invezz.com
1inch Network has announced the launch of a spot price aggregator that will access data of assets traded on decentralized exchanges (DEXs) on the 1inch network. The feature will allow users to access real-time token prices.
1/ 🔮 Get ready to see mysteries hidden from the eyes of mere mortals!
— 1inch Network (@1inch) February 16, 2022
Meet the 🦄 #1inch's spot price aggregator, a 🪄 magic #DeFi tool that enables immediate displays of token prices in the interfaces of websites and apps.
📚 Learn more ⤵️https://t.co/EpCrjXr0Fa
This tool will offer a liquidity-weighted average of the spot prices of different tokens. The 1inch Network has stated that this tool works best off-chain to prevent transaction issues.
1inch Network’s spot price aggregator
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1inch Network has said that the spot price aggregator will solve some informational functions on the network. These functions include visualizing asset valuations on website and application interfaces.
The tool will comprise smart contracts interacting with DEXs to gain liquidity-weighed spot prices of tokens. The feature can also be used with wrapped tokens such as wrapped Ethereum (wETH/USD).
The feature will support most of the DEXs on leading blockchain networks, including Ethereum, Binance Smart Chain, Avalanche, Polygon, Arbitrum, Gnosis Chain and Optimistic Ethereum.
The price aggregator can be used in areas where the price of a token is listed, and a user needs to convert it into fiat currency, including the US dollar. The launch of this feature is a major milestone for 1inch Network as it could enable investors to access the real-time value of their token holdings. The team has said that this feature will only be available for basic functionality, as complex tasks will be handled by the 1inch Aggregation Protocol API.
The launch of 1inch Earn
The 1inch protocol recently launched 1inch Earn, a feature seeking to boost efficiency in capital utilization compared to an Automated Market Maker (AMM) pool. 1inch Earn will be integrated with the 1inch Pathfinder algorithm to enhance liquidity.
The platform said,
The launch of 1inch Earn is set to be a major step towards improving the sustainability of the entire network and stepping up its decentralization and community-led governance, while also working as a lucrative earning tool for users.
1inch Network has been running 1inch Earn in its treasury since September 2021. The concept was running on a testing basis under the name ‘Trading Strategies’.