What is 1inch (1INCH)?

1inch is a network that connects multiple decentralized exchanges (DEX) into one unified platform. 1inch exchange allows users to compare and optimize their crypto trades and swaps without going through every exchange separately. The platform is unique because 1inch splits the order and uses APIs to find the best possible route for a token swap. This way, the 1inch protocol aims to offer the best possible rates to users. An API (application program interface) is a collection of protocols and software-building applications. Providing security and lowering gas fees are among the main objectives of the 1inch network. The platform claims to lower Ethereum gas fees by allowing the usage of Chi GasTokens.

The 1inch network uses multiple protocols, and the synergy of these protocols ensures fast and protected operations in the DeFi space. 

• Aggregation Protocol: This protocol sources liquidity from various exchanges and splits a single trade across multiple exchanges to offer the best rates. The core of this protocol is the V3 smart contract, which performs runtime verification of transactions. The aggregation protocol uses the pathfinder algorithm for finding the best paths across multiple markets in less than a second. The pathfinder algorithm finds routes across over 60 Ethereum liquidity sources, more than 30 Binance liquidity sources, and 30+ polygon and optimistic Ethereum liquidity sources.

• Liquidity Protocol: This is an automated market maker (AMM) that allows users to automatically trade their assets using liquidity pools. The liquidity protocol provides liquidity to the pools and enables users to participate in liquidity mining programs to earn rewards. 

• Limit Order Protocol: This protocol facilitates an innovative and flexible limit order functionality. The protocol features no fees, dynamic pricing based on demand and supply, conditional execution of orders, and multichain support and fulfills requests for quotations. Furthermore, the protocol implements stop-loss orders, trailing stop orders, and auctions, making the protocol very flexible.

According to the website, 1INCH is the native token of the network. 1INCH is an Ethereum token that serves as a governance token and a utility token. The token is used in the governance modules of the aggregation protocol and the liquidity protocol. 1inch DAO is the decentralized organization that governs the network parameters and enables the 1Inch token holders to vote for protocol parameters and collect rewards. Besides, the 1INCH token is the network’s cryptocurrency and can be traded on many exchanges like Coinbase.

History of 1inch (1INCH)

The 1inch network was launched in May 2019. The token 1INCH was launched in December 2020 by founders Sergej Kunz and Anton Bukov.

Formerly, Sergez Kunz was working full-time as a cybersecurity specialist at Porsche. He had also worked as a senior developer at a price aggregator.  Anton Bukov has a history of working in software development and has recently also worked in decentralized finance. 

How Are New 1INCH (1INCH) Tokens Created? 

Being a governance token, the 1inch DAO enables the token holders to vote for crucial parameters. The holders collect rewards for participating in governance. The foundation distributes the tokens to community members through various incentivization activities. 

Investors can also participate in liquidity mining programs and earn 1INCH tokens. 1NCH tokens can be locked into liquidity pools to become liquidity providers. Investors can earn yield farming rewards in the form of new 1INCH tokens by providing liquidity to the 1inch pools. 

How Many 1inch (1INCH) Tokens Are There?

The website states that the total supply of 1INCH tokens is 1.5 billion. 30% of the total supply will go to community incentive programs. 14.5% is reserved for the network’s growth and development. The remaining tokens are for backers and core contributors.

How to Buy 1INCH (1INCH) Tokens

There are many exchanges to buy and sell 1INCH tokens, including Coinbase.