The 1inch Network announced via Twitter on Monday that its token has now been added as collateral on Aave. Aave is an open source and non-custodial liquidity protocol. The integration means that users can now borrow and lend 1INCH token through the Aave decentralized app.
The 1inch Network is a DEX aggregator protocol across multiple chains, including Ethereum, BSC, Polygon, Optimism, and Arbitrum. 1INCH is down by more than 5% in the last 24 hours and is currently trading at $0.731 per token.
Aave protocol is a decentralized, open-source, and non-custodial money market protocol. Depositors earn interest by providing liquidity to lending pools, while borrowers can obtain overcollateralized loans by using the liquidity from these pools.
AAVE is trading at $89.8 per token, down by 9% in the last 24 hours.