DeFi Protocols are playing a significant role in the crypto space. 1inch is one among them, which is a famous DeFi based DEX Aggregator.
Unaware about 1Inch Exchange?
Here is a guide that completely lists each and everything about 1inch Exchange.
What is 1inch?
1inch is an open-source Decentralized Finance (DeFi) based DEX aggregator which works out the best cryptocurrency price across various decentralized exchanges and reroutes their customer's trades between those and makes them get the best prices.
1inch exchange is a platform that splits the order to various decentralized exchanges such as UniswapExchange, KyberNetwork, Bancor, and RadarRelay which avoids high prices.
This 1inch exchange platform launched its own governance token, 1INCH token in December 2020.
The 1inch exchange will be the best choice for cryptocurrency traders to get the cryptos at the best price through the process of decentralized exchanges.
1inch Exchange Specification
Product Name - 1inch Exchange
Founder/CEO - Sergej Kuntz
Founded Year - 2019
Product Type - Decentralized Exchange
Deposit Methods Supported - Cryptocurrency
Supported Cryptocurrency - 200+ cryptos which includes BTC, BCH,LTC,XRP,ETH and more.
Fiat Support - Does not support.
Fee Model - Maker & Taker Model
Transaction Fee - Maker : 0.00% & Taker : 0.00%
Prime Features of 1inch Exchange
Listed here are the important features of the 1inch exchange.
1inch exchange platform offers greater liquidity. Many DEX exchanges face liquidity issues which results in high trade volume slippage and low trade pricing. 1inch exchange has reduced this issue and provided greater liquidity to the exchange which makes the lower price of assets and easy transactions.
Multi-DEX on a board
1inch is a DEX aggregator that follows an algorithm through which it scrapes the rates from multiple decentralized exchange platforms and lists them on a single board. This reroutes users to buy/sell at a lower price.
Actually, 1inch exchange is a non-custodial DEX aggregator that holds all its user's assets on their own ERC 20 wallets. It reduces the loss or hack of crypto assets.
Decentralized/ No Central Authority
To buy or sell any coins, users have complete power over their coins and they decide their trade. So, users need not wait for a middleman or central authority to process the trades, as smart contracts execute the trade automatically.
No KYC Requirement
1inch exchange does not require any account creation or KYC verification to start enjoying the benefits of the platform. Users can just link their wallet to the platform and begin trading on 1inch.
Since there are no reserves in 1inch, as it is based on smart contracts built on the Binance Smart Chain, there is less or no chance of attacks or hacks. These are the main features of a 1inch DEX exchange aggregator.
How does 1inch Exchange Work?
If you want to buy any Wrapped Bitcoin with your Ethereum on the decentralized exchange, you will find different prices and different fees at various DEX platforms.
This 1inch exchange is a DEX aggregator, which has an algorithm to find the cheapest price to buy your desired WBTC by placing trade and liquidity protocols that can facilitate that trade.
The easiest and cheapest way to place the trade is by swapping the Ethereum between various protocols for different cryptocurrencies before it arrives at WBTC. By doing so, you may get the Wrapped Bitcoin at the very lowest price.
All the above was made quicker and easier with the launch of 1inch's V2 platform which added some complex trades to keep prices low that involves rerouting money as collateral for loans on DeFi lending protocols such as Aave and Compound.
Supported Wallets - 1inch Exchange
The exchange 1inch supports the following ERC20 wallets.
- Wallet Connect
- Wallet Link
- Bitski and more.
1INCH Token - Governance Token of 1inch Exchange
1INCH Token is the native token of the 1inch exchange platform which lets its user vote on the way 1inch is running.1inch called its governance token 1INCH "Instant Governance".
How to get 1INCH Token?
One can claim the 1INCH token by providing money to the Mooniswap, the 1inch's own liquidity protocol.
The main way to earn 1INCH tokens is by just providing liquidity to the 1inch's liquidity platform, which involves staking of cryptocurrencies that other people use when placing trades.
You can also trade 1INCH tokens on exchanges. There are about 72M 1inch tokens in circulation out of which 1.5B is total supply.
The current Price of a 1inch token (while writing this blog) is $3.95 with a market cap of $569,508,485.
You can also buy 1inch tokens on 1inch, KuCoin, Huobi Global, OKEx, and more.
Is 1inch Exchange safe to use?
All the platforms that rely on smart contracts have their own risks. 1inch exchange is a non-custodial DEX aggregator, which works using cryptocurrency and smart contracts.
There are no bugs or breaches spotted in the 1inch exchange to date and still many use 1inch exchange for crypto trading.
Business Benefits of launching DeFi Exchange like 1inch
Listed here are the benefits of creating a DeFi Aggregator like 1inch.
- Generation of High ROI
- Less Capital Investment
- Quick Brand Identification
- Greater Liquidity
- No manual power and more.
Thinking to launch a DeFi based DEX Aggregator Exchange like 1inch? Get 1inch Clone Script from Bitdeal now !!
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