Most people who made millions by investing in cryptocurrencies are people who invested early and allowed their investments to grow for several years. It is still possible to replicate their successes. In fact, many people are still embracing long-term investment in cryptocurrencies. The most important thing is to understand the market and choose a coin with a bright future.
Have you heard of 1inch? Most active cryptocurrency traders must have heard or even used the multi-chain DEX aggregator. It is really changing the way people search for the best prices and rates when making trades and taking important decisions. Like other cryptocurrencies, 1inch has a native currency, which you can also trade for profit.
Considering the risky nature of the entire cryptocurrency world, will 1inch make a good long-term investment? In other words, can 1inch make you rich in ten years or so? Can the value of the token improve so much that an investment you make now can be worth a lot in the next ten years? It is difficult to tell, but we will attempt to do that right here.
Before we delve fully into the content of this blog post, we need to reiterate that we don’t offer investment advice here. What we will do is discuss some aspects of the coin that will help you understand whether it can become a lot more valuable in the future so that any substantive investment you make now can make you rich. It is important, therefore, that you read carefully to get what you need to make an informed decision.
- What Is 1inch?
- How Does 1inch Work?
- What Major Problem Does 1inch Solve?
- Is 1inch A Good Investment?
- Will 1inch Make Me Rich In Ten Years?
- Price History Of 1inch
- Recent Performance And Current Standing Of 1inch
- 1inch Price Prediction
- Where Will 1inch Be In The Next Ten Years?
- Weighing The Pros And Cons Of Investing In 1inch
- Should You Play The Long-Term Game With 1inch?
- Final Words
What Is 1inch?
1inch is basically a decentralized exchange (DEX) aggregator, which implies that it scrapes DEX for rates and fees to determine the best deal for cryptocurrency traders and investors. It supports DEX across major blockchains, including Ethereum, Binance Smart Chain, and Polygon. It compares prices and fees to ensure that the customers get the best of deals with every transaction.
1inch has become one of the most important protocols in Decentralized Finance (DeFi). The project started with the creation of the Aggregation Protocol, but it is finally transforming into a full ecosystem. The 1inch network now includes three different protocols that are collectively solving some of the major issues users of DeFi currently face.
The primary function of the 1inch network is performed by the first and most important protocol – The Aggregation Protocol. It searches and compares prices from more than 100 liquidity sources, solving the problem of low liquidity. The network employs what is called Pathfinder technology, which routes swaps through multiple exchanges to determine the best rates. It can also split a transaction across different exchanges to minimize price impact.
As a complete cryptocurrency network, 1inch has a native currency that is also called 1inch and trades under the symbol 1INCH. The 1inch token is an ERC-20 token on Ethereum. It is both the utility and governance token of the network. Of course, 1inch has its Decentralized Autonomous Organization, and this governance token gives owners the power to vote on proposals that concern how the network is run. This native token is also the digital asset you will need to buy to invest in 1inch.
How Does 1inch Work?
While the primary function of the 1inch protocol is to find the best prices on the market, the network does more to make sure that users enjoy the best experience in the DeFi scene. It also has a liquidity protocol that can compare rates across hundreds of liquidity sources and find ways to funnel users’ funds through different decentralized exchanges and currencies to make the best possible deals/transactions.
As hinted earlier, 1inch works across a handful of blockchains, including Ethereum, BSC, and Polygon. The applicable fees for transactions on the different platforms are paid but there are no additional fees for using 1inch. Rather, the network mints CHI tokens, which even helps to reduce transaction fees. 1INCH burns CHI tokens to about half the gas fees originally required to pay for transactions on the different blockchains 1inch makes trades.
Another good thing about using 1inch is that it allows users to customize its services. If a particular user wants to avoid certain exchanges, he/she can go to 1inch preferences and toggle off that exchange. A higher number of liquidity sources, however, means users have better chances of getting good deals.
1inch also allows token holders to put their cryptos to work for them. They can contribute their 1inch tokens to a 'liquidity pool' to facilitate market activities and earn extra 1inch tokens as rewards. Holders of 1INCH also have the power to vote on how the network is run and bring forth proposals, through the DAO.
What Major Problem Does 1inch Solve?
We’ve stated already that 1inch solves the problem of lack of liquidity in the DeFi space. It provides deep liquidity to the market by incorporating a multi-chain aggregator that reaches every project on the supported blockchains. That is not all – 1inch also makes decentralized exchanges and other liquidity sources more competitive. Many exchanges quote higher prices and charge higher fees because they know most users don’t have the time to trawl through several exchanges to find the best rates. They knew many users will stick to their offers because they are not certain they can get a better option with ease.
