Review of 1inch

What is 1inch? It is a decentralized crypto exchange (DEX) that offers users tools to conduct profitable deals with digital assets. We will explain how 1inch works and what its peculiarities are. On our website, you can find the current price of 1inch displayed as a live price chart. Additionally, you can find charts for WOO Network crypto and other tokens.

1inch is positioned by its developers as a “universal access point to the field of decentralized finance.” The 1inch platform can also be referred to as a DEX aggregator. It assists users in searching for the best cryptocurrency rates across decentralized cryptocurrency exchanges.

How does 1inch work?

1inch analyzes data on cryptocurrency rates on various DEXs to offer users the best conditions for their token transactions.

The developers recognized that in order to conduct a transaction at the most favorable rate, it is sometimes necessary to divide the total amount into several parts and perform operations with fragments on different decentralized cryptocurrency exchanges. In some cases, improving conditions can be achieved through preliminary conversion of coins to other coins. 1inch is capable of handling these tasks.

The crypto exchange is also able to burn gas tokens within a transaction, which, according to the developers, reduces operating costs.

The platform was founded in 2019 by two Russians, Anton Bukov and Sergey Kuntz. According to their social networks, both developers currently reside in Europe.

It is known that the team created a minimum viable product (MVP) to launch their project during the ETHNewYork conference.

Overview of 1inch sections

The 1inch platform consists of several sections. Let’s take a closer look at them.

Products

The “Products” section includes two categories where the developers have placed a number of services.

Applications

Decentralized application (dApp)

This is described by the developers as “a tool to access the maximum amount of liquidity, the lowest slippage, and the best exchange rates.” In simple terms, this is what the 1inch Crypto Exchange is all about.

To start using the decentralized application, you need to accept the platform’s terms and choose one of the available working networks, such as Ethereum, BNB Chain, Polygon, Optimism, Arbitrum, Gnosis Chain, or Avalanche. You will also need to log in through a cryptocurrency wallet, such as MetaMask.

The platform allows users to exchange coins, work with limit orders, and perform transactions through the P2P platform.

Wallet

The developers refer to the wallet as “an entry point into the decentralized finance (DeFi) market.” The 1inch cryptocurrency wallet is available in a mobile version for both iOS and Android, among other platforms.

Protocols

The developers offer users three protocols:

1. Aggregation: This protocol aggregates liquidity from several DEXs to provide the best quotes.
2. Limit order: This functionality allows for limit orders in DeFi.
3. Liquidity: This automated next-generation market maker protocol ensures efficient use of capital by liquidity providers.

Developers

This section contains documentation that explains how the platform works, an API for non-custodial asset exchange, a grants program, and a link to the project’s GitHub.

Management

In this section, the developers have provided a link to the Decentralized Autonomous Organization (DAO) 1inch, which manages the project’s network. Additionally, the “governance” tab can be found here, which pertains to the platform’s service token of the same name.

About the 1inch Crypto Project

This section provides links to the foundation, a non-profit organization that is involved in the development of the project’s network. It also provides information about the platform’s team.

Cryptocurrency: 1inch

The project has a cryptocurrency named 1INCH. The token serves several functions. According to the project’s official website, “1INCH is a multichain token currently available on Ethereum and BNB Chain (BSC) via a bridge.”

Here’s how the 1INCH token works:

1. Service: 1inch crypto is used as a service in the project’s liquidity protocol. It acts as a connector that improves the routing efficiency of the system.
2. Management token: 1inch token is used for project protocol management.
3. Multi-network token: It is used to work in different networks through integration with them via bridges.

The issuance of 1INCH is limited. The developers have issued a total of 1.5 billion coins. On the day of the cryptocurrency’s release, the project team unlocked 6% of the total supply. The developers plan to gradually unfreeze the remaining balance until December 30, 2024.

Here’s how the project’s cryptocurrency tokenomics are distributed:

• 30%: Motivational programs for the community.
• 22.5%: Share of the project’s core participants.
• 18.5%: Share of major backers.
• 14.5%: Fund for the growth and development of the project.
• 12.2%: Share of medium backers.
• 2.3%: Share of small backers.

The token’s value largely follows the movements of the digital asset market. The all-time high for the 1inch price was recorded on May 8, 2021, at $7.87.

Interesting! The 1inch cryptocurrency is available for staking. Instructions on how to stake can be found on the official website of the platform. You can buy 1INCH on many popular platforms.

The project also introduced Chi Gastoken tokens (CHI) in June 2021. With CHI, users can reduce the cost of gas and save on transactions.

Security of the Project

The platform has undergone several security audits, and the developers have adjusted the code based on the findings. The project also has an ongoing bounty program where programmers can be rewarded for discovering vulnerabilities in the platform. These measures increase the security of the site. As for the price prediction of 1inch, it is positive, but it is important to stay updated with the latest news about the token to keep track of any changes in its price.