To “immediately” display token quotes in the interfaces of websites and applications, the 1inch Network DeFi project created a spot price aggregator.
This tool provides a liquidity-weighted average of the price of a token across multiple DEXs.
The reason for creating such a solution was a specific problem: not all aggregated 1inch tokens are supported by existing price reporting systems.
The spot price liquidity algorithm interacts with various DEXs via smart contracts to “immediately” retrieve information from the blockchain. Even if there is no direct pair between two tokens, the tool calculates data using an intermediary asset.
The team calls the main advantages of this solution:
- no delay in displaying prices;
- support for a large number of DEXs on the Ethereum, Binance Smart Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, and Gnosis Chain networks.
Among the options for using the new aggregator from 1inch are crypto wallets, price trackers and portfolio managers.