1Inch – Despite the new achievement, investors’ interest in 1INCH declined.- 1INCH’s weekly chart flashed a green signal, and a few metrics were bullish too.1Inch Network [1INCH] reached a new milestone on the Optimism [OP] platform, thus reflecting its increased usage.Reportedly, the number of swaps via 1Inch on the Optimism network surpassed the 1 million mark.We’re thrilled to share another significant achievement 🎉 😱 The number of swaps via #1inch on the Optimism network has surpassed 1M! 📊 To view all stats, take a look at our @DuneAnalytics dashboard: https://t.co/iWL4B94GdZ#DeFi #crypto #OΞ @optimismFND pic.twitter.com/fErTuWLusg — 1inch Network (@1inch) April 18, 2023 How much are 1,10,100 1INCHs worth today? 1INCH’s network health at question? Though this new achievement looked encouraging, 1INCH’s other network stats were not very satisfactory.
For instance, Token Terminal’s data revealed that except for 2 April, 1INCH’s network fees and revenue remained considerably low.A lower fee typically indicates a decline in the usage of the network.Besides, stakers interest in 1INCH also seemed to have declined, as evidenced by a steep drop in the number of stakers in the last 30 days.In the last 24 hours alone, the number of 1INCH stakers declined by more than 6%.The same declining interest was once again proven by CryptoQuant’s chart, which highlighted a drop in active addresses last month.
Can 1INCH’s price action help? Considering the aforementioned metrics, a further increase in 1INCH’s price might be helpful in strengthening investors’ interest.Well, the price hike can be expected in the near term, thanks to a couple of developments that have played a role in 1INCH’s favor.For instance, Binance recently removed 1INCH from its Innovation Zone.#Binance will move the following tokens out of the Innovation Zone: 🔸 $SHIB 🔸 $FXS 🔸 $TWT 🔸 #1INCHhttps://t.co/BepOq4WVYm — Binance (@binance) April 17, 2023 The Innovation Zone was introduced to give Binance users a safe place to trade new and innovative projects.Binance mentioned that over time, 1INCH proved its worth and met the high standard that the exchange expected.This development looks bullish for 1INCH.
Interestingly, the announcement did have an impact on 1INCH’s price, as it increased by more than 5% in the last seven days.According to CoinMarketCap, at press time, 1INCH was trading at $0.5585 with a market capitalization of over $455 million.Read 1inch Network’s [1INCH] Price Prediction 2023-24 Metrics were bullish too! As per Santiment, 1INCH’s weighted sentiment registered an improvement lately, thus reflecting a strong positive sentiment around the token.The whales were also confident about 1INCH, something that was evident from the rise in the amount of supply held by top addresses.
On the other hand, 1INCH’s net deposits on exchanges were low compared to the 7-day average, which hints at lower selling pressure.However, the negative signal was 1INCH’s declining network growth, which was on a downtrend.Leave a Reply [Cancel reply](/news/1inch-network-reached-a-new-milestone-on-optimism-should-you-be-happy/#respond) Leave a Reply – 1INCH scheduled another token unlock for 1 March.- The token circulation decreased, but its founder says the DeFi ecosystem can hit 1 billion users.The 1inch Network [1INCH] is part of a series of crypto projects expected to unlock several tokens on 1 March.
This month, about 18 projects will take the same step.But out of the seven billed for the aforementioned date, 1INCH has the lowest number of tokens expected to be unlocked.How much are 1,10,100, 1INCHs worth today? According to Token Unlocks, 1INCH would unlock $100,000 worth of its tokens.Other projects who billed for the same event for the same include Hedera [HBAR] and Galxe [GAL] amongst others.More stability for the inch? The idea behind unlocking tokens is to bring more liquidity to an asset, increase the circulating supply, and stabilize the token price.
Interestingly, the 1inch Network has had several unlocks in times past.At the time of writing, Token Unlocks’ dashboard showed that $494.11 million 1INCH had been unlocked in total.However, there was still $328.86 million waiting to be released.These locked tokens represent 37% of the total 1INCH supply.Further, information from the platform revealed that 64,286 1INCH, amounting to $38,115, were ready for the procedure.
