1inch 1INCH Price

What is 1inch (1INCH)?

Decentralized Finance (DeFi) has witnessed significant growth in recent years, with various platforms emerging to offer users innovative solutions. One such player making waves in the DeFi space is 1inch Network (1INCH), a decentralized platform founded by Sergej Kunz and Anton Bukov during the ETHGlobal New York hackathon in May 2019.

Introduction to 1inch Network:

1inch is not just a decentralized exchange (DEX) aggregator; it's a comprehensive DeFi platform that unites various protocols to optimize trades across multiple DEXes on different blockchain networks. Launched in August 2020, the platform quickly gained traction, reaching 1 million users and surpassing $150 billion in overall volume on the Ethereum network alone within just two years.

How 1inch Network Works:

The 1inch Aggregation Protocol, the flagship protocol of the network, employs the Pathfinder algorithm to scour over 300+ liquidity sources on 10 chains, including Ethereum, BNB Chain, Polygon, and others. This protocol enables users to find the most efficient swapping routes across all platforms, eliminating the need for manual price checking.

The 1inch Liquidity Protocol, a next-gen automated market maker (AMM), protects users from front-running attacks and provides attractive opportunities for liquidity providers. The 1inch Limit Order Protocol introduces flexibility with features like dynamic pricing and conditional orders, catering to various DeFi trading strategies.

Unique Features of 1inch Network:

What sets 1inch Network apart is its commitment to deep liquidity, low slippage, and best exchange rates. The platform's Fusion mode, introduced in late 2022, allows users to exchange tokens on various DEXes without incurring network fees, ensuring the most favorable rates. Professional traders handling user orders in Fusion mode employ sophisticated methods to protect trades from Miner Extractable Value (MEV), enhancing user security.

Governance and Utility Token:

The 1INCH token serves as the governance and utility token of the network. Holders can stake their tokens to actively participate in the 1inch Network's DAO governance, influencing decisions such as treasury management. Additionally, holders can choose resolvers and earn a share of their fees. The Fusion mode introduces Unicorn Power (UP), which users can receive by staking 1INCH tokens and subsequently delegate to 1inch Fusion Resolvers for rewards.

Security and Audits:

1inch prioritizes security, employing a non-custodial approach where all trades occur within a user's wallet on supported blockchains and layer-2 networks. The platform integrates security checks during every transaction, preventing losses. Furthermore, 1inch smart contracts undergo rigorous audits by leading industry teams, including OpenZeppelin, Consensys diligence, Certik, and others.

Funding and Recognition:

In December 2020, 1inch secured $12 million in Series A funding led by Pantera Capital. A year later, the platform closed a remarkable $175 million Series B round, with Amber Group leading the investment. Notable investors in the Series B round included Jane Street, VanEck, and Gemini Frontier Fund, among others.

Conclusion:

1inch Network continues to shape the DeFi landscape with its user-centric approach, innovative protocols, and emphasis on security. As the platform evolves and introduces new features, it remains a key player in providing users with efficient, secure, and competitive DeFi solutions. With a solid foundation, strategic funding, and a growing user base, 1inch Network is poised for further success in the dynamic world of decentralized finance.

1inch Network prioritizes user security through non-custodial operations, conducting all trades within users' wallets on supported blockchains and layer-2 networks. The platform integrates rigorous security checks in every transaction, with smart contracts audited by industry-leading teams, including OpenZeppelin, Consensys diligence, and Certik.

What is unique about 1inch (1INCH)?

1inch Network stands out for its all-encompassing suite of DeFi protocols, offering deep liquidity, low slippage, and the Fusion mode, allowing fee-free token swaps on various DEXes while ensuring top-notch security against Miner Extractable Value (MEV).

Who are the founders of 1inch (1INCH)?

1inch Network was founded by Sergej Kunz and Anton Bukov during the ETHGlobal New York hackathon in May 2019, driven by their shared passion for decentralized finance (DeFi) and innovation.

Who are the backers/investors of 1inch (1INCH)?

1inch Network has garnered support from prominent investors, including Pantera Capital, Amber Group, Jane Street, VanEck, and Gemini Frontier Fund, among others, raising $12 million in Series A funding in December 2020 and securing an impressive $175 million in Series B funding in December 2021.

Where can I buy 1inch (1INCH)?

You can buy 1inch (1INCH) on Binance, MEXC, Gate.io, BitgetBybit cryptocurrency exchanges.