1inch Network Launches Spot Price Aggregator
DeFi project 1inch Network has introduced a spot price aggregator. The solution allows “immediately” displaying quotes of tokens in the interfaces of sites and applications.
The tool provides a liquidity-weighted average of the price of a token across multiple DEXs.
According to the project team, not all aggregated 1inch tokens are supported by existing price reporting systems, and the need for a solution arose from this specific problem.
The Spot Liquidity Aggregator interacts with various DEXs via smart contracts to “immediately” retrieve information from the blockchain. If there is no direct pair between two tokens, the tool calculates data using an intermediary asset.
Potential use cases for 1inch’s new aggregator include crypto wallets, price trackers and portfolio managers.
In February, the project launched the investment product 1inch Earn based on the concept of concentrated liquidity.