According to Etherscan data, DEX aggregator 1inch withdrew approximately $40 million worth of cryptocurrency from its investment fund and purchased $10 million worth of Ethereum in the early hours of August 28 at a median price of $1650.
According to a breakdown of the withdrawals, the DeFi platform withdrew 41.8 million USDT at the price of Tether, 396,000 UNI tokens at the price of Uniswap, 3,120 ETH, and 75,000 USDC. Additionally, 1inch exchanged $10.075 million in USDT and USDC for 6,088 ETH.
Onchain detective A smart cash transfer made by the 1inch earlier this year was highlighted by Lookonchain. By pushing 11,000 ETH for $21 million, according to Lookonchain, 1inch earned close to $4 million in July.
This transaction utilised 1inch’s $26.8 million first quarter 2018 accumulation of around 17,000 ETH. The purchase price was $1,569 on average, while the subsequent sale price was $1,906 on average.
According to reports, co-founder of 1inch Sergej Kunz stated at the time that the transaction was to test a brand-new feature on the protocol Fusion Mode. Fusion mode enables users to place custom exchange orders without having to pay for petrol.
According to the guideline, the improvement would help clients avoid sandwich attacks, which have been common with MEV assaults.
Tokens will cost $15k to unlock.
According to the Token Unlocks dashboard, 64,290 1″ tokens worth $15k will presumably be unlocked on August 31. These tokens make up 0.01% of the total supply that is currently in circulation. According to CryptoSlate, the 1inch token’s value has decreased by 1% to $0.2407 during the past 24 hours. Within the past 30 days, the asset has decreased by 22%.
In the midst of these advancements, 1inch just launched on the Base layer-2 community supported by Coinbase. The expansion would make it easier for DEX clients to access a layer-2 resolution with lower transaction fees, faster speeds, and more liquidity.
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