What is 1inch exchange

what is 1inch exchange

Series A funding round thanks to Pantera Capital, Blockchain Capital, ParaFi Capital, Spartan Group, and Nima Capital.

Due in part to the ample amount of available funds, the 1inch Network was able to engage in many generous 1INCH token airdrops:

  • 6 million airdropped to Uniswap traders who had a high activity history.
  • 3.57 million across 1,308 liquidity miners.
  • 310,000 airdropped to limit order users.
  • 375,000 airdropped to users with smart contract wallets: Gnosis, Authereum, Argent, and Pillar.

These efforts served to accelerate the popularity and adoption of the 1inch Network.

What Is 1INCH’s Native Token?

The 1INCH token launched in late December, after which it had been airdropped in order to gain popularity and a portion of Uniswap’s traffic.

What is 1inch exchange

  • There are no additional fees involved in using the service – you only have to pay the network fee.
  • As a DEX aggregator, 1inch Exchange ensures high liquidity on your cryptocurrency trades while limiting the exchanges to a single transaction.
  • The CHI Gas Tokens are beneficial if you want to reduce your transaction costs further.
  • The novel AMM Mooniswap allows you to avoid slippage and subsequently take control of your entry price.
  • Cons

    • The platform is not accessible for traders who do not own cryptocurrencies.
    • Though there are numerous tutorials, beginner traders might still find the platform somewhat challenging.
    • While being a non-custodial platform, some traders might find the lack of fiat deposit methods discouraging.
    • The “Infinity Unlock” might turn out to be a potential point of attack in the future.

    The only thing to remember is that the limit order feature only works with ER20 standard tokens.

    As 1inch Exchange is non-custodial, it will constantly need to interact with your cryptocurrency wallets. If you’re looking for a handy shortcut, you can simply enable the ‘infinity unlock‘ gesture.

    Once selected, all trading activities will be executed without interacting with the app – essentially reducing your gas fees.

    1inch Exchange Features

    As a DEX aggregator, 1inch Exchange seems to be performing well – delivering on all its promises. That said, the platform has much more in stock for cryptocurrency traders.

    Take a look at what 1inch Exchange offers other than its core aggregator service.

    1inch Exchange Token

    The 1inch Exchange token is one of the latest endeavors of the platform.

    In 2021, they had become partners with major crypto projects and had been a relatively successful year for Exchange.

    1inch Exchange activity

    1inch Exchange acts as a tool for traders to find the best rates.

    For example, 1inch Exchange gets its liquidity from many other decentralized exchanges. It provided a better token conversion rate for users than they would have found from any of the DEXs at the time.

    1inch Exchange Features 1inch Exchange

    Routing 1inch

    Exchange uses the proprietary Pathfinder API, which tracks and identifies the best routing options. After a user makes the switch, Pathfinder will quickly scan several exchanges to find the option with the most potential for profits.

    1inch Exchange Cost 1inch Exchange Exchange

    Do not charge any transaction, deposit, or withdrawal fees.

    When 1inch routes your trade through other exchanges, the trade will incur their fees, which 1inch passes onto you.

    That’s not to say 1inch trades end up being more expensive than going directly to Uniswap or Curve. It’s often the case that your fees end up just as low, if not lower, with a good exchange rate to boot.

    Mooniswap

    In the early days of 1inch, the team sought to differentiate its aggregator product from the liquidity protocol being built in tandem. As a result, the Mooniswap DEX was born to streamline token swaps but also offer more firepower to liquidity providers.

    Notably, Mooniswap gives portions of slippage profits back to LPs instead of arbitrageurs.

    In 2019, they participated in the ETHNewYork hackathon event, which honed the protocol into the DEX aggregator it is today. Kunz had previously done coding work for large corporations via Mimacom consultancy, which served Porsche, Siemens, and Bosch, to name just a few.

    In late 2017, Kunz launched his YouTube channel CryptoManiacs, serving as a meeting ground with his future business partner and co-host Anton Bukov. During the 60-hour course of New York’s hackathon, they developed 1inch as a DEX aggregator.
    However, they had not built it from scratch during the event. Previously, Kunz had coded an arbitrage bot that seeded the idea for a platform that gives users better trade deals than a single DEX.

    Although their project only won a minor prize in the competition, it has grown to become much more successful than other projects.

    The coins are now available on different decentralized and centralized exchanges and can be purchased by most of the crypto community. Some of the platforms that are already working with this virtual currency include Binance, Uniswap or Huobi Global.

    It is worth taking into consideration that the virtual currency has moved from $0.82 in early January to over $6 a few days ago. This shows that there is a bullish demand for the virtual currency in the market.
    Although it is not possible to predict how far this virtual currency can go, moving from $0.82 to these levels shows that there is a large demand for this digital asset.

    The next 30% will be distributed within the next four years, and the remainder at various intervals.

    As a trader, you are eligible for a 1inch Exchange token if you meet one of the three conditions set by the platform.

    • You should have executed at least one trade before 15th September 2020
    • You should have completed at least four trades in total
    • These trades should be worth a total of at least $20.

    If you fulfill the above requirements, you can redeem the token directly from your cryptocurrency wallet that is connected to the 1inch Exchange platform.

    Any tokens available for you to claim will be displayed under your 1INCH breakdown’ from the wallet.

    1inch Exchange CHI Gas Token

    When sending and receiving Ethereum, ‘gas’ is the fee charged by ETH blockchain platforms.

    Here, one such application- a 1-inch exchange that helps to identify the lowest cryptocurrency price for beginners to make an initial investment before stepping into a significant step.

    What is the 1-inch Exchange?Features of 1-inch ExchangePros & Cons of the 1-inch Exchange?How to use 1-inch Exchange? (Beginners Guide)FAQ

    What is the 1-inch Exchange?

    Basically, the 1-inch exchange is a DEX Platform, that has an algorithm and analyses the best & reasonable prices for suitable investors. Anton Bukov and Sergej Kuntz founded 1-inch Exchange in 2019 and it supports more than 200 cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

    The 1-inch exchange compares cryptocurrency prices across different decentralized exchanges, then reroutes their customers’ trades between these exchanges so that they always receive the best price.

    This makes it possible to create an account and right away be able to start trading.

  • Their servers spread out across the globe leading to a lower risk of server downtime.
  • They are essentially immune to hacker attacks.
  • However, DEXs normally have an order book with lower liquidity than their centralized counterparts and if you lose your password, it is probably lost forever.

    1inch.Exchange Trading View

    Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history.
    They normally also have buy and sell-boxes.

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