1inch makes finding great deals easier for cryptocurrency investors and traders. It can even split trades to ensure that users get the best possible deal the market has to offer. Exchanges understand that the market is more competitive with networks like 1inch, so they offer more competitive rates.
1inch also solves the problem of slippage in the market. In simple terms, slippage refers to the difference between the expected price of a trade and the actual price at which it is executed. Due to the volatility of assets and the structure of liquidity pools, the issue is difficult to solve. 1inch offers minimal slippage, thanks to its responsive nature. It scans multiple decentralized exchanges and can also split trades to minimize losses.
Is 1inch A Good Investment?
1inch is unarguably an important tool in the DeFi scene and the entire cryptocurrency universe. From what we know, the network is set to make waves even in the future. However, the function of a network and its impressive features are never enough to determine a good investment, unless you are a partner.
Regular cryptocurrency investors focus on the token of a network. In the case of 1inch, we need to focus on the value of the token. 1INCH is the token you need to buy to invest in the network, and its performance on the market will determine whether it can be described as a good investment.
So far, 1inch has shown signs of a good investment. The network is incredible, and several investors and traders are beginning to understand how helpful it can be. The token has also performed relatively well, though it has been on the market for a relatively short period.
Check Out: The 5 Best Ways To Buy 1inch (1INCH)
Will 1inch Make Me Rich In Ten Years?
Cryptocurrencies are generally volatile, but some of the most important networks always see their coins rise in value over time. As a good network with very helpful protocols, 1inch has the chance to grow significantly in the future. Investors, therefore, stand a good chance of making reasonable profits.
It is difficult to tell for sure whether 1inch can make you rich in ten years. The coin has been around only for a short period, so we have very little historical data to reference. In any case, we will still need to discuss the past, the presence, and the future of 1INCH.
Price History Of 1inch
1INCH was made available to the public last year (2020). As of 25 December 2020, the coin traded for $2.36 per token. By 30th December, it had dropped significantly to trade for $0.892788.
By January 1st 2021, 1INCH traded for $1.37 but dropped again to about $1.13 on 12th January. Towards the last days of the month, it started climbing impressively, selling for $3.35 on 30th January. By 1st February, it reached 4.99 per token. The coin continued in an impressive uptrend in the first week, reaching $5.82 on 6th February. It fluctuated mildly throughout February, but remained within the $4 - $5 region, only reaching $3.93 on February 26. By the last day, February 28th, it traded for $4.21.
March was a very busy month for 1INCH as its value fluctuated widely. It started the month at $3.82, reached $4.45 on the 10th, dropped to $3.81 on the 13th, and then up again to $5.02 on the 18th. By 25th March, 1INCH sold for $3.71 but was able to close the month at $4.50. April was a much better month, though the coin started at $4.32. It reached $6.10 on the 10th. By 14th April, it dropped to $5.64 but rose again to $6.47 on 18th. By 26th April, 1INCH has dropped to $3.98, recovery quickly to finish the month at $5.46.
May was the most eventful month for 1INCH. It started the month at $5.67. By the 7th, it was trading at $6.62. 1INCH reached an all-time high value of $7.87 on May 8th, 2021. It started dropping sharply after the feat, reaching $3.31 on May 20th. It dropped further to $2.93 on 25th and eventually finished the month at $2.88.
June was also an eventful month for 1INCH, but not on the most positive note. It was only able to reach $3.89 on 7th June, dropping down to $2.73 on 12th June and reaching an all-time low of $0.4933 on June 14th. It tried going up again but was only able to reach $3.78 on the 16th. It eventually finished the month at $2.54. July and August saw 1INCH fluctuate constantly. By the end of August, it traded for $3.02.
Recent Performance And Current Standing Of 1inch
In recent times, 1INCH has not had any remarkable upswing. It started the month of September at $3.06, reached a peak of $3.83 on the 6th, and dropped to about $2.85 on the 14th. It reached a low point of $2.30 on 22nd September and eventually finished the month at $2.50. October saw the coin climbing slowly. It started at $2.55 and reached $3.12 on the 7th. By October 21st, it reached $4.21 and by 28th, it reached $5.62. It dropped the next day but managed to finish the month at $4.69 but since has dropped, influenced by the overall market santiment.
