1inch Investment Fund has added 6,088 ETH, worth over $10 million to its portfolio. According to a post by Lookonchain, a blockchain analysis firm, 1inch bought the second-largest crypto by market cap at an average price of $1,655 per one, thereby spending at least $10 million on the acquisition.
This is simply not the first time that the firm will be acquiring ETH despite the extreme volatility in the market. Don’t forget that between January, February, and March 2023, it purchased a total of 17,000 ETH. According to reports, the acquisition was made at an average price of $1,569, indicating that it spent almost $26 million on the trades. In total, 1inch holds a crypto portfolio that is worth about $80 million.
Meanwhile, in July, the firm decided to cash out from the upward movement in the price of Ethereum. Then, it sold 11,000 ETH from its holdings at an average price of $1,906 and made $3.7 million in proceeds. However, with its latest acquisition of the asset, 1inch is setting its sights on a possible upturn in the situations of the crypto market.
1inch aiming to foster market efficiency
As a DEX aggregator, 1inch has continued to channel its activities towards fostering market efficiency and optimal price delivery. Likewise, it seeks to widen and improve all its offerings so as to foster users’ experience. A few months ago, it made major headlines after declaring its plans to introduce a new NFT marketplace aggregator. With this, the DEX protocol wants to bring millions of users to the crypto and NFT world. According to its announcement at that time, the aggregator would serve users with zero fees. Worthy of note that over 81% of the community voted in favor of the implementation of the proposal.
Similarly, the protocol also partnered with Bloktopia to aid the transformation of its ecosystem and onboard more users into the Web3 world. Since then, Bloktopia has been leveraging 1inch to enhance the experience of its users. Also, 1inch also joined forces with a well-known crypto wallet, CoolWallet. The joint effort came into the spotlight to enable users of the wallet to use its DEX aggregation features. With this, the users are able to swap one crypto for the other at the best rates.