1inch Network (1INCH) Things You Need To Know Before Investing
What Is 1inch Network (1INCH)?
The 1inch Network (1INCH) unites decentralized protocols whose synergy enables the most lucrative, fastest, and protected operations in the DeFi space.
The 1inch Network’s first protocol is a decentralized exchange (DEX) aggregator solution that searches deals across multiple liquidity sources, offering users better rates than any individual exchange. The 1inch Aggregation Protocol incorporates the Pathfinder algorithm for finding the best paths across over 70+ liquidity sources on Ethereum, 40+ liquidity sources on Binance Smart Chain, 20+ liquidity sources on Polygon, 40+ liquidity sources on Avalanche, Optimistic, Ethereum, Arbitrum and Gnosis Chain. In just over two years, the 1inch DEX aggregator has reached 1M users and surpassed $120B in overall volume on the Ethereum network alone.
The 1inch Liquidity Protocol is a next-generation automated market maker (AMM) that protects users from front-running attacks and offers attractive opportunities to liquidity providers.
The 1inch Limit Order Protocol facilitates the most innovative and flexible limit order swap opportunities in DeFi. The protocol’s features, such as dynamic pricing, conditional orders, and extra RFQ support, power various implementations, including stop-loss and trailing stop orders and auctions.
The 1inch Wallet is a multichain mobile platform that provides an easy-to-navigate interface with secure storing, transaction, and staking capabilities. This versatile Wallet was built from the ground up to streamline interaction with 1inch’s features.
The 1inch Network’s governance token 1INCH is used to vote on protocol parameters under the decentralized autonomous organization (DAO) model.
In August 2020, 1inch got a $2.8 million funding raise from Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, and Divergence Ventures.
In December 2020, 1inch raised $12 million in Series A funding, led by Pantera Capital, with others including ParaFi Capital, Blockchain Capital, Nima Capital, and Spartan Group. The funding round was conducted through a sale of SAFT (a simple agreement for future tokens).
In December 2021, 1inch closed a $175 million Series B round led by Amber Group. Among about 50 investors that participated in the funding event are Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital and Gemini Frontier Fund.
Who Are the Founders of 1inch Network?
Sergej Kunz and Anton Bukov founded the 1inch Network throughout the ETHGlobal New York hackathon in May 2019. The two had earlier met during a live stream of Kunz’s YouTube channel (CryptoManiacs). Afterwards, they entered hackathons together, winning a prize at a hackathon in Singapore and two major awards from the ETHGlobal.
Before 1inch, Sergej Kunz worked as a senior developer at product price aggregator Commerce Connector, coded at communication agency Herzog, led projects at Mimacom consultancy, and then worked full time at Porsche in both DevOps and cybersecurity.
Anton Bukov has worked in software development since 2002 and decentralized finance (DeFi) since 2017. Among other projects, his resume features gDAI.io and NEAR Protocol.
What Makes 1inch Network Unique?
In addition, to access the deepest liquidity from multiple sources across seven supported blockchains, the 1inch Network offers users attractive prices and a high degree of security, the most audited project in DeFi.
How is the 1inch Network secured?
1inch is non-custodial, and all trades occur within one transaction from a user’s Wallet on any of the supported blockchains and layer-2 networks.
The technical structure of all 1inch protocols also provides users with a high degree of security. For example, insecure liquidity sources can connect to the 1inch Aggregation Protocol without users risking the loss of funds. The protocol integrates security checks during every transaction to prevent any losses. As of February 2022, more than 180 liquidity sources are integrated into the 1inch Network.
1inch smart contracts were audited by leading industry audit teams such as OpenZeppelin, Consensys diligence, SlowMist, Haechi Labs, CoinFabrik, Certik, Hacken, Scott Bigelow, MixBytes, and Chainsulting.
Where can you buy 1INCH?
After the 1INCH token was launched in late December 2020, all wallets interacting with the 1inch dApp through midnight on December 24 received 1INCH tokens if they met certain criteria. In addition, liquidity providers for the 1inch Liquidity Protocol are getting 1INCH tokens according to the 1inch Foundation’s various incentives and liquidity mining programs.
1INCH is available on multiple exchanges, including Binance, Huobi Global, Coinbase, FTX, Kraken, KuCoin, and OKEx.
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