Moreso, Santiment’s data showed that 1INCH seemed committed to ensuring the smoothness of the process.
This was because the development activity received from its decline on 28 February.The development activity measures a project’s resolve to see out reforms on its network.As of this writing, the metric had improved to 2.67.But has the development affected created enough attention to affect actions taken on exchanges? Well, exchange inflow has increased significantly since 21 February such that it hit 114.04 million.This was an indication of possible selling pressure.However, the spike has not been reflected in 1INCH’s price, which gained 3.15% in the last 24 hours.
1INCH charges for 1 billion Although exchange inflow was high, 1INCH active deposits were not at a similarly impressive level.In terms of circulation, the on-chain analytic provider revealed that it has increased in the last seven days.Read 1inch Network’s [1INCH] Price Prediction 2023-2024 This suggested that quite a number of unique 1INCH tokens were used within the period.However, the week-long hike was not a yardstick for what happened in the last 24 hours as circulation drowned.Meanwhile, 1INCH co-founder Sergej Kunz, at a recent conference in Barcelona, said it was possible for DeFi to have 1 billion users.In a YouTube video uploaded on the project’s network, Kunz said that liquidity-based Decentralized Exchanges (DEXes) among other elements, could play a role in reaching the milestone.Trezor, the manufacturer of crypto hardware wallets, has announced that it will take control of its wallet chip production process by producing its own silicon chips.
The company states that the newly designed “chip wrapper” will enhance device security and considerably shorten lead times for mass production.Trezor ‘Unpacks Process’ and Produces Its Own Silicon Chip On Feb.27, 2023, the Prague-based cryptocurrency hardware wallet company Trezor announced that it is now responsible for its own silicon chip-making process.According to Trezor CFO Štěpán Uherik, the new “chip wrapper” enables the company to have more design freedom for future products.Last year, Trezor’s parent company Satoshi Labs revealed its support for a startup called Tropic Square to produce an open-source silicon chip called “TROPIC01” for use in crypto hardware wallets.The new chip-making process enhances security significantly by eliminating third-party chipmakers and associated vulnerabilities.Trezor also noted that it will significantly reduce lead times by bypassing supply chain issues.
In a press release sent to Bitcoin.com News, Uherik further explained that the company is collaborating with Stmicroelectronics, a manufacturer of microcontrollers and semiconductor technologies.“By unpacking the process, identifying areas where we could take control, and collaborating with our partner [Stmicroelectronics] in new ways,” Uherik said in a statement, “we’ve managed to make the manufacturing as agile as it can be.This means we can respond quickly as the cryptocurrency market shows signs of recovery.It also adds more design freedom for future products, helping us to sustain our leadership in the increasingly competitive hardware wallet space,” the Trezor CFO added.
Hardware wallets have experienced substantial demand since the collapse of FTX, as crypto enthusiasts have transferred billions of dollars worth of crypto assets from centralized trading platforms.In addition, several companies have unveiled new hardware wallet models, such as the Ledger Stax, a device developed by Tony Fadell, the creator of the iPod.Furthermore, the decentralized exchange aggregation service 1inch Network has launched a hardware wallet, and Coinkite has introduced a new product called the Coldcard Q1.The new chips developed by Trezor will be utilized in the Trezor Model T hardware wallet.Trezor first announced its Tropic Square project and its intention to take over chip production on May 11, 2020.The Covid-19 pandemic caused supply chain disruptions, especially in the silicon chip sector.
