What Does 1inch Network’s (1INCH) Fusion Update Mean for Uniswap (UNI) and Snowfall Protocol (SNW)?
1inch’s Fusion Update is touted as the most important update for the cryptocurrency to date. The crypto’s founders had been teasing their fans about the update for quite some time, and they finally released it as a holiday gift to 1inch’s investors.
The Fusion update brings a host of improvements to the 1inch Network, which can potentially impact the entire De-Fi space. Here’s what you need to know about this update and its impact on other cryptos like Uniswap (UNI) and Snowfall Protocol (SNW).
Fusion Upgrades 1inch Network (1INCH) into More Profitable Platform
1inch Network (1INCH) is a dex aggregator that searches for the best swap and crypto deals across different dexes. 1inch Network users can then take advantage of those limited-time deals to purchase or swap cryptos at the best prices. For a long time, 1inch Network users wanted the feature to automate some aspects of the purchase. Finally, it appears that 1inch Network has listened to them. The Fusion update allows 1inch Network users to specify the price and time for their orders, and also execute them without paying network fees. For this reason, transactions on 1inch Network are suddenly more profitable than ever.
Fusion also brings a host of other benefits like higher security, updated staking contracts, tokenomics, and many more. Therefore, its release was expected to boost 1inch Network’s pricing overnight. However, that has not happened. In fact, the update has had little impact on 1-inch Network’s price. The reason can be better understood by looking at how the Fusion update impacts other tokens.
Uniswap Continues to be a Leader
Uniswap (UNI) is a dex that allows users to buy, sell, and swap their cryptos. Uniswap (UNI) also offers staking rewards to its users. In theory, it would make sense that 1inch Network’s users could find better deals because they have access to multiple dexes. However, Uniswap (UNI) network benefits from its transaction fees. The fees allow platforms like Uniswap to innovate rapidly. For instance, Uniswap (UNI) has made it possible for users to purchase crypto using credit and debit cards. In return for such innovation, Uniswap (UNI) charges a small fee, which is below average in the industry.
Investors who desire superior solutions continue to use Uniswap (UNI) for all their investment purposes. In fact, Uniswap (UNI) has one of the largest communities of whale investors even today. That isn’t going to change with 1inch’s Fusion update. In fact, the update raises many questions about the viability of 1inch in the long run.
Snowfall Protocol (SNW)
Snowfall Protocol (SNW)is an interoperability bridge that connects multiple blockchains to each other. Users of Snowfall Protocol (SNW) can move their funds and NFTs from one blockchain to another. They can also swap various cryptos and stake their funds on Snowfall Protocol (SNW). In other words, Snowfall Protocol (SNW) also acts as a dex. So, upgrades to the 1inch platform can have some impact on Snowfall Protocol (SNW) in theory.
However, as it happens, Snowfall Protocol (SNW) offers massive staking rewards of the order of 400% and even higher in some liquidity pools. So, Snowfall Protocol (SNW) is not going to lose its share of investors to other platforms for now. Also, investors expect Snowfall Protocol (SNW) to grow by 5,000% by Q2, 2023. Who would like to lose such massive opportunities for the sake of a few dollars in payment fees?
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