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1inch is an international organization that specializes in developing and launching decentralized finance (DeFi) solutions. It was founded in May 2019 at the ETHNewYork hackathon by Sergej Kunz from Germany and Anton Bukov from the Netherlands. The rest of the team is based in more than ten locations throughout the world. Investors in the company include DragonFly Capital Partners, Binance Labs, and FTX.
1inch Introduction
1inch itself is a decentralized exchange (DEX) aggregator, and the company behind it has developed products for its users so they can trade across multiple DEXs on various networks.
1inch has a decentralized app (dApp) that can be used as a tool to find information, such as the best exchange rates for cryptocurrencies. Users can choose from ten networks, including Ethereum, Optimism, or Fantom, and connect their digital wallets, such as WalletConnect, Venly, or Coinbase Wallet. Once their wallet is connected, users can swap tokens.
1inch has a digital wallet, called 1inch Wallet. It can be downloaded onto mobile devices that use Android or iOS. Users can send, receive, store, transfer, stake, and swap cryptocurrency assets with the wallet. NFTs can also be stored in the wallet, and users can also access a gaming feature.
1inch's aggregation protocol sources liquidity from multiple exchanges. It is also designed with a feature to ensure the best rates by splitting a single trade transaction across multiple DEXs. The protocol is designed so users' funds will not be lost even in the case of an interaction with an unsafe liquidity source.
1inch's limit order protocol allows users to place an order into the 1inch database through the 1inch user interface. It does not charge any fees, and users can set parameters for conditional orders so their orders are only executed on what they deem as profitable trades. The limit order protocol is operable on various chains, including BNB Chain and Avalanche.
1inch is governed by a decentralized autonomous organization (DAO). Users can vote for key protocol parameters as long as they hold 1INCH, the token of 1inch. The token serves as both a governance and utility token and is available for purchase on Ethereum and BNB Chain.
