The 1inch Network combines decentralized protocols to create a platform that ensures the most profitable, swift, and secure transactions within the DeFi sector.
The inaugural protocol of the 1inch Network is a decentralized exchange (DEX) aggregator that scours deals from numerous liquidity pools, providing users with superior rates compared to any standalone exchange. The 1inch Aggregation Protocol employs the Pathfinder algorithm to identify the best routes across more than 400 liquidity pools on 12 networks, including Ethereum, BNB Chain, Polygon, Avalanche, Optimism, Arbitrum, Fantom, Gnosis Chain, Klaytn, Aurora, zkSync, and Base.
In a little over two years, the 1inch DEX aggregator has garnered 1 million users and surpassed $150 billion in total trading volume solely on the Ethereum network.
The 1inch Limit Order Protocol offers cutting-edge and adaptable limit order swap options in DeFi. Its features, such as dynamic pricing, conditional orders, and enhanced RFQ support, enable various functionalities, including stop-loss and trailing stop orders, plus auctions.
The 1inch Wallet is a multichain mobile platform with an intuitive interface, providing secure storage, transaction, and staking functionalities. This wallet was designed from scratch to facilitate seamless interaction with 1inch's features.
The 1INCH token serves as the governance and utility token for the 1inch Network. Holders of 1INCH can stake their tokens to participate in the governance of the 1inch Network's DAO, which includes managing the 1inch DAO Treasury. Additionally, token holders can select resolvers and earn a portion of their fees.
With the 1inch Fusion feature, users can stake 1INCH tokens to obtain Unicorn Power (UP), which they can then delegate to any 1inch Fusion Resolver to begin earning rewards. When staking, users can choose a custom or preset lock period. The st1INCH tokens cannot be unstaked or withdrawn without incurring a penalty until the specified lock period ends.
In December 2020, 1inch secured $12 million in Series A funding led by Pantera Capital, with participation from ParaFi Capital, Blockchain Capital, Nima Capital, and Spartan Group. This funding round was conducted via a SAFT (simple agreement for future tokens) sale.
By December 2021, 1inch successfully closed a $175 million Series B funding round, led by Amber Group. This round attracted nearly 50 investors, including Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.
Who Founded the 1inch Network?
The 1inch Network was established by Sergej Kunz and Anton Bukov during the ETHGlobal New York hackathon in May 2019. The duo initially connected during a live stream on Kunz's YouTube channel, CryptoManiacs, and began participating in hackathons together, winning a prize at an event in Singapore and two major awards from ETHGlobal.
Before founding 1inch, Sergej Kunz worked as a senior developer for the product price aggregator Commerce Connector, developed software at the communication agency Herzog, managed projects at the Mimacom consultancy, and was later employed full-time at Porsche, focusing on DevOps and cybersecurity.
Anton Bukov has been involved in software development since 2002 and has been active in decentralized finance (DeFi) since 2017. His professional experience includes working on projects like gDAI.io and NEAR Protocol.
What Distinguishes the 1inch Network?
Alongside offering access to the deepest liquidity from numerous sources across various blockchains, the 1inch Network provides users with competitive pricing and robust security, being one of the most thoroughly audited projects in DeFi.
In late 2022, the platform introduced Fusion mode, allowing users to swap tokens without incurring network fees and at optimal rates. Fusion mode also grants additional MEV protection. All swaps in this mode are handled by resolvers, skilled traders who utilize advanced methods to shield user swaps from MEV.
How is the 1inch Network Protected?
The 1inch platform is non-custodial, with all trades conducted within a single transaction from a user's wallet, compatible with any of the supported blockchains and layer-2 networks.
The technical design of all 1inch protocols offers users a significant level of security. For instance, insecure liquidity sources can connect to the 1inch Aggregation Protocol without posing a risk to users' funds. The protocol includes security checks within every transaction to avert any potential losses. As of July 2022, more than 240 liquidity sources are incorporated into the 1inch Network.
1inch's smart contracts have undergone audits by prominent audit firms in the industry, including OpenZeppelin, Consensys diligence, SlowMist, Haechi Labs, CoinFabrik, Certik, Hacken, Scott Bigelow, MixBytes, and Chainsulting.
Where Can You Acquire 1INCH?
After the 1INCH token was launched in late December 2020, wallets that interacted with the 1inch dApp until midnight on December 24 were eligible to receive 1INCH tokens, provided they met specific criteria. Liquidity providers for the 1inch Liquidity Protocol also earn 1INCH tokens through various incentives and liquidity mining programs from the 1inch Foundation.
1INCH is available on several exchanges, including Binance, Huobi Global, Coinbase, Kraken, KuCoin, and OKEx.
To delve deeper into this project, check out our comprehensive exploration of the 1inch Network and the 1INCH "Learn & Earn" campaign page.
