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Three Altcoins To Watch This Week: 1INCH, ADA, and CAKE

It is yet a new week in the cryptocurrency market. The market has experienced a slight recovery, after a week of extreme volatilities and dominance by the market bears.

There was an encompassing sell-off that pushed the crypto market cap to $1.3 billion, a deep dive that threatened the $1 trillion milestones.

While the market is getting set for another round of surprises, there are altcoins with recent developments that are worth watching. Although there is impressive news from the Canada Bitcoin Exchange Traded Fund (ETF) in terms of Assets Under Management, creating room for new leaps in BTC, altcoins including 1Inch (1INCH), Cardano (ADA), and PancakeSwap (CAKE) deserves utmost attention.

1Inch

1inch is a decentralized exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. The big news from 1Inch is that it has migrated to the Binance Smart Chain (BSC), to take advantage of the throughput and low transaction fees.

This new migration is bullish seeing projects on BSC have better sentiments from the Binance community. 1INCH may see a new inflow of funds this week in a bid to soar beyond its all-time high of $6.31 set about 24 days ago.

ADA

Cardano has been in the space for a while compared to other decentralized protocols and the network recently upgraded its network and initiated a hard fork. This is in a bid to compete with the Ethereum Network as Cardano looks to roll into a new world of decentralized finance capabilities. Following these upgrades, ADA may spike to new highs as it has been doing the past week, a move that earned it the position of the top 3 crypto by market cap.

PancakeSwap

PancakeSwap is a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain. PancakeSwap uses an automated market maker (AMM) model where users trade against a liquidity pool. The protocol has gained massive traction since it went live about 4 months ago. Today, PancakeSwap is one of the top decentralized exchanges, and CAKE, the network’s native token, is seen as undervalued compared with its pairs, Uniswap and SushiSwap. With new room for growth, CAKE may pull new price discoveries in this coming week and beyond.

1INCH Sets New All-Time High as Token Launches on Coinbase Pro

With the popularity of decentralized finance, many projects have emerged in the DeFi market. 1INCH token stands out among them.

1inch (1INCH) is a token issued by the decentralized exchange platform 1inch. The token aims to provide the most affordable swapping routes by comparing different exchange options across all leading decentralized exchanges (DEXes).

On 1inch decentralized exchange, users can trade tokens without intermediaries.

1INCH previously announced that others have migrated to the Binance Smart Chain (BSC) network to take advantage of throughput and low transaction fees. This new migration is bullish, as new projects on BSC have generated positive sentiments from the Binance community.

On April 8, the top US cryptocurrency exchange Coinbase announced that 1INCH will be made available for trading on Coinbase Pro accounts.

All Coinbase-supported jurisdictions will provide support for 1INCH, with the exception of New York. If liquidity conditions are met, trading will start on or after 9 a.m. Pacific Time (PT) April 9. Currently, the token is not yet available for trade on Coinbase.com or Coinbase’s mobile apps.

Being included in the Coinbase Pro list will undoubtedly have a positive effect on 1INCH. The token has performed very strongly in the past 7 days, increasing by 35.99%.

Just yesterday, the 1INCH’s price broke its previous high of $6.56 and set a new all-time high of $6.62.

1inch (1INCH) Price Analysis

Source:1INCH/USD Daily via TradingView

1INCH slightly exceeded its previous high of yesterday, setting a new all-time high of $6.62.

However, the bulls did not seem to be able to sustain the breakout. After experiencing yesterday’s surge, 1INCH is currently undergoing a callback. At the time of writing, 1INCH/USD is trading at $6.02.

1INCH is still in an ascending channel, as the ascent of the moving average and the bullish MACD index show that the bulls are firmly in control.

But it is worth noting that the stochastic RSI has been glued in the oversold zone, meaning a bearish crossover may potentially drag 1INCH’s price downward in the near term. If the bulls manage to flip the $6.56 to a support level, then the 1INCH/USD currency pair may start the next phase of an uptrend, targeting the $8.00 level.

If the bears pull the price back below $5.05 support, such a move will indicate the possibility of a horizontal price movement for 1INCH in the short term.

