What is 1inch?
The founders of the project are Sergey Kuntz and Anton Bukov, who developed the aggregator in 2019 at the Ethglobal Hacaton in New York. Before that, they participated in a number of other blockchain programming competitions.
Now the development of the ecosystem is engaged in the non -profit organization 1inch Foundation, which issues grants and finances the pharmacy programs. In addition, the contribution to the improvement of the protocol is made by a community in which more than 100 developers consist of. Application code is published in GitHub.
At the end of 2021, the project received funding in the amount of $ 175 million from leading investment funds.
What types of orders are available in 1inch?
The traditional capabilities of trading are often limited in Defi applications due to the difficulties of technical implementation. In particular, most protocols allow you to exchange only at the current market price. In 1inch, limit orders are available, as in centralized exchanges. The Limit Order Protocol protocol is responsible for this function.
After filling out the user, the order is sent to the decentralized base of the aggregator. It automatically boils down with any opposite application, including those that the 1inch protocol itself posts (it also acts as a source of liquidity).
The user’s funds themselves are not reserved. Therefore, if after placing the application he moves them to another address, his warrant simply will not be fulfilled.
When completing a limit application, Taker (Buyer) also pays for the cost of a network commission. Only the 1inch protocol does not pay for Gas, which allows it to offer users more favorable prices.
In addition to market and limit applications, users can also make direct exchanges among themselves (P2P). Such an option was added in 2022.
Is it possible to supply and farm liquidity in 1inch?
Yes, the platform provides an opportunity to receive income from liquidity supply using Liquidity Protocol technology. To do this, you can participate in the pools. The application also has its own 1inch Earn program, the purpose of which is a stable and efficient use of capital. In May 2022, one pool, USDC/USDT, with a profitability of about 4.7% per annum, is available on this program. In addition, 1inch conducts a limited time for pharmination programs.
Why 1inch your token?
The aggregator has native cryptocurrency, which was released in 2020 on the Ethereum and BNB Chain network (through cross-bridge).
With the help of token, you can participate in the Tao project. Its participants make proposals, discuss them on the forum and vote on them. To participate in the votes, 1inch tokens must be blocked in a special smart contract. It is assumed that the coin will be used in the work of the routing protocol. Now you can get new tokens using stakeing.
Now for the holders of the 1inch coin is the program “Keshbeka” for the paid commissions. The size of the return depends on the amount of coins in the wallet. To participate in the program, you need to have at least 100 tokens – in this case, the cashback will be 25%.
Why do you need a 1inch wallet?
In addition to the application for trade and pharmination, the project team also develops a wallet designed specifically for the Defi sphere. The https://gagarin.news/news/could-bitcoin-drop-to-zero/ wallet can be used in any Defi-application, and not just in 1inch, it is available, including for mobile devices.
In addition to storing and transferring cryptocurrencies in the wallet, you can make swaps, participate in the 1inch token stake and look for decentralized applications. In addition, in 1inch Wallet you can store non-replaceable tokens (NFT), buy crypto assets for fiat money and even play blockchain games.