$1.87
1H
3.19%$0.0577
24H
-6.55%$-0.1309
7D
47.34%$0.6001
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 is excited to announce a new liquidity mining program, which is coming alongside an upgrade of 1inch Liquidity Protocol to version 1.1 with improved governance procedure.
1inch said that there will be no vesting schedule and that its liquidity providers will be able to collect their rewards once the 1INCH token has been issued.
DeFi markets are seeing a sharp correction amid heavy profit-booking in the market. Over the last week, top DeFi tokens registered double-digit corrections. The positive indicator is DeFi users have multiplied by 3x over the last three months.
Through this new partnership, 1inch users will get the best rates for TRON assets. Moreover, liquidity providers on the TRON blockchain will benefit from Mooniswap’s virtual balances.
Since the launch, SRM’s trading volume has exceeded $350 million in the first twelve hours. The Serum token is native to the Serum DEX.