1inch Launches Wallet on Apple iOS App Store

1inch, a decentralized exchange aggregator operating on both Ethereum and Binance Smart Chain (BSC), launched its wallet for iPhone users on Apple iOS on Tuesday.

The operation of this wallet will make it easy for users to exchange tokens on their mobile devices with the convenience of portability. The wallet will enable users to switch between BSC and Ethereum at a real-time lower transaction rate for digital currency exchange.

Not only on the mobile phone, but users can also approve and confirm transactions on Apple Watch. The application will also encrypt Apple iCloud backups, allowing users to migrate between different devices.

1inch itself ranks as the 7th largest Decentralized Exchange (DEX), with a total locked value of $311.7 billion based on DeFi Pulse data.

According to Debank,1inch has a 24-hour trading volume of $232,805,465 on the Ethereum chain and $100,320,794 on Binance Smart Chain (BSC).

1inch(1INCH) Price Analysis

Source:1INCH/USDT Daily via TradingView

Judging from the daily candlesticks chart, 1inch (1INCH) gradually showed a double top pattern (also known as the “M” pattern) after late March. 1INCH formed the first peak at $6.67 on April 9, accompanied by a rapid increase in trading volume. Subsequently, the price dropped by about 20% to $5.26. The currency rebounded after and rose to $6.65 on April 18, but the trading volume contracted slightly from the first peak. Then it fell below the support of the neckline of around $5.50 drawn on the above chart.

Currently, 1inch’s price has rebounded and the bulls are trying their best to push prices above the 20-Exponential Moving Average. At the time of writing, 1inch is trading at $5.01.

The stochastic RSI has stepped out of the oversold zone, meaning a bullish crossover may potentially drag 1INCH’s price upward in the near term. The MACD index also gradually slows down, which indicates that it may form a bullish “golden cross” near the zero axes.

However, after 1INCH has formed a double top pattern, it will encounter strong resistance from the neckline of $5.50 on its way up. It is worth noting that the main force often creates false breakthroughs without expanding trading volume.

Therefore, it is recommended that investors buy when there is a rudimentary bottom pattern on the right side with increasing trading volume, or buy when the neckline is broken and the retraction is confirmed. Retraction confirmation means that after the crypto price develops in a certain direction and breaks through the neckline, the crypto price will return to the neckline within a few days to test whether the breakthrough is successful.

If the bulls manage to flip the $5.50 to a support level, then the 1INCH/USDT currency pair may start the next upward trend, targeting its all-time high of $6.67 level.

If the bears pull the price back below $5.50 support, such a move will indicate the possibility of expanding the decline for 1INCH in the short term.

The decline of 1inch is very likely to exceed 20%.

Everything You Need to Know about 1inch

1inch is a decentralized exchange (DEX) aggregator built on Ethereum. It is a type of liquidity protocol specialized with providing customers with the most favourable and most convenient transaction route by automatically aggregating offers from other decentralized exchanges.

Due to the different structures of various decentralized exchanges such as Uniswap, Aave, etc., the selling price of the same digital currency is slightly different on different exchanges.

Therefore, 1inch will also send transactions to different decentralized trading platforms to achieve the purpose of significantly saving costs and reducing transaction slippage.

Among the transaction platforms supported by 1inch are Uniswap, Kyber, Aave, Curve.fi, Airswap, mStable, Balancer, dForce Swap, 0x API, and 1inch’s very own- Mooniswap.

1inch Liquidity Protocol V2 version

The V2 version of the 1inch Liquidity Protocol uses a mechanism that increases with price slippage to ensure that liquidity providers and 1INCH token pledgers obtain higher returns through volatility.

It contains the 1inch Pathfinder algorithm. The algorithm acts as a bridge to split an exchange transaction by effectively using the many “market depths” in the same protocol.

“Market Depth” is an important indicator of the supply and demand relationship of cryptocurrencies based on the number of publicly-traded orders.

The V2 version of the 1inch Liquidity Protocol fully shortens the response time and helps users process transactions more efficiently.

