Why are people bullish on 1inch?

Demand for 1INCH, the ERC-20 token that powers the 1inch Network, continues to mount as the platform moves toward becoming a multi-chain, multi-protocol platform. The governance and utility token logged a new lifetime high of $7.55 on May 6, 2021. 

The leading DEX aggregator serves as a distributed network for decentralized protocols on Ethereum, Polygon, and Binance Smart Chain (BSC). It is designed to search for the most efficient swapping routes across all leading DEXes, enabling the most lucrative, fastest, and safest operations in the DeFi space.

The 1inch Network has taken the market by storm with its promise of offering investors the best deals across multiple DEXes. According to Dune Analytics, 1inch DEX aggregator currently ranks second in daily users, trailing only Uniswap exchange.  

Here’s why people are Bullish on 1inch

According to altcoin trader who is known for his fundamental analysis Radar, the 1INCH token is vastly underrated and could soon rally to $100. In a recent tweet, the trader expressed optimism about the prospects of 1INCH:

“Still bullish AF on this. Criminally undervalued coin, that will melt so many faces. Most of The 1inch Network is inching closer to implementing its fully-fledged decentralized autonomous organization (DAO) functionality, handing over control of the network to the community. 

Furthermore, the project recently announced that their Limit Order Protocol contract had been successfully audited by Chainsulting, boosting investor trust in the project. 

Therefore, investors have no reason to worry about investing in the 1INCH token, as the project has carried out a comprehensive audit of its code and will soon be fully decentralized. 

The 1inch Network is Gaining Momentum

The 1inch token emerged as one of the leading performers in Jan 2021. The native token was launched just a few months ago, but it is already packing a heavy punch in the DeFi sector. 1INCH currently trades for $3.25 and has a market capitalization of over $561 million, per data from crypto ranking site CoinMarketCap.

1inch functions more like Uniswap, offering a combination of exchange and liquidity pools. However, the protocol likely offers its users better rates as it sources liquidity from many other DEXes.

The platform has adopted a multifaceted growth strategy and recently added two new protocols on top of its Network, expanding beyond Ethereum. In March of this year, the popular DEX aggregator announced the launch of its smart contract on BSC. 

1inch CEO Sergey Kuntz was excited about the integration to BSC. He noted that the 1inch Liquidity Protocol was already the most efficient AMM in the DeFi space and was aiming to become the largest liquidity protocol on BSC. 

Two months later, 1inch expanded to Polygon, the most prominent layer 2 scaling protocol for Ethereum per data from Messari. The exchange explained that the move to launch on Polygon was driven by increased user demand, with numerous traders requesting that Polygon be made available for swapping via 1inch.

The development first saw the 1inch Aggregation Protocol deployed on Polygon, followed by expanding the 1inch Governance Protocol and 1inch Liquidity Protocol to Polygon a few weeks later.

The expansion to other blockchains is part of a broader objective to decentralize the development of the protocols on the Network to overlap with the forthcoming fully decentralized governance via a fork of the Compound Network’s governance structure.

Could 1INCH be the New Gem for Crypto Investors?

Fundamental analysis of the 1INCH indicates that the token is likely to continue its uptrend due to the sustained buying pressure in the market. In addition, the native token has found support from the $2.1 level, hinting at an underlying bullish sentiment.

The 1inch Network’s expanded scope demonstrates to the DeFi community that the project backers are on a mission to build an outstanding network. Some of the features that make 1inch stand out include its unique pricing model and its capability to split a single transaction across multiple DEXes to ensure the best rates.