Decentralized exchange is commonly known as DEX.
If you’re a new or experienced crypto trader, you might have heard of decentralized exchange several times. A decentralized exchange is the peer-to-peer (p2p) marketplace where all the transactions take place between traders.
The key reason why people are opting for cryptocurrency is the elimination of central authority such as intermediaries, banks or brokers. The decentralized exchanges are here to serve this core feature.
Thanks to decentralized exchange, traders need not to worry about hackers or unauthorized users. As they don’t rely on third-party or intermediaries. No information can be hackers and traders can process transactions with greater security and safety.
Currently, there are several decentralized exchange (DEX) options available in the marketplace. Among them, Uniswap, PancakeSwap and 1inch are popular crypto decentralized exchanges.
Want to know about 1inch? Yes! Without further delay, let’s dive into the topic.
What is 1inch (1INCH)?
1inch is the popular exchange aggregation platform that effectively scans all the decentralized exchanges in order to find out the cheapest crypto price. Simply put, 1inch provides the best price by finding the swapping routes around all the decentralized exchanges. These DEX’s allow traders to process cryptocurrency transactions without any intermediary. Traders can check their transaction history with ease. Decentralized exchanges enable users to maintain control over all their funds. No need to share personal information to maintain the funds in the wallet.
It’s no surprise that transaction charges may vary accordingly across all the decentralized exchanges. Rather than checking and comparing the prices across all the decentralized exchanges, 1inch will collect the information of the transaction price from multiple decentralized exchanges to allow users to choose the optimal transaction prices available in the market. This is a great opportunity for traders to capture the cost-effective price under one roof.
Investors will get a great benefit from this 1inch platform. It is powered by its native token – 1INCH.
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Who created 1inch (1INCH)?
1inch was created on the Ethereum (ETH) blockchain platform. It was introduced by Surjey Kunz and Anton Bukov in May 2019. Previously, Surjey Kunz has worked as an experienced software engineer for the company Porsche and Anton Bukov worked as a software developer who had hands-on experience while developing the “NEAR Protocol ”. They have good experience in smart contract auditing. Hence, they both worked together while creating the blueprint for a 1inch network.
1INCH has raised around $15 million just in terms of funding. Currently, 1inch is powered by “1inch Network Foundation”. This foundation is a non-profit organization introduced in December 2020, after the launch of a 1inch coin.
How does 1inch (1INCH) work?
Let’s have a look at the working model of 1inch.
1inch works similarly to the travel booking platforms. You might have come across several travel booking platforms such as MakeMyTrip, Booking.com, Tripadvisor and more. These platforms will aggregate prices from thousands of airlines, hotels, and more. Similarly, 1inch will compare the crypto prices and trading experiences across multiple decentralized exchanges (DEX).
1inch aggregation protocol – provides an updated version of the smart contracts. Million thanks for the upgrade, it has made everything better. The update has made efficient and fast aggregated trades to decentralized exchanges. Within a few clicks, traders can easily access their liquidity on Ethereum and also. BSC’s DEX’s.
1INCH liquidity protocol – is a new automated market, this approach protects traders from all the attacks. On the other hand, AMM provides excellent opportunities to all liquidity providers.
1inch limit order protocol – allows the effective limit order swapping opportunities in decentralized finance. This protocol offers dynamic pricing, additional RFQ service, stop-loss, auctions, conditional orders and more. With this protocol, traders can effectively place the order and also automatically lock in the earnings at a certain price. This is the best way to prevent losses.
Pioneering governance – Decentralized finance is growing rapidly. The saddest part is most of the governance models are not adopting the changes to the DeFi rapidly evolving. The 1inch network has introduced an instant governance feature, which allows the community users to vote for the individual protocol setting. This is handled under the DAO (decentralized autonomous organization) model in an efficient manner. Instant governance can be the best way for the community members to involve and get benefited without additional barriers. Every community user’s vote does matter in the instant governance.
1inch wallet is the popular multichain mobile network that offers a user-friendly interface. Traders can securely store their funds, transactions and other staking capabilities.
How many 1inch (1INCH) coins are there?
There are around 470 million 1inch tokens in the circulation supply. The total supply of 1inch coins is 1.5 billion. The current price of the token is $1.84 with a trading volume of around $82,105,470. The token can be further used to concern every 1inch (1INCH) network protocol. Keeping it simple, tokens will take control to the next level in the decentralized finance space.
What makes 1inch (1INCH) unique?
1inch user-interface! Yes, you’ve heard it right. 1inch offers a user-friendly interface, new traders can use 1inch without hassle. Easy usability is the top unique feature of a 1inch platform. 1inch (1INCH) exchange will split the cryptocurrency swap over 21 liquidity protocols, this will save user’s lots of money. The popular liquidity protocols include Kyber, Uniswap, Cueva, Mooniswap, Balancer and more. Furthermore, there are no failed transactions recorded. 1inch has reduced the occurrence of the failed transactions using a “dexterous order filling system”.
1inch platform has unbelievable investments from branded companies such as Kyber, Loi Luu, Binance Labs, Network founder, Galaxy digital, etc. It sounds like the 1inch future will be in better hands.
Conclusion
1inch (1INCH) exchange is the leading decentralized exchange aggregator in the cryptocurrency market. The platform help traders and investors find out the best trading prices for their coins or digital assets. Rather than swapping coins from one liquidity pool, 1inch aggregates around multiple pools and allows users to choose the best approach to trade their tokens. In general, 1inch is the popular exchange aggregation platform that scans the DEX’s to find out the cheapest crypto price for users. The native token for a 1inch network is 1INCH.