Source: Dune Analytics

According to the data of Dune Analytics, it can be seen that 1inch’s transaction volume has surged after the end of 2020, mainly due to the arrival of the main updated version of its platform “V2”. 1inch’s V2 platform adds some more complex transactions to the original basis to keep prices low, such as rescheduling funds dedicated to loan collateral for the decentralized lending protocols Aave and Compound.

Source: Dune Analytics

Although the monthly new/old users ratio has been reduced, it remains at greater than 1, implying that the number of new users of 1Inch is increasing at a gradually decreasing rate. But we believe that if V3 appears in the near future, by incorporating more Decentralized Finance (DeFi) protocols, upgrading algorithms, and making transactions cheaper. It will attract greater liquidity,

1inch Token:1INCH

The platform launched its crypto token 1INCH on Christmas 2020. The total circulation is 1.5 billion pieces. The main function of 1INCH tokens is the participation of governance, such as modifying transaction fees, recommendation rewards, and so on.

There are two types of governance: pool governance and factory governance. Users can use it to vote on the operation of the 1inch platform and achieve instant governance.

As of April 30, 2021, according to Coinmarketcap, the value of the token is $5.45 with a market capitalization of $850,539,232.54. Among the total supply of 1.5 billion, there are 156,671,623 1-inch tokens in circulation.

1inch is not only an aggregator but also has its own exchange Mooniswap. Therefore, governance can be divided into liquidity agreement governance and aggregation agreement governance.

1INCH Hits a New All-Time High

1inch, a decentralized exchange (DEX) aggregator, announced today that 1inch Network will aggregate liquidity of MDEX on Binance Smart Chain (BSC).

1inch is a type of liquidity protocol specialized in providing customers with the most favourable and most convenient transaction route by automatically aggregating offers from various decentralized exchanges.

MDEX is committed to building a Decentralized Finance (DeFi) platform integrating DEX, IMO, and DAO, providing one-stop liquidity services for more high-quality assets for users with safer, more reliable, diverse, and cost-effective trading experience.

1inch and its aggregation service Pathfinder provide users who need to exchange tokens with the best prices and finds the best trading path across multiple DEXs in less than a second.

1inch, which reached another milestone by surpassing $35 billion in total trading volume on the Ethereum network, released an official blog stating that the core of the 1inch aggregation protocol is the 1inch v3 smart contract, which is aimed at guaranteeing the security of transaction funds.

Version 3 of this aggregation agreement provides users with additional swap savings. Before the version update, the Uniswap v2 exchange was cheaper than 1inch, but now the situation has reversed. For example, swapping ETH to 1-inch DAI reduces gas fees by 10.3% compared to the same transaction on Uniswap and 4.9% less than 0x.

1inch (1INCH) Price Analysis

Source:1INCH/USDT Daily via TradingView

1inch soared by 33.12% within 24 hours. Today, it broke through the pressure line of the previous double top at $6.67, setting a record high of $7.48.

At the time of writing, 1inch is trading at $7.43.

In the previous analysis, we pointed out that 1INCH has formed a double top pattern and will encounter strong resistance from the neckline of $5.50, consolidating at this level. Retraction confirmation means that after the crypto price develops in a certain direction and breaks through the neckline, the crypto price will return to the neckline within a few days to test whether the breakthrough is successful.

Yesterday, the bulls pushed the price much higher than the neckline of $5.50, starting a strong upward surge. Today, the bulls continued the bullish momentum, breaking through the previous high of $6.67, and setting a new all-time high of $7.48.

The RSI index has bent upwards to the oversold zone, meaning a bullish momentum may potentially lead to 1inch’s price trending upward in the near term. The opening range of the MACD indicator is gradually increasing, which means that 1inch may continue to set new highs in the short term as it is undergoing price discovery.

If the bulls manage to flip the $6.67 to a support level, then the 1INCH/USDT currency pair may start the next upward trend, targeting $9.00.Conversely, if the bears pull the price back below $6.67 today, this will lead to the possibility of horizontal movements for a while.

1inch Network Raises $175M in Private Token Sale, Building DeFi Products for Institutional Investors

1inch Network, a renowned decentralized exchange aggregator, announced it had successfully completed its Series B funding round where it raised the sum of $175 million.