“The demand for hardware wallets and the supply chain disruptions in the silicon industry that we have experienced in recent years have been issues we needed to address,” Uherik stated in the announcement on Monday.Tags in this story 1inch, Bitcoin, Bitcoin (BTC), Bitcoin Wallets, Coinkite, Coldcard, Covid-19 pandemic., Crypto, crypto assets, crypto economy, cryptocurrency market, hardware wallet design, Hardware Wallets, Ledger, microcontrollers, semiconductor technologies, Silicon Chips, Štěpán Uherik, STMicroelectronics, Supply Chain, supply chain disruptions, Tony Fadell, Trezor, Trezor CFO, Trezor Model T, Trezor Wallets, Tropic Square chip, TROPIC01 What are your thoughts on Trezor’s decision to produce its own silicon chips for its hardware wallets? Do you think this move will improve device security and lead times for mass production? Let us know in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Trezor, Tropic Square, Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.- 1INCH’s proposal for the total overhaul of 1INCH tokenomics and incentivized staking went live – 1INCH’s price action could need a nudge from investors in the days to come 1inch Network [1INCH] was in the limelight once again as it made it to the list of the top 6 Optimism dApps in 2022.These dApps are measured by their number of transactions and fees generated.Not only that, but a major proposal for the total overhaul of 1INCH tokenomics and incentivized staking went live recently.1/ 📊 [1IP-11] #1inch Staking Pods A major proposal for the total overhaul of $1INCH tokenomics and incentivized #staking is live! We invite you to cast your vote for the implementation of a new Staking Pod mechanic for the 1INCH token.
📃 https://t.co/u9aiOorpEh#DeFi pic.twitter.com/e2hSSHij1T — 1inch Network (@1inch) December 19, 2022 Read 1INCH’s Price Prediction 2023-24 This was an optimistic announcement as it brought several new features with it.For instance, with the Staking Pod system, users can lock their 1INCH tokens in a staking contract to get st1INCH tokens.Interestingly, the longer the lock period, the more st1INCH tokens the user gets.Stakers can use st1INCH tokens for 1inch DAO governance, and the 1inch DAO can use these token balances for reward distribution.
The good news was that soon after this, 1INCH also became one of the top gainers in the Avalanche ecosystem in the last 24-hours.Top Gainers in @Avalancheavax Ecosystem Last 24H 🚀🚀$CQT @covalent_hq $STG @StargateFinance$GMX @GMX_IO $SYN @SynapseProtocol $MULTI @MultichainOrg $SURE @InsureToken $AAVE @AaveAave $YFI @iearnfinance $1INCH @1inch $CTSI @cartesiproject #avalanche $AVAX pic.twitter.com/Tvw3BpzCTP — AVAX Daily 🔺 (@AVAXDaily) December 20, 2022 Is everything going well? Though 1INCH was one of the top gainers in the Avalanche ecosystem, its weekly price action was not at par.According to CoinMarketCap data, the price of 1INCH has dropped nearly 10% in the last week.Furthermore, at the time of writing, it was trading at $0.3989 with a market capitalization of more than $305 million.Let’s have a look at 1INCH’s on-chain metrics to find out what was actually going on.How many 1INCH’s can you get for $1? According to CryptoQuant’s data, 1INCH’s exchange netflow was high as compared to the past seven days.
This could be considered as a bearish signal as it indicated higher selling pressure.
The total number of transactions also registered a decrease, reflecting a lower number of users in the network.Apart from that, the metrics looked positive for 1INCH as the network’s positive sentiment spiked last week.Furthermore, 1INCH’s Market Value to Realized Value (MVRV) Ratio also registered a slight spike.The network’s development activity and Binance funding rate also went up recently, which further provided hope to the investors.Where’s the danger? Quite the contrary to most metrics, 1INCH’s daily chart suggested that the bears were controlling the market.1INCH’s Chaikin Money Flow (CMF) and On Balance Volume (OBV) were considerably low, proving a bearish advantage.The Exponential Moving Average (EMA) Ribbon also told a similar story.
The 20-day EMA was resting below the 55-day EMA.Nonetheless, the Moving Average Convergence Divergence (MACD) provided the much-needed relief as it displayed the possibility of a bullish crossover.
Thus, this could help 1INCH increase its value in the days to come.Top posts Press release2 hours ago SAI․TECH Press Conference Reveals Plans To Boost AI And BTC Computing Power, Expand Into Nuclear SMR And DEX Technology press release PRESS RELEASE.
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