The 1inch Network’s Spot Price Aggregator Was Unveiled

• The tool is made up of smart contracts that communicate with a number of decentralised exchanges in order to receive token liquidity-weighted spot prices. Wrapped assets such as wETH, cDAI, aDAI, and others are also supported.

• The protocol released 1inch Earn, an investing platform, earlier this month to encourage liquidity providers. When compared to Automated Market Maker (AMM) pools, this feature promises to enable a more effective use of capital. Because of its integration in the 1inch Pathfinder algorithm, the team claims that 1inch Earn provides deep liquidity at every time.

• The launch of 1inch Earn is expected to be a significant step toward enhancing the network’s long-term viability by increasing decentralisation and community-led governance, as well as serving as a lucrative earning mechanism for users

1inch Network, a protocol that connects decentralised projects, has released a spot price aggregator to extract data for assets traded on blockchain-based decentralised exchanges (DEXs). A liquidity-weighted average of token spot prices is provided by the tool. 1inch suggested using it off-chain to avoid transactional difficulties.

The Newest Instrument From 1inch

1inch claimed that the spot price aggregator attempts to tackle information-related duties in a recent paper seen by CryptoPotato. The depiction of asset valuations taken from the blockchain in website and application interfaces is one example. The tool is made up of smart contracts that communicate with a number of decentralised exchanges in order to receive token liquidity-weighted spot prices. Wrapped assets such as wETH, cDAI, aDAI, and others are also supported. The spot price aggregator determines rates for coins that employ a connector token when there is no direct liquidity between two assets.

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Many DEXs on Ethereum, Binance Smart Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, and Gnosis Chain are supported by the feature. While other similar systems may have a lag of up to several minutes, 1inch’s instrument, according to the developers, displays a token’s price instantaneously. The tool is already in use by the 1inch dApp interface and the Pathfinder algorithm. The spot price aggregator may theoretically be implemented into any site where a token price is presented and needs to be converted into US dollars or other fiat currencies.

It has a wide range of applications that allow investors to see the value of their coins. The 1inch Aggregation Protocol API should be used by traders who want to perform more complicated operations, according to the developers.

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The Previous Investing Alternative

The protocol released 1inch Earn, an investing platform, earlier this month to encourage liquidity providers. When compared to Automated Market Maker (AMM) pools, this feature promises to enable a more effective use of capital. Because of its integration in the 1inch Pathfinder algorithm, the team claims that 1inch Earn provides deep liquidity at every time. Since September 2021, the instrument’s concept has been in use in the 1inch Network Treasury under the name Trading Strategies. The creators of the protocol expressed optimism that 1inch Earn will increase network decentralisation and governance: The launch of 1inch Earn is expected to be a significant step toward enhancing the network’s long-term viability by increasing decentralisation and community-led governance, as well as serving as a lucrative earning mechanism for users.