This particular funding round did not follow the conventional approach as it involved the protocol’s private token sale. As unveiled by the firm, Series B was led by Amber Group. Among about 50 investors that participated in the funding was Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.

1inch said it will use the new capital to advance its protocol in relation to providing a new product suite for institutional users looking to make their way into the DeFi ecosystem.

“While continuing to keep the existing DeFi audience happy by delivering state-of-the-art products, 1inch also aims to become a gateway for institutions that want to be part of the DeFi space,” says Sergej Kunz, co-founder of the 1inch Network.

1inch said it will develop a new product suite dubbed 1inch Pro, which will cater specifically to the corporate players. The service will be AML and KYC compliance and will be able to draw users from the United States of America.

“The next $1 trillion of assets entering DeFi will come from institutions rather than retail users, and 1inch would like to facilitate entry for them,” Sergej adds. “We have already started work in that direction by attracting some key players from the traditional finance markets, and this collaboration will only accelerate over the next few years.”

As a liquidity and price aggregation provider, 1inch’s role in the DeFi industry is pivotal to potential inbound growth. With more established industry players now serving as partners for the startup, it can work with more focused targets as it can draw on all the expertise it needs as it looks to scale up its offerings.

Image source: Blockchain.news

KuCoin Pairs with DeFi Data Aggregator 1inch for Implementing Native Swap Function

The Seychelles-based crypto exchange KuCoin has announced a partnership with 1inch DeFi data aggregator to bring native token swap functionality to its in-house wallet.

KuCoin has launched a decentralized product called KuCoin Wallet.

KuCoin Wallet provides users with encrypted services through GameFi, Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) functions, providing a convenient experience in the Web3.0 space.

Through this cooperation, 1inch’s Pathfinder algorithm will be added to the KuCoin wallet to support users’ cross-chain swap token transactions and DeFi and non-fungible token (NFT) transactions and provide liquidity support for automatic market makers and active market makers.

“Swap is a high-frequency feature of the wallet, and 1inch is one of the most popular DEXs in the Web3 industry, so we work together through native integration to provide a smooth and cost-effective trading experience for our users,” said Jeff Haul, Head of KuCoin Wallet, adding that “As a gateway to the Web-3 world, we are willing to integrate any excellent Dapp that can provide high value to our users. This partnership with 1inch is a great start to our journey with more exciting landscapes ahead.”

In addition, KuCoin wallet users can also use 1inch’s limit order protocol features, including ether (ETH) gasless limit orders, etc.

1inch is a decentralized exchange (DEX) aggregator built on Ethereum. It is a type of liquidity protocol specialized in providing customers with accessible transaction by automatically aggregating offers from other decentralized exchanges.

1inch Joins Ethereum's zkSync Era for Faster DeFi Transactions

Decentralized finance (DeFi) protocol 1inch has recently made an important move to join Ethereum’s scaling solution, the zkSync Era. By deploying its aggregation and limit order protocols on zkSync, 1inch aims to tap into faster and cheaper transactions that the layer-2 scaling solution offers.

The integration of 1inch on zkSync is expected to improve the protocol’s performance and enable users to perform more DeFi transactions with greater efficiency. With the soaring demand for DeFi solutions, 1inch seeks to ensure that its users can continue to enjoy seamless and uninterrupted services while also reducing transaction fees.

1inch is just the latest Ethereum-based platform to join the zkSync Era. Other notable DeFi protocols that have already deployed on the zero-knowledge proof (zk-proof) based scaling platform include Uniswap, SushiSwap, Maker, and Curve Finance.

The adoption of zkSync by a growing number of DeFi protocols underscores the importance of layer-2 scaling solutions in addressing the scalability issues faced by the Ethereum network. As a result of its growing popularity, zkSync has emerged as one of the most promising scaling solutions for Ethereum, offering faster and more cost-effective transactions than the Ethereum mainnet.

For those unfamiliar with zkSync, it is a scaling solution based on zk-proof technology that allows Ethereum to process transactions off-chain while still maintaining the same level of security and decentralization as the mainnet. With zkSync, users can perform transactions at a fraction of the cost and at a much faster speed than what is currently possible on the Ethereum mainnet.

