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DEX aggregator 1inch is now live on Solana as it looks to expand its overall reach to users, a move that triggered an uptick in the token.
1Inch has officially partnered with the Bruce Lee Family Company in its bid to take DeFi and crypto mainstream.
1inch has updated its cross-chain swapping system by launching Fusion+, offering a seamless, gasless, and self-custodial experience for its users.
1inch has introduced a new debit card powered by Mastercard, for the average user to easily spend crypto and also make ATM withdrawals.
1inch unifies decentralized protocols, thus, allowing users to conduct efficient, user-friendly, and secure operations in the DeFi space.
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).
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