
1inch Investment Fund Acquires $10M Worth of Ethereum
The wallet holds a significant amount of ETH alongside other cryptocurrencies worth around $80 million in its portfolio.
$0.25
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-0.26%$0.0007
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-5.56%$0.0149
7D
-5.35%$0.0143
30D
7.16%$0.0169
1inch is a decentralized exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for a user to find the best price for a swap, they need to look at every exchange – DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXs.
DEX aggregators work by sourcing liquidity from different DExs, meaning that they are able to offer users better token swap rates than they could find on any single DEX, in the shortest time possible.
1inch launched in August 2020 after a $2.8 million funding raise from Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures and Divergence Ventures.
In December 2020, 1inch raised another $12 million in Series A funding, led by Pantera Capital, with others including ParaFi Capital, Blockchain Capital, Nima Capital and Spartan Group. The funding round was conducted through a SAFT sale (simple agreement for future tokens).
1inch in winter 2020 also launched Mooniswap, its own automated market maker (AMM).
The wallet holds a significant amount of ETH alongside other cryptocurrencies worth around $80 million in its portfolio.
1inch network announced that its limit order protocol has been deployed on a Coinbase-backed Base with direct access to several DeFi projects like Uniswap V3, and Balancer V2, among others.
The activities in the 1INCH protocol are expected to remain high, particularly due to increased altcoin FOMO.
1inch’s hardware wallet uses wireless charging and can last for up to 2 weeks after a full charge.
IDOs will continue to shape the future of the crypto industry by offering a more inclusive and democratic alternative to traditional fundraising methods, providing a faster way to secure funding and get listed, and driving innovation and increased adoption.