Decentralized exchange aggregator 1inch has officially launched its custodial-free crypto wallet, which will allow users to easily and neatly manage their crypto assets spread over a number of different chains.
Today, fragmentation in the blockchain realm has reached a terrifying level, so many individuals are beginning to struggle with keeping track of all the coins they hold across the growing number of networks, EVM and more.
Various tools already exist to help crypto enthusiasts track their funds, but they often fail to include all the infrastructures present in the market.
The 1Inch wallet aims to solve this problem, inaugurating an era of simplicity and homogeneity of cryptocurrencies.
Let’s see all the details below.
1Inch and launching its own custodial-free wallet for more orderly cryptocurrency management
1 inchthe largest aggregator DEX in the crypto world, he recently announced introducing its portfolio dedicated to tracking crypto assets for its users.
A tool called “1 inch portfolio” Based on Apis platforms e it allows you to take advantage of the wealth of data coming from different blockchains.
Information about balances, latest movements and advanced analytics will greatly improve the experience of individuals who want to keep track of all their crypto finances.
To date, there are already several providers that provide similar services, such as e.g. DeBank which represents a valid alternative to all tools from chain tracking.
In any case, data fluidity and integration with the most diverse infrastructures web3 1inch promises that its portfolio will be at a higher level than other competitors.
Going into more detail, we can list all the advantages offered by the innovative 1Inch tool.
In the first place, the “multi-wallet” component enables the integration of multiple wallets within one solution: many users in the crypto world have 2 to 5 wallet to store your digital coins.
This is possible on the 1Inch Portfolio, as is the case on the MetaMaskyou have multiple accounts for optimal management of your accounting.
Another very interesting aspect concerns, as already mentioned, the “multichain” factor, which eliminates the hassle of separately managing assets coming from different ecosystemsinstead, you can count on a unified environment where everything can be monitored from one screen.
Finally, presence advanced data in the field DeFi puts the user in a position to take advantage of detailed information related to major decentralized financial protocols such as Uniswap, Lido or Aave.
On the 1Inch crypto wallet, it is also possible to intelligently manage the liquidity offered as LP and assumed debt on multiple blockchains, without the need to calculate the health status of your positions on different platforms.
Blockchain fragmentation in 2023
The launch of the 1Inch wallet aims to address a need that is becoming increasingly central in the world of crypto enthusiasts: we are talking about fragmentation blockchain and from difficulties in finding comprehensive solutions for managing your assets.
If, in fact, until a few years ago there were 2 dominant networks, namely Bitcoin and Ethereum, and very few other infrastructures capable of attracting the attention of the crypto community, now the scenarios have completely evolved.
Today we can count on dozens and dozens of EVM networks which take advantage of compatibility and safety Ethereum to offer alternative environments for participating in chain life.
Not to mention all the remaining mass of non-EVM applicationswhich by relying on ecosystems such as SaltworksCosmos, Sui, Aptos, Starknett etc. make the user experience of the web3 field even more fragmented.
While on the one hand this variety of applications and infrastructures can be seen positively as it creates the conditions for a free market that encourages the improvement of decentralized products and services, on the other hand there is no doubt that it can be difficult for the end user to take advantage of the thousands of protocols developed throughout the crypto industry.
As for the “portfolio” issue, here too we must emphasize how difficult it is for the degen of DeFi remember all the networks and protocols you’ve transferred funds on in the past.
The risk in this case is to forget that you have a crypto deposit on the X chain and lose that asset forever.
The tool launched by 1Inch lays the groundwork to intelligently address this limitation.
It is probably not the final solution to this problem, given that technologies web3 will continue to grow in both quantity and quality, bringing with it more and more different advantages and challenges.
However, the philosophy of being able to manage all the actions that take place in the chain, in one safe and simple place, is surely what will lead this sector to unprecedented success in the coming years.
The idea is to to innovate, but at the same time to simplify.
