1Inch, a popular decentralized exchange platform, has reportedly purchased $10 million worth of Ethereum following a significant withdrawal from a crypto investment fund. This move aims to boost the company’s holdings and demonstrates confidence in the future potential of Ethereum. The acquisition is expected to provide more liquidity to 1Inch users and contribute to the platform’s growth in the decentralized finance (DeFi) space.
1Inch Withdraws Over $40 Million and Purchases $10 Million Worth of Ethereum
This article was originally published on CryptoSlate.
1Inch, a popular DEX aggregator, recently made a significant move in the cryptocurrency market. According to Etherscan data, the platform withdrew over $40 million worth of cryptocurrencies from its investment fund and purchased $10 million worth of Ethereum on August 28.
The breakdown of the withdrawals showed that 1Inch withdrew 41.8 million worth of Tether’s USDT, 396,000 in Uniswap’s UNI token, 3,120 Ethereum (ETH), and 75,000 in USD Coin (USDC). Additionally, the platform also swapped $10.075 million USDT and USDC to buy 6,088 ETH.
Although the reasons behind these transactions remain unclear, this move showcases 1Inch’s active involvement in the cryptocurrency market and its confidence in Ethereum.
1Inch’s Smart Money Move
Earlier this year, 1Inch executed a smart money move that generated nearly $4 million in profits. According to Lookonchain, the platform sold 11,000 ETH for $21 million in July. This transaction followed 1Inch’s accumulation of approximately 17,000 ETH, valued at $26.8 million, throughout the first quarter of the year.
1Inch co-founder Sergej Kunz stated that the purpose of the transaction was to test a new feature on the protocol called Fusion Mode. Fusion Mode allows users to place custom swap orders without paying gas fees. This upgrade aims to prevent sandwich attacks, which have become prevalent with MEV attacks.
$15k Worth of Tokens to be Unlocked
The Token Unlocks dashboard reveals that 64,290 1Inch tokens, worth $15,000, will be unlocked by August 31. These tokens constitute 0.01% of the total circulating supply of the asset.
According to recent data, the value of the 1inch token has dropped by 1% in the last 24 hours to $0.2407. It has also declined by 22% over the previous 30 days.
1Inch’s Expansion on Coinbase-backed Base Layer-2 Network
In other news, 1Inch recently deployed its services on the Coinbase-backed Base layer-2 network. This expansion allows DEX users to access a layer-2 solution with lower transaction fees, higher speeds, and increased liquidity.
With these significant developments, 1Inch continues to make waves in the cryptocurrency industry, showcasing its commitment to innovation and growth.
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