Cryptocurrency News

DeFi Pulse Prohibits Owners of 1inch Exchange From Using the Platform

DeFi Pulse CEO Scott Lewis recently announced the heavy sanction meted out to 1inch Exchange, banning them totally from using their platform. Lewis, who founded DeFi Pulse, the leading DeFi monitoring platform, made this known on the social media platform Twitter that his firm has permanently banned 1inch Exchange on their space. After the announcement, he hinged the action on the misdeeds attributed to 1inch, including the firm’s constant threats to physically attack Lewis, constant accusation of some DeFi officials as fraudsters, and threatening them with imminent arrests.

DeFi Pulse Founder Explains Why The Firm Bans 1Inch Exchange

Lewis claimed that 1inch officials have continually been harassing some DeFi Plus officials, in addition to their endless violation of the regulation of no request, no contact. Lewis added that any individual or group of the DeFi Pulse community who wishes to associate with 1inch is free to do so as they want. However, the DeFi Pluse community has distanced itself from 1inch.

Yesterday, 1inch tweeted accusing Lewis of deliberately rejecting 1inch’s program because DeFi Plus is also working on another program to compete with their aggregator. Nevertheless, while tweeting at Lewis of DeFi Pulse, the 1inch founder asked the crypto monitoring platform to consider them by relisting 1inch on their platform.

He reminded Lewis that DeFi encompasses transparency and freedom; hence they should include 1inch on their platform, although he insisted that Lewis was creating another project competing with 1inch. Bet 1inch CEO Sergej Kunz debunked Lewis’s accusation of threats of physical attacks against DeFi Pulse team members. He stated that he pleaded with Lewis to let bygones be bygones and begin a new business relationship, but Lewis objected.

About 1Inch Exchange and DeFi Pulse

1inch Is one of the aggregators that select and take the cheapest cryptocurrencies in all decentralized platforms. Decentralized exchanges refer to crypto platforms that do not need a third party to monitor or supervise them. In other words, there is no central authority controlling the market, managing the orders, keeping custody of money, or dictating the pace at which things should work. Decentralized exchanges are open to any willing investor to come in.

The admission only requires an investor’s wallet and being careful with the confidential information about their funds. Such exchanges are not many. Some of them are Uniswap, Ox, among others. Meanwhile, these exchanges offer different prices and terms and conditions for their services, paving the way for arbitrage.

For example, Ripple’s price In Ox might be different from its price on Uniswap, while it also sells for another price on Kyber. The same applies to other cryptocurrencies like Ethereum. This is where 1inch comes in: to enable investors to benefit from the laxity created by the exchanges’ divergence.

DeFi Pulse is a crypto data firm that monitors investments, inflows, and outflows of tokens. The company is now a leading source of information by which investors evaluate the most suitable and profitable project to choose. DeFi Pulse platform reveals the highest and the lowest cryptos judging from the overall amount of cryptocurrencies invested in each token. The company’s founder, Scott Lewis, explained that they created a platform for investors to get exposed to DeFi most cheaply.

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