The 1inch platform Is a composition of several decentralized protocols whose synergy facilitates the highest level of lucrativeness, speed, and security for its operations in the DeFi space.
The first protocol used on the 1Inch network is a decentralized exchange (DEX) aggregator solution system. The system deals with liquidity provision across multiple sources, thereby offering its participants improved rates than most of the other individual platforms. The Aggregation Protocol used by the 1inch network encompasses a protocol known as the Pathfinder algorithm. The algorithm is used for discovering the best paths across over 50 liquidity sources that exist on the Ethereum blockchain. It also has over 30 liquidity sources on Binance Smart Chain, 30+ on the Polygon network, and Arbitrum. Even though the platform launched recently and has only seen just over two years of operation, its Aggregation Protocol has been able to exceed $80 bln in its trading volume on the Ethereum blockchain alone.
Essentially, the 1inch network provides a Liquidity Protocol that is considered a next-generation automated market maker (AMM). The system ensures that participants on the network are protected from front-running attacks, as well as also providing attractive opportunities to liquidity providers.
Who are the Founders of 1Inch (1INCH)?
The 1inch Platform was co-founded by Sergej Kunz and Anton Bukov while the ETHGlobal New York hackathon was underway in May 2019. The duo had previously been acquainted during Kunz’s YouTube channel (CryptoManiacs) live stream and ever since, began to compete in hackathons together. This led them to win a prize at a hackathon in Singapore, in addition to two other major awards from the ETHGlobal corporation.
Before creating 1inch, Sergej Kunz served as one of the senior developers at product price aggregator Commerce Connector. He also partook in coding exercises at the communication agency Herzog. Kunz also led a series of projects at Mimacom consultancy, before moving on to work full time in both DevOps and cybersecurity at Porsche. Anton Bukov on the other hand was majorly involved in software development since 2002 but later ventured into the world of decentralized finance (Defi) in 2017. According to his resumè, he was also involved in other projects including DAI and NEAR Protocol.
What is 1Inch (1INCH) used for?
The network has a dedicated utility token known as 1INCH. It also serves as the governance token of the network and can be used for spending, holding, or staking. As the platform’s governance token, users that hold the 1INCH token can vote on and also propose changes and updates to the 1inch protocol. These could include fee structures and it’s distributed across platform users.
The system’s token also holds value outside the 1inch network, implying that it can be traded with other cryptocurrency pairs to earn a profit for its holders.
What Is the Unique Point of 1Inch (1INCH)?
The 1inch network operates in a similar way to most of the popular travel booking websites. In the same way these websites aggregate prices from several airlines, and travel provider websites, the 1inch system also differs cryptocurrency prices, as well as trading fees across hundreds of decentralized exchanges. To achieve this comparison data, the system applies a series of protocols. These include
· The Aggregation Protocol
The network uses an automated system that routes trades to the platforms with the best prices and lowest fees. This allows traders to use a single platform while comparing prices and executing trades across the entire ecosystem.
· Liquidity Protocol
The 1inch liquidity protocol was originally launched with the name Mooniswap. The protocol allows participants on the network to earn passive income on their digital assets through a system that involves them depositing In the 1inch liquidity pools. The token held in liquidity pools can thereafter be used for the opposite side of transactions by traders who place trades using the 1inch decentralized exchange.
How many 1Inch (1INCH) coins are in circulation?
In August 2020, the 1inch network received a $2.8 million funding that was raised from a series of other corporations including Libertus Capital, Galaxy Digital, Binance Labs, Greenfield One, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, and Divergence Ventures.
Later In December 2020, the network raised another $12 million in the form of Series A funding. The process was led by Pantera Capital, while other participants were involved including Blockchain Capital, ParaFi Capital, and Spartan Group. The entire funding process was executed via a simple agreement for future tokens sale. The total supply of 1inch tokens available is capped at 1,500,000,000 tokens and it has a circulating supply of 400,284,409 1INCH.
Is the 1Inch (1INCH) Network secured?
The 1inch network is operated on non-custodial principle, as such, all trades being executed on the network take place within one transaction through the walled of a user on any of the supported blockchains and layer-2 networks available. The technological configuration of all protocols within the 1inch network provides an elevated degree of security to users as well. For instance, liquidity sources that are not optimally secure can connect to the Aggregation Protocol used on 1inch without users having to run the risk of losing their funds. The protocol incorporates security checks while every transaction is ongoing to prevent any losses. As of October 2021, the platform has gained over 120 liquidity sources, all of which are integrated into its Network.
The smart contracts protocol used by the 1inch network has also been audited by several top-rated firms. Some of these include Chainsulting, Certik, MixBytes, Open Zeppelin, SlowMist, CoinFabrik, Consensys diligence, Haechi Labs, and Scott Bigelow.
How do I buy 1Inch (1INCH)?
In the world of cryptocurrency, there are only a few networks that provide major fee reductions with large format scalability while also ensuring that participants are protected from losses. These are the offering of the 1inch network that has led to its availability across several platforms and can be easily purchased through the steps below.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and Buy 1INCH through your trading account.
Which Cryptocurrency Wallet Supports My Neighbors 1Inch (1INCH)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as 1Inch (1INCH). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their 1Inch wallet because offers a simple and interactive interface making it easy for people to navigate its system.