The DeFi project 1inch Network has introduced a spot-price aggregator. The solution allows token quotes to be displayed immediately in the interfaces of websites and applications, ForkLog representatives said.
The tool provides a liquidity-weighted average token price across several DEX.
According to the team, the need for the solution arose from a specific issue: not all aggregated 1inch tokens are supported by existing price information systems.
The spot-price liquidity aggregator interacts with various DEX via smart contracts to obtain blockchain information immediately. If there is no direct pair between two tokens, the tool computes data using an intermediary asset.
According to the project team, the main advantages of their solution are:
- No delay in price display;
- Support for a large number of DEX on Ethereum, Binance Smart Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum and Gnosis Chain.
Among potential use cases for 1inch’s new aggregator are crypto wallets, price trackers, and portfolio managers.
In February, the project launched the investment product 1inch Earn based on the concept of concentrated liquidity.