1inch is a well-known and incredibly innovative decentralized exchange and decentralized exchange aggregator. The 1inch platform gives users access to several DeFi products.
1INCH is the utility and governance token of the protocol, and 1INCH chi tokens are the tokens used for transactions on the platform.
The 1INCH token is currently the 87th largest cryptocurrency by market capitalization.
How 1inch (1INCH) Works
There has been an influx of people using decentralized finance platforms in recent years. These platforms are incredibly innovative, and the sector is exciting. However, one major setback is ”gas fees”.
People are tired of using DEXs that cost them hundreds of dollars in transaction fees and are now searching for alternative platforms with reduced gas fees – especially because slippage on crypto prices is already risky.
1inch is a DEX aggregator and DEX that achieves its low trading fees by searching for the best prices for tokens across multiple markets. It uses upgraded smart contracts and innovative key protocol parameters to achieve optimization and give crypto investors peace of mind when using the platform.
The 1inch exchange encompasses the following:
Liquidity protocol – Users can stake their crypto assets on the 1inch platform. This helps the platform accumulate liquidity without needing to always use liquidity from other protocols. The protocol would essentially attract native liquidity.
Multichain Integration – The Ethereum network is generally known as the home of DeFi to most decentralized protocols. But 1inch made waves when it announced it would be integrating with the Binance Smart Chain (now called the Build and Build Chain). This integration illustrated the versatility and innovation of the 1inch protocol.
Aggregation protocol – The 1inch exchange performed its most prolific upgrade to date with an aggregation protocol v3 upgrade. This upgrade meant that the systems that were already in place (and working brilliantly) were now functioning even more efficiently!
Users can refer to the 1inch whitepaper for more detailed insights into the protocol’s core components and functionality.
What Is 1inch (1INCH) Used For?
Users are starting to use decentralized platforms and make use of DeFi more frequently than ever before. DeFi is becoming more and more popular as people become aware of its potential and the appealing financial incentives involved.
Platforms like 1inch are setting the standard for decentralized finance and provide users with unique value proponents and generous yields that are significantly higher than those offered by traditional apps.
People that want to take advantage of lucrative DeFi products like 1inch’s liquidity pools and other premium DeFi offerings use the 1inch platform.
Additionally, users aim to earn a passive income by staking their 1INCH tokens in various liquidity pools.
Arbitrage and swing traders try to capitalize on price fluctuations in the 1INCH cryptocurrency. Prices vary across multiple exchanges, although not by much, so these trades can be very profitable. However, these strategies and styles of trading are very risky.
Where To Buy 1inch (1INCH) Token
1INCH is one of the most traded DEX tokens on the market. The 1inch protocol has become increasingly popular and has garnered massive global adoption; this has resulted in the 1INCH token receiving increased amounts of attention from people in the crypto space.
1INCH tokens are commonly traded on most centralized crypto exchanges. Before you’re able to purchase 1INCH, you’ll need to deposit fiat money onto an exchange; sequentially, 1INCH tokens will then be credited to your digital wallet on the exchange.
The crypto exchanges below are amongst the safest place where you can buy, sell and store tokens.
1INCH token holders that purchase their tokens on a centralized exchange will need to transfer their tokens to the 1inch aggregation protocol because even though 1INCH is a limit order protocol, its functionality differs from a standard centralized protocol.
Users can transfer their 1INCH tokens to a digital wallet like MetaMask – from there, users can connect their digital wallets and utilize the decentralized platform.
Most individuals opt to transfer their crypto assets off centralized exchanges because then they have full control over their crypto assets and private keys.
None of the abovementioned information is investment advice.
About 1INCH (1INCH)
How long has 1inch (1INCH) existed?
Anton Bukov (CTO) and Sergej Kunz originally came up with the concept for 1INCH during the Ethereum developer conference in New York in 2019. Before converting its own liquidity pool and building the 1INCH DEX aggregator, it first launched its native DEX called Mooniswap, which was a clone of UniSwap.
The 1INCH token was initially listed on various cryptocurrency exchanges in 2020.
What’s controversial about 1inch (1INCH)?
Anybody thinking about investing in the cryptocurrency market should always proceed cautiously because it is notorious for being controversial.
It’s particularly important to learn as much as you can about cryptocurrencies and blockchain before making any investment in any cryptocurrency projects. Additionally, individuals should never spend more than they can afford to lose.
