1INCH rate rises by 10% after reaching 1,4 million users on the Polygon network

The value of the DEX aggregator’s native token was at its highest since last November

21.02.2023 - 16:00

410

2 min

What’s new? The native token of 1inch, an aggregator of decentralized exchanges (DEXs), saw a 10,21% increase in 24 hours after the project’s team announced on Twitter that it reached 1,4 million users on the Polygon network. On February 21, 1INCH hit $0,685, its highest level since November 2022. The weekly rate was up 24,12%, according to Binance.

We've reached new heights! 🎢 #1inch now has 1.4 million users on the #Polygon network.Just remember, folks, don't get too dizzy from all the #DeFi rollercoaster action! 🤪📊 Check out our dashboard: https://t.co/iWL4B94GdZ @0xPolygon #1inchCommunity pic.twitter.com/j7MGHfJZIn — 1inch Network (@1inch) February 20, 2023

What else is known? Originally built on the Ethereum network, the aggregator has since implemented support for other protocols, including Polygon, Arbitrum, Fantom, BNB Chain, and Avalanche. In addition to reaching a milestone of 1,4 million users on the Polygon network, 1inch investors also noted the project’s involvement in Ethereum token burning activity. Over the past week, a total of 541 ETH worth $1,73 million were burned. This figure is up 40,8% compared to the previous week.

In addition, the 1inch Hardware Wallet for cold storage of cryptocurrencies was introduced in January. The device was created by an independent 1inch Network team and supported by a special grant from the 1inch Foundation. The wallet is in the final stages of development and will go on sale by the end of 2023.

Author: