The 1Inch crypto project team announced a few hours ago the beta launch of a platform dedicated to web3 developers.
The software will enable the blockchain world to more easily and efficiently build upcoming decentralized products by taking advantage of 1Inch’s API.
Full details in the article
Summary
1Inch launches software for crypto developers in beta
1Inch Labs, a company that manages work on the decentralized marketplace aggregator, has announced the beta launch of a platform dedicated to crypto developers.
It is a Saas (Software as a Service) that can enrich the potential in the hands of developers in the web3 world by giving them an interface with various data at their disposal.
Among the advantages that can be found in this new portal we find first of all the presence of a series of blockchain solutions that have already been tried and tested under the well-known 1Inch brand name. Hence, the reliability factor plays a crucial role as it guarantees the professionalism of the service to the end user.
This can also be found in the SLA (Service LeveL agreement), a parameter that indicates the time interval when the server is active and regularly reachable through the network, which with an uptime of 99% offers regular software continuity.
In addition, 1Inch’s crypto platforms feature low latency, with enviable response times and a coma interface to use, with well-organized data in certain dashboards, advanced analytics and detailed documentation.
Finally, in no small order, developers can count on the deep liquidity provided by the crypto project, with access to numerous liquidity funds on different blockchains.
On the news, 1Inch co-founder Sergei Kunz said:
“The main goal is to give developers fast and efficient software solutions for creating new Web3 products. We basically offer developers a set of Web3 building blocks, which allow them to substantially save on time, money and labor. All these solutions have been thoroughly tested in 1inch products since 2019.”
The developer portal is available in free and paid versions. 1Inch labs uses a flexible approach by allowing the most promising startups to request a dedicated enterprise endpoint for free for a limited time.
All APIs available as SaaS
The Saas launched by crypto project 1Inch offers several APIs (Application Programming Interfaces), which are interfaces that define some standard rules for data interchange between applications.
1inch already offers public APIs, but these will be removed on 18 August giving space only for those available in the new portal
We list below all the APIs provided by 1Inch that developers can leverage to build their own decentralized application.
-API swap
Provides the user with a given price based on the amount of tokens to be swapped on a given blockchain. A state-of-the-art detection and routing algorithm then provides the most efficient and convenient swap path.
This interface combines liquidity from hundreds of different sources to enable the best exchange price and lowest gas fees
-API spot price
Determines the current spot price of a specific token on 1Inch-supported networks based on available liquidity
-API balance
Presents detailed information on wallet balances
-API token
Allows users to search for any token by name, symbol or contract address and receive reliable information about it.
-API transaction gateway
Allows any blockchain transaction to be transmitted in public or private mode: private providers also provide protection from MEV bots, avoiding risks of front running and sandwich attacks.
-API portfolio
Provides access to an analysis of transaction data on Ethereum, BNB Chain and Polygon. The interface calculates performance metrics and monitors wallet performance by identifying market dynamics.
-API Orderbook
Interface based on “1Inch limit order protocol,” which facilitates entry and access to exchange orders based on AMM mechanism.
Then there is actually also an API dedicated to searching for NFTs in one’s wallet and another called “Fusion” that can enable high-security transactions without having to pay gas fees.
Focus on the price of crypto 1Inch
The 1INCH crypto represents the governance and utility token of the 1Inch platform, used by holders to vote on community proposals on project developments and to receive part of the protocol fees if staked.
Today the token does not seem to have taken in the news of the launch of the developer portal, as it is registering an 8.8% loss on its value.
The coin trades at a current price of $0.35, with a capitalization of $341 million and a trading volume of around $98 million.
Unfortunately, the 1INCH crypto is extremely far from the ATH of $7.8 recorded in May 2021 and sees its depreciation caused mainly by a lack of utility in the ecosystem.
While it does in fact have a small purpose of existence, its high supply (987 million tokens in circulation) leads the price to scale back given that there is no need for all these tokens and investors are not attracted to the investment.
Recently we have witnessed a lot of speculation on this cryptocurrency, with whales quickly driving the price up to $0.59 on 17 July only to have it drop on the same day to $0.39.
The high trading volumes recorded there, and the presence of a huge spike, justify the theory of an attempt to alter the normal trading dynamics in this market
At the moment the short-term price action for 1INCH is bearish with the first support at $0.33 and the next support at $0.3, which also serves as a psychological level.
The formation of a “spike” in the RSI indicator suggests to us that this is not the best time to buy the crypto and that it may even be some time before we see a next pump again.
Unless a lot of capital is suddenly injected into this cryptocurrency, the most likely thing between now and the next few months is a distribution-lateralization phase.
