Decentralized exchange aggregator 1inch has officially launched its noncustodial crypto wallet, which will allow its users to conveniently and neatly manage all their crypto assets scattered across a variety of different chains.
Nowadays, fragmentation in the blockchain field has reached a frightening level, such that many individuals are beginning to struggle to track all the coins they hold in the ever-increasing networks, EVM and otherwise.
Various tools already exist to help crypto enthusiasts keep track of their funds but often fail to encompass all the infrastructure in the market.
The 1Inch wallet aims to solve this problem, ushering in an era of cryptocurrency simplicity and homogeneity
Let’s look at all the details below.
Summary
1Inch and the launch of its own noncustodial wallet for more orderly crypto management
1Inch, the largest aggregator of DEX in the crypto world, recently announced the introduction of its dedicated crypto asset tracking wallet for its users.
The tool, called “1inch Portfolio,” is based on the platform’s API and allows users to take advantage of a multitude of data from different blockchains.
Information on balances, latest movements and advanced analytics will greatly enhance the experience of individuals who wish to keep track of all their finances in crypto.
To date, there are already several providers providing similar services, such as, for example, DeBank, which is a viable alternative to all on-chain tracking tools.
In any case, the fluidity of data and integration with the most disparate infrastructures of the web3 promised 1inch make its portfolio of a higher level than other competitors.
Going into more detail, we can list all the advantages offered by 1Inch’s innovative tool.
First, the “multi-wallet” component allows you to integrate multiple wallets within a single solution: many users in the crypto world have 2 to 5 wallets to store their digital coins.Â
On 1Inch Wallet it is possible, as is also the case on MetaMask, to have multiple accounts to optimally manage one’s accounts.
Another very interesting aspect concerns, as already mentioned, the “mulltichain” factor, which eliminates the hassle of having to manage assets from different ecosystems separately, relying instead on a unified environment where everything can be monitored from a single screen.
Finally, the presence of advanced data in the DeFi field puts the user in a position to leverage minute information referring to major decentralized finance protocols such as Uniswap, Lido or Aave.
On 1Inch’s crypto wallet, it is also possible to intelligently manage liquidity offered as LPs and debts taken on multiple blockchains, without having to calculate the healthy status of one’s positions on different platforms.
Blockchain fragmentation in 2023
1Inch’s portfolio launch aims to address a need that is becoming increasingly central to the world of crypto enthusiasts: we are talking about blockchain fragmentation and the difficulty of finding all-in-one solutions for managing one’s assets.
If, in fact, until a few years ago there were 2 dominant networks, namely Bitcoin and Ethereum, and very few other infrastructures that could attract the attention of the crypto community, now the scenarios have completely evolved.
Nowadays we can count on dozens and dozens of EVM networks that leverage the compatibility and security of Ethereum to offer alternative environments where we can participate in on-chain life.
Not to mention all the remaining bulk of non-EVM applications, which relying on ecosystems such as Solana, Cosmos, Sui, Aptos, Starknett, etc., make what is the user experience of the Web3 field even more fragmented.
While this variety of applications and infrastructures can be viewed positively as it creates the conditions for a free market that stimulates the improvement of decentralized products and services, there is no question that the end user may find it difficult to take advantage of the thousands of protocols developed throughout the cryptographic industry.
As for the “wallet” issue, again we must emphasize how difficult it is for a DeFi degen to remember all the networks and protocols on which he or she has transferred funds in the past.Â
The risk in this case is to forget that you have deposited crypto on chain X and lose these assets forever.
The tool launched by 1Inch lays the groundwork to intelligently address this limitation.
It probably does not consist of the ultimate solution to this problem, as Web3 technologies will continue to grow in both quantity and quality, bringing with them increasingly different benefits and challenges.
However, the philosophy of being able to manage all the actions that take place on-chain, in one secure and easy-to-use place is surely what will drive this industry to unprecedented success in the coming years.
The idea is to innovate, but at the same time simplify.
