1inch is a DEX (decentralized exchange) aggregator. This network is for rolling pricing and liquidity from all decentralized exchanges into one platform to get users the best price for a better trade. How so? Trading 1inch can be split across exchange platforms to reduce slippage and offer the best possible pricing.
All trades are within a single transaction from a wallet on Ethereum. 1inch is non-custodial, a blockchain wallet that allows users to be their own bank. Users have complete power over their assets and on the associated private key. Furthermore, the whole information of users’ wallets remains with users, which reduces the chances of data leak unless the user is not careful and shares the details with someone.
This network searches through many decentralized crypto exchanges to let users find the best exchange platform according to their requirements for the token they wish to purchase.
What is 1inch?
1inch is a decentralized network that unites decentralized protocols. This network’s synergy enables the most lucrative, protected, and fast operations in the DeFi (decentralized finance) space.
When you want to make a transaction on the Ethereum network, you need to pay a processing fee called “gas.” These fees almost always change based on the network meaning the more people join and use the network, the higher the fee rate.
This network decreases these costs by utilizing GasToken. GasToken is a token that stabilizes the price of gas.
As a DEX aggregator that searches, this network deals with many liquidity sources to provide users with better rates.
This protocol incorporates the pathfinder algorithm to search through 60+ liquidity sources on Ethereum, 30+ liquidity sources on Polygon, 30+ liquidity sources on Binance Smart Chain, Optimistic Ethereum, and Arbitron. This protocol has surpassed 80 billion dollars in total trading volume only on the Ethereum network.
This liquidity protocol is an AMM (automated market maker) that protects users against attacks and offers enticing opportunities to liquidity providers.
This next-generation limited order facilitates an original and flexible limit order swap (in decentralized finances). This network has valuable features including:
1- Dynamic pricing
2- Extra RFQ (Request for Quotation) support
3- Conditional orders
4- Powers different implementations (including trailing stop orders, stop-loss, and auctions)
The wallet on this platform is a smartphone platform with an easy-to-navigate interface with safe storing, staking capabilities, and transaction. This multichain platform has built its wallet from scratch to streamline interacting with this network’s features.
This network’s native token is 1inch. Users use this governance token to vote on protocol parameters under the DAO (decentralized autonomous organization) model.
A quick search for a specific token can bring you the results of various exchange platforms that offer that token. You can see prices and fees to compare and choose the right platform for you, instead of going on all their websites yourself one by one. Finding the best prices on different DEXes is the network’s main aim.
Sergej Kunz and Anton Bukov are two Russian developers who cofounded the 1inch network over the ETHGlobal New York hackathon in 2019. The two founders met each other during a live stream of Kunz’s YouTube channel. Before founding this network, both founders participated in and won many awards at hackathons for MakerDAO, Kyber Network, and Set Protocol.
Sergej Kunz began to study programming when he was only 14. He has a lot of experience in software engineering, architecture, and security. He started his first business in telecommunication aggregation and software development in 2007. Kunz used to be a senior developer at product price aggregator Commerce Connector, led projects at Mimacom consultancy, coded at communication agency Herzog, worked full time at Porsche in both DevOps and cybersecurity. Right now, his focus is on this network.
Anton Bukov has been involved in software engineering since 2002 and in DeFi since 2017. He has experience in the following fields: gDAI.io, NEAR Protocol, C++ skills, iOS Developing, network stack of protocols, compilers, algorithms, disassemblers, profilers, etc. He is also focused on blockchain crypto technologies.