At the time of writing this piece, 1INCH was traded for $1.6 with a 24-hour trading volume of $68,217,111. In the previous 24 hours, it had recorded a low price of $1.59 and a high price of $1.74. The market capitalization at the time was $750,655,973, making it the #92 ranked cryptocurrency in the world. There are currently 468,162,403.57 1INCH in circulation, and the total supply is set to be $1,500,000,000 1INCH.
1inch Price Prediction
Though it is hard to correctly predict what a coin will be worth in the future, some experts can come very close. Many authority prediction websites have experts who can analyze the performance of a token and determine what it will be worth in the future. Some also deliver algorithm-based predictions, which are not often too far from being correct.
Wallet Investor is predicting that the price of 1INCH will not change so much within a year. In fact, its current 1-year prediction pegs the coin at $2.40, which implies that the coin is a bad investment for someone looking to invest for a one-year period because the price will drop.
Digital Coin Price is positive about the future of 1INCH. According to its current prediction, the coin can be worth $2.02 before the end of the year (2022). By 2023, it predicts that the coin will trade for about $2.34. In 2024, it expects the coin to reach $3.05. In the next five years, it predicts that 1INCH will be worth $4.9.
Trading Beasts is also optimistic about the future of 1INCH. It has been predicted that the coin will reach $2.68 in December 2022. By December 2023, it predicts that the coin will reach $3.87. It also predicts that 1INCH will trade for as much as $4.83 by the end of 2024.
Don't Miss: 1inch Price Predictions
Where Will 1inch Be In The Next Ten Years?
Ten years is too long to correctly predict what will become of any coin at all. In the case of 1INCH, a really new cryptocurrency, it is hard to tell what can happen in ten years since it has been trading for barely one year.
One way to predict what the long-term future of a coin can be is to consider the importance of its network. In the case of 1inch, we can conclude that the future is bright. The network has become a prominent part of DeFi and has the potentials to grow bigger with time. The coin has also shown that it can grow really fast, and we expect that it will reach new heights in the coming years.
1INCH is looking like a coin that will be worth so much in a matter of five years. In ten years, it can become a hot coin. However, there are chances that the coin will not grow as fast as we expect. Competition in the DeFi space and other factors can affect the coin negatively in the future. But the chances of success are looking greater than the chances of failure.
Weighing The Pros And Cons Of Investing In 1inch
Are you still unsure whether investing in 1INCH with the hope of becoming rich in the next ten years is the right move to make? Well, we understand just how you feel. The crypto space can be really rewarding, but the risks are high. Sometimes, the easiest way to make up your mind about an investment option is to weigh its merits against its demerits and determine what you are willing to risk. Here are the pros and cons of investing in 1INCH:
✅ You will be investing in a token that supports one of the most important networks in DeFi.
✅ You will be buying a coin that has been widely adopted and will continue to be used by other cryptocurrency investors/traders.
✅ Using 1inch and its token will help you find the best deals on the DeFi market.
✅ Regardless of how often you use the 1inch network, you won’t pay any 1inch fee.
✅ There are no withdrawal or deposit fees when you are using the 1inch network.
✅ You get a wide range of cryptocurrencies when using the 1inch network.
✅ 1INCH and its network work with a wide range of digital wallets.
✅ 1INCH has had rapid growth in just one year of trading on major exchanges.
✅ 1inch has a very secure network.
✅ 1INCH is still relatively cheap, compared to what it can become in the near future.
❌ 1INCH has shown signs of extreme volatility, and that is a big issue for traders, especially inexperienced day-traders.
❌ 1INCH is relatively new and has no serious historic data that can be studied to understand its market.
❌ DeFi may face regulations in many countries, and that will definitely affect the value of cryptos under the umbrella.
Should You Play The Long-Term Game With 1inch?
Are you still interested in investing in 1INCH with the hope of getting rich in ten years? That means you are prepared to play the long-term game with the coin. But is that really the right thing to do?
Well, with what we have seen so far, 1INCH is a decent investment option. It has the potentials to grow significantly in the coming years, but no one can tell for sure what the value will be in ten years’ time. The chances that it will make you rich is higher than the chances of losing your investment.
It is important to reiterate that the cryptocurrency scene is a very risky playground. Cryptos are generally volatile, and it is possible for the value of a coin to drop drastically and fail the recover in the future. You need to play the long-term game cautiously. It is advisable to invest only what you can lose.
Long-term cryptocurrency investment can be very rewarding. Most coins grow so much in a matter of months, when you leave the right coin for ten years, it can turn your life around for good. However, you must be aware of the risks involved in the market and have the stomach for it.