Popular Decentralized exchange, 1inch has proposed the creation of a new NFT marketplace aggregator to onboard new users to its network. As revealed, the network intends to design the NFT marketplace aggregator to be free of platform charges. The development emanated as one of the efforts of the DEX aggregation outlet in establishing itself as a force to reckon with in the DeFi space.
A summary of the proposal provided insight into the key benefits of the Marketplace. As revealed, the 1inch community marketplace is deemed as the “natural next step” for the network. Further, the proposal illuminated how it will drive traffic to the network and its DEX aggregator service. Likewise, the summary emphasized that the NFT marketplace must be able to compete with close rivals by offering cheaper network fees.
Further insights into the summary indicated that the project will leverage the support of Solidarity.io. Therefore, support from this firm will ensure that the project is open-sourced, suiting the community goal of the 1inch. Also, the firm will ensure that the project is sustainable and benefits 1inch community members while onboarding new users to the network.
However, the network’s DAO prioritizes security, transparency, and decentralization, which will heavily determine the structure of the project. According to findings, Solidity.io is a full-stack Web3 firm that designs solutions relating to this field. The firm supports startups and emerging businesses in designing Web3 tools. Presently, voting has commenced on the proposal, as 81% of 1inch DAO members have voted in favor of the project. As revealed, the voting period will close by March 26, 2023.
Notable side notes about 1inch
Before now, 1inch has partnered with top firms to push the advancement of its network. On February 17, 2023, 1inch collaborated with a decentralized metaverse identified as Bloktopia. As reported, the collaboration focused on enhancing users’ web3 experience. The report established how Bloktopia partnered the network due to its low service fees. With the synergy, the network pushed to provide cheap, fast, and secure network operations among DeFi outlets.
After the $1INCH token was launched in late December 2020, all wallets that had interacted with the 1inch dApp through midnight on December 24 received $1INCH tokens if they met certain criteria. In less than five (5) months after the launch, the 1inch native coin soared to $7.87 representing its all-time high to date. According to Coinmarketcap, the token is presently trading at $0.5266 with a market cap of $439,512,526 as of press time.
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