By deploying on zkSync, 1inch is positioning itself to better serve its users and tap into the full potential of DeFi. With faster and cheaper transactions, 1inch aims to provide its users with a seamless and efficient experience, while also attracting more users to the platform.

In conclusion, the integration of 1inch on Ethereum’s zkSync Era represents a major milestone for the DeFi ecosystem. With the growing adoption of layer-2 scaling solutions, the future of DeFi looks promising, as more users are expected to flock to these platforms, further driving innovation and growth in the DeFi space.

1inch Investment Fund Dumped 11,000 ETHs (WETHs) for Fusion Test

Ethereum address starting with 0x225d, identified as “1inch: Investment Fund”, has made a substantial swap of Wrapped Ethereum (WETH) for stablecoins USDT and DAI, according to data from DeBank.

Source: Debank

The transaction activity began roughly four hours ago and ceased approximately two hours before the publication of this report. In this time, the 1inch: Investment Fund successfully converted an estimated 11,000 WETH to about 21 million USD worth of stablecoin assets.

As a result of this transaction, the Ethereum balance in the address has been noticeably depleted, now holding a mere 238 ETH.

While it is uncertain what led to the fund’s decision, it could be a protective strategy, hedging against potential volatility in the Ethereum market. Alternatively, this could signal a larger trend in the market, where funds are moving away from ETH due to anticipated bearish trends.

Sergej Kunz, the founder of 1inch, has clarified to The Block that the notable transfer was carried out to test the functionality of their new protocol upgrade, Fusion. However, the possibility of a future buyback remains uncertain at this point.

Uniswap Expands Mobile Footprint with Android Wallet Launch

Uniswap, a leading decentralized crypto exchange, has unveiled a beta version of its mobile wallet for Android devices on October 12, 2023, as announced in a recent blog post. This move follows the successful launch of its iOS mobile app on April 13, 2023. The iOS version swiftly climbed the ranks, becoming a top-three wallet in terms of new downloads within a month. The Android iteration is seen as a strategic extension to cater to a broader user base, offering a simplified and secure on-the-go swapping experience.

The Uniswap team meticulously fine-tuned the wallet for Android to provide a seamless swapping experience akin to the one millions have come to enjoy on iOS. The wallet has been tailored for ease of discovery of top tokens, automatic switching between Mainnet and Layer 2 networks (L2s), and enabling swift swapping actions. In its bid to perfect the swap process, the Uniswap team has released bi-weekly updates over the past few months to speed up swapping, adding a wider array of tokens and chains to swap on.

With an eye on the next wave of user adoption that is anticipated to occur on chains offering cheaper and faster transactions, Uniswap’s Android wallet has simplified swaps on L2s. Users can swap on Polygon, Arbitrum, Optimism, Base, and BNBChain without the need to manually switch between these chains. The wallet auto-detects the chain and transitions to it based on the selected token, demonstrating Uniswap’s commitment to user-centric design.

To mitigate the risks associated with frontrunning and sandwich attacks which may adversely affect swap prices, Uniswap has integrated swap protection in the mobile wallet. By default, swaps on the mobile wallet are routed through a private transaction pool to shield them from Miner Extractable Value (MEV), ensuring better prices for the users.

In line with blockchain’s transparency ethos, the Uniswap Android wallet aims to provide clear information on any fees associated with swaps. The wallet identifies and displays tokens with in-built transfer fees, preventing any unpleasant surprises for users during transactions.

The Android wallet’s beta launch has been opened up for community feedback with a signup link for an email waitlist shared for early adopters. In the coming weeks, as part of its security audit with Trail of Bits, Uniswap plans to release the open-source code of the app, reinforcing its transparency and security commitment.

Uniswap’s entry into the Android space is part of a broader trend where decentralized exchanges are expanding their mobile ecosystem. In 2021, 1inch had also launched mobile wallets for iOS and Android, highlighting the growing importance of mobile platforms in the decentralized finance (DeFi) landscape.