1NCH price has almost doubled in the past 7 days, driven by growing interest from DeFi users and its recent partnership with SushiSwap.
1INCH is one of the most interesting tokens in the crypto market today. According to data from cryptocurrency price monitoring platform CoinMarketCap, 1INCH has registered a gain of more than 80% in the last week.
This token went from trading at $0,30 last Monday to $0,54 at the time of writing this article. Much of the gain recorded in the price of 1INCH has taken place in the last few hours.
Source: CoinMarketCap
1INCH ranks first in the Top 100 cryptocurrencies in terms of weekly gains. The current market cap of this token is $515,4 million, recording a growth of almost 40% in the last few hours.
On the other hand, as the price of 1INCH has been growing over the past week, so has the interest of investors and users. According to the platform's data, the trading volume with this DeFi token has increased by 292% this Monday. 1INCH traders are moving around $340 million per day.
What drives the price of 1INCH?
1inch Network’s partnership with one of the leading protocols in the decentralized finance ecosystem seems to be one of the main drivers of 1INCH’s price in the market. Also, the growing user base of the DeFi protocol may be having a positive impact on the token’s price.
Last week, 1inch Network developers announced a strategic partnership with DEX and AMM protocol SushiSwap, in order to boost the development and growth of the DeFi ecosystem.
1inch Network noted that it has integrated with SushiSwap V3 to boost the value of the decentralized finance ecosystem and accelerate the development of Web3. According to the developers, both protocols will implement new solutions and improvements to offer a more complete experience to users. In addition to the partnership with SushiSwap, 1inch Network has also integrated with the Velodrome liquidity market and the WooFi decentralized exchange.
In addition to these partnerships, 1inch Network has marked a major milestone in the crypto industry as one of the leading DeFi protocols to surpass the $1.000 billion mark in trading volume on the Fantom network.
On the other hand, data from Messari indicates that the decentralized protocol experienced significant growth in its user base in the second quarter of this year. Currently, the number of 1inch Network users exceeds 4,5 million users unique, adding more than 1 million users since April, the platform said via Twitter.
What is 1inch Network?
1inch Network is a DeFi ecosystem protocol that functions as a DEX aggregator, allowing users to access a wide range of liquidity for trading and exchanging tokens across multiple DEXs within a single platform. Its main goal is to provide users with an efficient and easy-to-use tool to identify the best exchange rate and fees when performing a DeFi transaction.
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