DEX Aggregators Heat Up for Return Trend, 1inch Leads with Buy Signal

Crypto narratives are undergoing another shift, with a new trend at the top. DEX aggregators and their related tokens are gaining attention again as funds shift from other token types. The trend of DEX aggregators reflects the performance of 1inch, the second most active aggregator.

DEX aggregators meet two important needs in crypto trading: effortless chain switching and automated data-driven trading choices. Arbitrage opportunities in a complex crypto landscape led to new technological solutions. The sector has ongoing projects and tokens, but it’s also starting new launches to meet the demand for similar services. 

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ChainxSwap is a cross-chain bridge and DEX aggregator that finds the best rates across 80+ blockchains, 220+ DEXs, and bridges. With ChainxSwap, you can exchange over 15,500 crypto assets all in one place.… pic.twitter.com/pv7kZWCLXQ

— ChainxSwap (@ChainxSwap) June 2, 2024

Aggregators are still competing for attention, and no complete list of services exists. The top aggregators include 1inch, Defi Llama aggregator, Uniswap’s aggregator, Jupiter DEX, Matcha, ParaSwap, and others. DEX aggregator tokens have come to the foreground a few times, competing with other trends like L2 and meme tokens.

Aggregators are also building a larger trend, starting with DEX and liquidity pools. Aggregators then collect data on DEX, but a next-level meta-aggregator has also emerged. 

DEX Aggregators Retain Upside Potential

A small selection of DEX aggregator tokens signals the wider developments of the 2024 bull market. The selection of 1inch, COW, LON, and PSP has volumes of around $150K in 24 hours, based on the Dune Analytics asset selection. Those tokens displaced other narratives in the past 24 hours.

DEX aggregators make up a fraction of traffic, though this takes into account a limited selection of tokens. The larger list of DEX aggregator tokens is valued at around $2B. Taken as a whole, DEX tokens are valued at around $22B, even after a recent market correction. 

In May, aggregator projects finished the month with $49.5 in value locked. The total value in those projects has been sliding in the past two months, but there are also signs of reversal in the year ahead.

Tokens related to DEX and aggregators are also fluctuating as projects struggle to increase their influence. Aggregators like Jupiter DEX have the advantage of being the main and preferred mode of trading on Solana. 

Aggregators remove the need to research liquidity pairs by retrieving data from all liquidity pools. An aggregator can check the optimal way to swap a token and whether the swap is possible or the liquidity is too low. 

1inch Leads the Trend, Flashes Buy Signal

1inch is leading the way in terms of short-term price performance compared to other aggregators and liquidity routing services. 

Among DEX and aggregator tokens, 1inch was a rare asset in the green. 1INCH traded at $0.47, featuring a “buy” signal from CoinGecko. The asset is up 13.2% in the past week, going against the market direction for similar tokens. 

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— mimwizz (@MIMwizzard) June 2, 2024

1INCH peaked at $7.48 during the 2021 bull market, when DEX aggregators were among the hot topics. The current narrative reversal creates expectations that 1INCH will return, expecting a breakout from the current levels. 

The token still has a $550M total market cap, despite its reputation as a widely used service. As of June, 1inch carries around 30% of the volumes of Jupiter DEX, at $313M in 24 hours. The volumes are still 10X the ones of KyberSwap or 0x Aggregator.

Also read: 1inch partners with Mastercard to launch its crypto debit card

1INCH drew additional attention as one of the most active BNB Chain tokens in the past week. The current price performance happened despite a recently announced unlock of $30M in new tokens. 

Highly decentralized, 1INCH’s ownership spreads to over 101K wallets. The token is distributed among smaller wallets, with the biggest holding making up 8% of the supply. The token also has the advantage of early representation in Binance and Coinbase trading pairs. The performance of 1INCH may continue to indicate the trend for the wider DEX and meta-DEX sectors.

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Cryptopolitan reporting by Hristina Vasileva