Let’s take a look at the top controversy surrounding 1inch (1INCH):
- Competition – The DeFi sector as a whole has experienced some of the fastest growth out of any sector in crypto. There are massive numbers of users that are emerging in the crypto space and seeking to use decentralized platforms. There are several reasons for this, including a move away from centralization and higher yields than CEXs.
- Although 1inch is a leading DEX, it still faces significant competition from emerging DEX protocols. There are several DEX protocols such as Pancakeswap and Uniswap that have already attracted millions of users and are well-established names in the crypto space. 1inch will need to remain innovative and provide users with unique solutions if it intends to remain at the top.
How many 1inch (1INCH) Tokens are there?
At the time of writing, 1inch (1INCH) has a circulating supply of 539,035,948.69 1INCH
The total supply of 1inch (1INCH) is 1,500,000,000
Can 1inch (1INCH) be mined?
1INCH tokens can’t be mined. Although several websites claim that users can use their platforms to “mine 1INCH” – 1INCH coins are unmineable.
However, users can earn yields on their 1INCH tokens if they participate in various DeFi products such as staking, liquidity provision, and farming.
1inch decentralized exchange aggregator also provides users with the most liquidity on the Binance Smart Chain and Ethereum network, with absolutely minimal transaction costs.
Additionally, users can participate in a liquidity mining program where they deposit their tokens in a liquidity pool and earn rewards.
Some centralized exchanges allow users to earn yields from staking their 1INCH tokens.
What is the market cap of 1inch (1INCH)?
The market cap of 1inch (1INCH) is: the total amount of coins in circulation x the current market price of 1INCH.
1inch (1INCH) Market Cap = 539,035,948.69 1INCH x $0.65 = $353 million (87th largest market cap)
1INCH is currently one of the top 100 cryptocurrencies by market capitalization.
Biggest Competitors Of 1inch (1INCH)
The decentralized exchange sector is booming quickly, and several cutting-edge, reputable DEXs have already managed to amass significant market capitalizations and millions of active users. 1inch managed to become the leading DEX for a period during May 2022.
1inch’s Biggest Competitors are:
- Uniswap
- Pancakeswap
- Pancakeswap
- 0x
What Are The Future Plans of 1inch (1INCH)?
The exchange actively strives to continue providing consumers with cutting-edge, advantageous DeFi products. The DeFi industry has expanded significantly over the past few years, and several protocols are pushing to attract more consumers to their platform.
Pros And Cons Of 1inch (1INCH)
Pros:
- Leading DEX in 2022 – 1inch became the leading DEX in terms of trading volume in May 2022 and remains one of the most credible decentralized platforms in the crypto space. The decentralized exchange was only launched in 2019 and has seen exponential growth since it went live.
- User Experience – The 1inch platform is easy to use and simple to understand. This is especially important when considering how complex the platform’s processes are – users only experience a simple interface, which ensures users have a pleasant and secure experience.
- Decentralized Exchange Aggregator – The 1inch platform utilizes a very innovative system to ensure that users get the best deal possible. Essentially, the protocol sweeps the liquidity providers across multiple DEXs to get the best rates. A user only sees a single transaction taking place, but in the back end, their trade is being split among several DEXs.
- Very Credible – Most DEXs have experienced at least a few exploits, but 1inch has remained incredibly secure compared to other competing decentralized exchanges. Many users trust the platform a lot more than other DEXs for this exact reason.
- Anonymous Trading – Users may conduct transactions anonymously on decentralized exchanges like 1inch. No KYC is necessary for anyone who wants to use the blockchain platform. Many people think that decentralized exchanges preserve the true objective of blockchain technology, which is complete decentralization.
- No Trading Fees – Most exchanges generate a large amount of revenue through trading fees, but 1inch has completed disregarded this. The protocol charges no trading fees, and the only fee a user pays is a micro fee when swapping tokens. The transaction fees are typically nominal in comparison to other exchanges such as Uniswap.
Cons:
- Competition – The DEX aggregator and liquidity protocol sector is becoming more competitive by the day, and several brilliant projects are emerging. Many of these decentralized platforms provide users with exceptional DeFi products, top-notch security, and nominal fees. 1inch will need to remain incredibly innovative and keep building utility to keep its spot as a top DEX.