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While there are increased expectations that the 1inch token will be used for greater utility in the broader network as been envisaged, the token has seen organic growth this year amid the ongoing DeFi boom.
Multichain decentralized finance (DeFi) exchange aggregator 1inch has unveiled its rebrand to 1inch Network amidst a growing addition of teams, protocols and chains. As reported by Cointelegraph, the move is the next logical step for the exchange in a bid to grow its reach in the DeFi ecosystem.
“For us it is a logical move. Me and Anton started with just an aggregation protocol at the ETHNew York hackathon in 2019 and now we have the whole ecosystem of protocols, such as: 1inch Liquidity Protocol (prev. Mooniswap), 1inch Aggregation Protocol, instant governance, and the 1INCH governance/utility token,” said Sergej Kunz, 1inch Co-Founder.
Since its inception, 1inch has cemented its place amongst the most innovative decentralized exchanges operating in today’s DeFi world. The growth of the protocol has pushed it to integrate with the Binance Smart Chain, offering its diverse users more flexibility per which network to embrace based on access to DeFi products and gas fee considerations. 1inch has a lot of integrations in view and Kunz has highlighted the need to shift base to the 1inch Network as the natural next step in its expansionary drive.
“This month we plan to rollout a new protocol and another new product on top of the 1inch Network. Two other teams are right now evaluating with the 1inch Foundation to join the network with two more protocols,” he said
Per the report, 1inch is modeling a bottom-up approach in its integrations, drawing in complementary protocols, all in a bid to increase the number of core contributors to the network as a way to boost its decentralization agenda. Kunz added:
“We as core contributors want to see more people and teams participating and contributing to the 1inch Network. Not only one team should be a core contributor, but as many as possible. All the protocols benefit from each other and will use the 1INCH token in its own protocols in different manners.”
The underlying goal for this development is to have the capacity to scale up as it involves its product rollout, a move that will let the entire network “go fast” according to Kunz.
How Is 1inch Network Token Faring?
While there are increased expectations that the 1inch token will be used for greater utility in the broader network as been envisaged, the token has seen organic growth this year amid the ongoing DeFi boom. At the time of writing, the token is exchanging hands for $6.36, a 1.05% change in the past 24 hours.
The total value locked (TVL) on 1inch according to data provided by CoinMarketCap is currently $280,937,720 while the coin has seen a growth of over 740% since December.
As the overall decentralized finance ecosystem journeys toward mainstream adoption, the unique offerings 1inch plan to introduce will determine to a large extent how well the token keeps staying relevant in the scheme of things.