gateways for the two ecosystems to explore and establish their business in various areas with more fierceness now that the resources are combined.
1inch is a network of decentralized protocols hosted on the Ethereum blockchain. The tools offered by 1inch make the operations of DeFi much faster and more lucrative than other projects. As decentralization is getting traction at a much faster rate now, the need for DEX navigators like 1inch has increased to a larger scale. That is exactly why this aggregator’s market volume surpassed $120 billion in just a couple of years since its launch on Ethereum. 1inch has a native governance token with multi-chain capabilities. Currently, the token is trading at a price just above $1.30. However, the price predictions of 1INCH seem positive about the token getting back to the $5 range soon. Read more about the trajectory of 1INCH in this complete, unbiased post.
As a DEX aggregator, 1inch navigates through many exchanges to help users find the best price for their assets. The reports on this project claim that 1inch has access to more than 70 liquidity sources on Ethereum alone. Aside from that, 1inch has more than 100 liquidity sources on other blockchains like Avalanche, Binance Smart Chain, Polygon, Gnosis, and more. This makes this dex aggregator one of the widest networks in DeFi, with a valuation that easily crosses $100 billion on Ethereum alone.
Now, the 1inch network welcomes a new addition to its family of decentralized exchanges. Yes, Algebra officially announced its plans recently to join this new ecosystem. With this integration, the Polygon-based Algebra will now have access to the seven networks 1inch has its business on. The 2 million users of 1inch will now have easy access to swaps on Algebra. The new integration was announced with the invention to increase the volume of Algebra by connecting to the wide network of 1inch.
Algebra is a decentralized exchange built with the guilt-edged infrastructures of Polygon. It offers features like adaptive fees, deflationary tokens, staking, and Farming. These would add greatly to the value of 1inch in the DeFi. Moreover, this integration marks the aggregator’s journey towards the predicted bullish sentiment that could bring the coin close to its all-time high price, potentially within the current year.
Source: https://www.cryptonewsz.com/algebra-announces-joining-the-1inch-ecosystem/