$0.51
1H
-0.19%$0.0010
24H
-3.63%$0.0193
7D
-2.97%$0.0157
30D
-15.7%$0.0952
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).
Although the FTX hacker lost a sizable chunk of the loot due to hasty decision-making, they still hold $339 million in various crypto.
Kunz also stated that the partnership is in line with 1inch’s aim of improving the user’s transaction experience by collaborations with cutting-edge DeFi projects.
Are you looking for an update on what’s happening in crypto? We’ve put together a shortlist of cryptocurrency projects you should know more about.
Meanwhile, the 1inch Limit Order Protocol has witnessed a decline in the volume of trades on the platform.
The collaboration will also provide KuCoin Wallet users with access to 1inch’s Limit Order Protocol functionality.
