$1.57
1H
1.36%$0.0211
24H
-0.59%$0.0093
7D
-30.3%$0.6828
30D
-42.9%$1.18
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).
Expanding its DeFi footprint, 1inch announces the deployment of 1inch Limit Order Protocols on the Avalanche and Gnosis blockchain platforms.
As major Web 3 and DeFi projects have been struggling with decentralizing their projects, 1inch solves this issue by allowing users to save versions of a web app to their personal Skynet storage by supporting Homescreen.
1inch has its eyes fixed on launching a new product line that will cater exclusively to institutional investors looking to take a dive into the decentralized finance ecosystem.
Although 1INCH has now fallen to less than $6 at press time, the governance token hit a new all-time high after a relatively uneventful week.
The Federal Reserve Chair, Jerome Powell, recently stated that his institution had no intention of banning cryptocurrencies. While this is a positive sign for the regulatory future of cryptocurrencies, we are still in a hazy area.