1inch
1inch is a DEX aggregator that enables users to optimize transactions across hundreds of DEXs on various blockchains such as Ethereum, Binance Chain, Polygon, Optimism, Gnosis, Avalanche, Arbitrum, and others. It quickly evaluates hundreds of quotes and fees across several DEXs to get the cheapest rates for consumers. It reroutes the clients' trades and assures that they receive the best price.
The 1inch aggregation protocol employs the Pathfinder method to separate the best prices from over 70 liquidity sources on Ethereum, over 40 on BSC, over 20 on Polygon, over 40 on Avalanche, and other sources. The DEXs Uniswap, ox, Balancer, and 1inch's proprietary liquidity protocol, Mooniswap, are all used in the protocol.
1inch was created at the ETHGlobal hackathon in May 2019 at New York. However, the project's origins are deeper.
Sergej Kunz and Anton Bukov, two Russian programsrs, first met in 2017. The two were interested in security, smart contracts, and blockchain technology. Bukov appeared on Kunz's Russian-language CryptoManiacs YouTube channel frequently and later became a co-host.
Kunz and Bukov performed smart-contract security assessments for Russian enterprises and began participating in crypto hackathons across the world for fun.
The platform has subsequently collected around $15 million in investment and is currently managed by the 1inch Network Foundation, a non-profit corporation, that issued the 1INCH token in December 2020.
Kunz and Bukov, both keen DeFi enthusiasts, began by experimenting with arbitrage bots and developing the first medium viable product during the ETHNewYork hackathon in 2019. They didn't win any substantial awards at the 2019 ETHGlobal competition, but they did return from New York with the code for a functional DEX aggregator. They continued to refine the code, and in July 2020 CryptoManiacs changed their name to 1inch Limited.
The project is made up of the following primary components that work together:
· 1inch Aggregation Protocol: Provides consumers with competitive rates while facilitating secure and cost-effective swap transactions across numerous liquidity sources. This protocol uses the pathfinder algorithm to identify the most beneficial routes between various marketplaces on Ethereum, BSC, Polygon, Optimism, and Arbitrum.
· 1inch Liquidity Protocol: A next-generation AMM that protects customers from front-running threats while also providing significant possibilities to liquidity providers.
· 1inch Limit Order Protocol: Allows for flexible limit order swap functionality in DeFi. Dynamic pricing, conditional orders, power different implementations, including stop-loss and trailing stop orders as well as auctions are all elements of the protocol.
The native ERC-20 utility and governance token for the protocol is 1INCH. The following are the implementations for 1 INCH: · Liquidity mining: Users can add funds to the liquidity pools to get incentives for mining liquidity and a share of the 1inch DEX transaction costs.
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -40% Decrease 19/10/2021 eToro expands its crypto offerings with ATOM, GRT, CRV, and 1INCH +53% Increase 18/05/2021 China closes financial, cryptocurrency, and payment trading institutions -56% Decrease 27/01/2021 1INCH price rallies as its monthly DEX volume nears $6 billion +84% Increase
Numerous elements of 1INCH include a cutting-edge governance mechanism intended to change the way decentralized networks are operated. With a market value of over $380 million, 1inch Network's ERC-20 token gives adequate liquidity and provides a profitable as well as cost-efficient service to traders and liquidity providers.
