What is 1inch?

What is 1inch?

1inch is a popular choice among investors looking to trade altcoins. However, before you Trade 1inch, it is essential that you know what you are investing in. Let's find out what's1inch and how it works.

The 1inch Network brings together distributed protocols that, when combined, make DeFi enterprise profitable, fast, and the most secure it can be.

To provide consumers with better prices than any specific exchange, 1inch Network's initial protocol is a decentralized exchange (DEX) aggregator solution that finds deals across different liquidity sources. For locating optimal routes among 240+ liquidity sources on Ethereum, BNB Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, Fantom, and Gnosis Chain, the 1inch Aggregation Protocol makes use of the Pathfinder algorithm. The 1inch DEX aggregator has amassed 1 million members and $150 billion in total volume on the Ethereum network in less than two years.

In order to prevent consumers from being subjected to front-running assaults, the 1inch Liquidity Protocol was developed as a cutting-edge AMM. This protocol also presents lucrative opportunities for liquidity providers.

In DeFi, the 1inch Limit Order Protocol allows for innovative and adaptable swaps of limit orders. Several use cases are enabled by the protocol's capabilities, such as stop-loss and trailing stop orders, auctions, conditional orders, and dynamic pricing.

The 1inch Wallet is a secure mobile platform that allows users to store, transact, and stake digital assets across many blockchains in an intuitive interface. In order to make using 1inch's features as simple as possible, this adaptable wallet was developed from the ground up.

Using a DAO-style voting system, the 1inch Network's governance token (1INCH) determines several aspects of the protocol.

Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, and Divergence Ventures funded 1inch in August 2020.

1inch secured $12 million in Series A fundraising in December 2020, including participation from investors like Pantera Capital, ParaFi Capital, Blockchain Capital, Nima Capital, and Spartan Group. A simple agreement for future tokens (SAFT) offering was used to raise capital.

Amber Group sponsored a $175 million Series B round that 1inch successfully closed in December 2021. About fifty investors participated in the investment round, including Jane Street and VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.

How is 1inch different?

As one of the most audited projects in DeFi, the 1inch Network provides customers with access to the deepest liquidity from many sources across several blockchains, reasonable rates, and a high degree of security.

Network Security

All transactions from a user's 1inch wallet on any of the supported blockchains and layer-2 networks are completed in a single, non-custodial transaction.

Technically speaking, all 1inch protocols offer great user safety thanks to their design. Users don't have to worry about their money being stolen if they utilize the 1inch Aggregation Protocol with unreliable liquidity providers. Each transaction is subject to the protocol's built-in security checks.

OpenZeppelin, Consensys diligence, SlowMist, Haechi Labs, CoinFabrik, Certik, Hacken, Scott Bigelow, MixBytes, and Chainsulting, some of the most prestigious auditing firms in the business, have Audited 1inch smart contracts.

1inch Founders

During the ETHGlobal New York hackathon in May 2019, Sergej Kunz and Anton Bukov established the 1inch Network. After meeting on Kunz's YouTube channel (CryptoManiacs) during a live stream, the two began competing in hackathons together, eventually taking home first place at a Singapore competition and two top honors at the ETHGlobal.

Sergej Kunz has extensive experience in the tech industry, having worked as a senior developer at product price aggregator Commerce Connector, a developer at communication agency Herzog, a project manager at Mimacom consultancy, and a full-time employee at Porsche in DevOps and cybersecurity before joining the 1inch team.

Software developer Anton Bukov began his career in decentralized finance (DeFi) in 2017. His résumé includes several notable works such as gDAI.io and NEAR Protocol.

Where Can You Buy 1INCH?

1INCH is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice.