DEX Aggregator on-chain state mapping: partial existence. The final swap occurs in the router/settlement contract, but quote discovery and route calculation rely heavily on off-chain APIs/algorithms. Definition: An execution layer that compares and divides the liquidity of multiple DEXs to find better trading conditions for users. Function: Optimizes price, slippage, and route cost compared to a single DEX and allows integrators to reuse it as an API. 2. Aggregation Protocol / Router on-chain state mapping: Existence.
1inch is mature DeFi execution infrastructure, but DAO revenue and token value capture redesign are the core tasks.
Investment View
Investors should track aggregator share, Business API revenue, Aqua revenue share, and recurring RWA and Fusion Plus demand.