1inch Network’s Spot Price Aggregator Finally Unveiled

Thriving as a powerful, unified interface for decentralized exchanges, 1inch Network has announced the launch of its highly-anticipated project, the Spot Price Aggregator for its users. With this aggregator, 1inch will allow the investors to fetch reliable and accurate data information, related to virtual assets traded on top-tier decentralized Exchanges, from blockchain ecosystems. The newly-launched service will offer a liquidity-weighted average of spot prices of the decentralized assets available for trading on multiple DEXes that are supported by 1inch Network’s diverse cluster.

According to the report, the spot price aggregator will play a significant role in resolving a crucial issue faced by the portal’s core infrastructure. The tool is designed to solve information-concerned tasks for the users such as visualization of asset prices extracted from the blockchain networks across websites and applications. Currently, not all tokens aggregated by 1inch are supported by the price information resources available on the platform. However, the Spot Price Aggregator will interact with multiple DEXes through smart contracts to access the liquidity-weighted spot price for a particular token.

The powerful aggregator tool supports various renowned decentralized exchange platforms aggregated by the 1inch router. Thus, it will offer data for all the tokens traded on these exchange ecosystems. The spot price aggregator employs custom wrapper smart contracts for managing wrapped tokens like cDAI, aDAI, wETH, etc. The custom wrapper smart contracts will help to wrap and unwrap the tokens at the prevailing wrapping exchange rate. For tokens that do not have a direct liquidity pair, the aggregator uses a connector token for calculating rates. The tool calculates rates for such tokens using the connector token that has a trading pair with both the concerning coins.

In comparison to other spot price aggregators, the one launched by 1inch Network has some additional perks in store for users. The service offers the necessary support for a plethora of DEXes on Ethereum, BSC, Polygon, Avalanche, Arbitrum, Optimistic Ethereum, Gnosis Chain, etc. The users get access to immediate price displays without any delay. The aggregator is working well in the 1inch dApp interface. When investors enter the token volume they want to swap, the tool displays an approx. USD value immediately. It can be used anywhere where a token value needs to be converted into USD or any other fiat currency. The solution can be used in crypto wallets, price trackers, portfolio management portals, etc. that offer price data reports to investors. The 1inch Aggregation Protocol API helps users to process complex tasks pertaining to arbitrage, trading, and liquidation easily.