$0.77
1H
0.60%$0.0046
24H
15.8%$0.1051
7D
11.8%$0.0810
30D
-16.5%$0.1521
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).
1inch Network has been making many moves to improve the platform’s utility. Recently, it unveiled a spot price aggregator to extract data about digital assets trading on decentralized exchanges.
As part of its strategy of offering users more fiat-to-crypto exchange options, the 1inch Network is happy to announce the integration of Transak, a fiat on ramp aggregator, into the 1inch Wallet.
The Android wallet by 1inch will allow users to trade several tokens across the different exchange networks.
As per 1inch, P2P service offers trustless swaps backed by smart contracts and complete decentralization.
The 1inch Earn employs concentrated liquidity distribution thereby offering an efficient reward system to liquidity providers.