DeFi Pulse Banned 1inch Exchange Founders From Its Platform

DeFi Pulse banned the 1inch exchange founders from its platform as Scott Lewis, the founder of Defi Pulse revealed the decision so let’s read more in today’s crypto news.

In a Twitter thread that was shared a few hours ago, the founder of the popular DeFi monitoring resource said that the founders of the 1inch exchange have been permanently banned from their platform. Defi Pulse banned the exchange and Lewis detailed the reason for this including threats of physical violence against himself also as “falsely doxxing a member of our team as criminal and asserting they were going to be arrested imminently.” The founder commented said that the exchange harassed plenty of team members and also violated “requests of no contact.”

Hey @defipulse! This is our official second request to list 1inch liquidity protocol on your service! #DeFi is about freedom and you shouldn’t ignore our project with more than $2B TVL just because your founder (Scott) is building a competitor project to our aggregator.

— 1inch.exchange (@1inchExchange) February 9, 2021

Lewis noted:

“Any community member or group of community members is welcome to maintain the 1inch listing on DeFi pulse, but for own safety we will not be interacting with the 1inch team.”

The platform’s official Twitter account accused Lewis of ignoring the platform because he is basically creating a competitor project to the aggregator. Sergej Kunz who is the co-founder and CEO of 1inch said:

“WTF!? Threats of physical violence!? You mean ETHDenver2019 where I gave you my hand to forget everything what happened before and start a partnership? And you declined and said „let me alone..“? Your CTO attacked us with DoS, we just reported the details publicly to stop it.”

https://twitter.com/deacix/status/1359161204380475396

As reported previously, The aggregator was founded in 2019 and raised millions of dollars in funding the rounds from VCs and DeFi investors according to the data from Crunchbase. Since then it has gone on to become one of the biggest adoption examples in the crypto space with thousands of users using the service every day. Using liquidity aggregator tools like smart routing, the exchange connects a huge number of decentralized and centralized platforms while trying to minimize slippage and to find the best price for the users. This effect is actually quite beneficial for the ETH community and it’s doing wonders so far.

According to the tweet, the 1inch exchange reached a lifetime volume of $10 billion a day ago and $1 billion of that came from the past week itself. Monday recorded $222 million traded on the exchange as per the exchange. The volumes likely came from superior prices that the exchange provides to traders that use the platform. When a swap request is made, 1inch automatically scans every DEX service which brings more efficiency to swapping on DEXs.