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1inch Network has been making many moves to improve the platform’s utility. Recently, it unveiled a spot price aggregator to extract data about digital assets trading on decentralized exchanges.
DeFi platform, 1inch Network, has announced a partnership with Travala to integrate the 1INCH token into the platform. The token joins about 50 other cryptocurrencies that the platform already accepts. Using the token, holders will be able to book hotels, homes, airlines, and other travel products by Travala.
According to the announcement, the partnership increases the token’s utility and awareness about the 1inch network. Co-founder of 1inch Network, Sergej Kunz, said that “mass adoption of 1inch products and solutions is always high on the agenda.” Kunz expects the partnership to provide exposure to many potential users.
Travala.com CEO Juan Otero expressed faith in the network’s vision stating the team impressed him with their vision. “We’re very excited to partner with the 1inch Network to champion the growth of the crypto community and to bring a new use case to 1INCH,” he said.
Moves to Improve 1Inch Network Utility
1inch Network has been making many moves to improve the platform’s utility. Recently, it unveiled a spot price aggregator to extract data about digital assets trading on decentralized exchanges. The aggregator would help solve information-related tasks and support DEXs on several blockchains, including Arbitrum, Binance Smart Chain, Ethereum, Polygon, and others.
It also partnered with Transak to ensure easy fiat onramps via the network’s native wallet. In February, the DeFi platform also launched 1inch Earn, an investment tool to incentivize liquidity providers.
1INCH Price Slumps with Other DeFi Tokens
Meanwhile, the platform’s native token, 1INCH, crashed alongside other DeFi tokens. With a market capitalization of $377 million, the token lost about 6.8% in the last 24 hours and is currently trading at $0.91. UNI dropped by about 8.7% to trade at $5. Elsewhere, LINK also shed about 8.3% of its value to trade at 6.54%. SUSHI also dropped by over 7.8% to trade at $1.50.
Indicators suggest that the price dump across the DeFi ecosystem has to do with Ethereum’s latest price crash. Ethereum undergirds most of the DeFi ecosystem and lost nearly 6% yesterday. Consequently, the total value locked across DeFi protocols dropped to $139.59 billion. Compared to $249.13 billion on May 1, 2022, the decline is significant.
Will the individual moves of the DeFi platforms be able to keep their price levels up?