1inch Network Dives Deep Into DeFi with $1M Token Purchase

• 1inch network recently purchased 7.96M 1inch tokens at $0.22 each.
• The 1inch network token spiked 1.08% in the past day, currently trading at $0.2382.
• The network recently launched 1inch Fusion 2.0, 1inch Shield API, and 1inch Card.

1inch Network is making significant steps in decentralized finance (DeFi) as a leading decentralized exchange (DEX) aggregator. The 1inch team recently spent $1.75M to purchase 7.96M 1inch tokens at $0.22 each.

The team has invested around $5.49M since July 5, purchasing 22.4M tokens at an average price of $0.25 each. This follows a period from March 2023 to January 2024, during which the team sold 16.97M tokens at an average price of $0.464 each, reflecting a strategic approach to asset management.

In Q2 2024, 1inch experienced notable growth. The daily average total volume spiked by 12%, while daily average transactions and active addresses rose 59% and 27%, respectively. A major contributor to this growth was the launch of 1inch Base, a Layer-2 solution, which saw trading activity surge by 280%.

The 1inch network token has spiked 1.08% in the past day and a 127.24% rise in its volume. The 1inch token is currently trading at $0.2382 at the time of writing.

1inch Driving Innovation and Growth in Decentralized Trading

1inch has also introduced technological advancements to enhance its platform. The release of 1inch Fusion 2.0 in May, has improved transaction efficiency and reduced costs, making it 35% cheaper than the previous version.

The introduction of the 1inch Shield API, collaborating with Blockaid, offers enhanced security with features such as AML screening and transaction simulation.

Additionally, the launch of the 1inch Card in partnering with Crypto Life and Mastercard allows users to convert crypto to fiat instantly and withdraw cash.

Recently the integrations with Synthetix and Ripio, and the launch of the Triangle Accelerator Program, aim to support projects in the TON ecosystem.

Overall, 1inch is positioning itself as a pioneering force in decentralized trading. With strategic investments, innovative technological updates, and a growing ecosystem, 1inch is well-prepared to lead the future of DeFi and maintain its prominent role in the industry.

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