What is 1inch (1INCH)
1inch is one of the leading decentralised exchange (DEX) aggregators. To understand its usefulness, it helps to remember that in the decentralised world there is no single place to trade crypto-assets, but dozens of different DEXs, each with its own liquidity and prices. Instead of operating on a single exchange, 1inch automatically compares the conditions available across many protocols to find the most convenient ones for the user.
It was one of the first aggregators in the sector, launched in the summer of 2020, and is now present on numerous networks, including Ethereum and various Layer 2s such as Arbitrum, Optimism, zkSync and Base, as well as BNB Chain, Polygon and Avalanche. 1INCH is the protocol’s native crypto-asset.
How it works
When a user wants to swap two crypto-assets, 1inch does not simply look for the best price on a single DEX: it splits and routes the operation across several protocols at once, so as to obtain the best overall price and reduce the impact of fees. This optimisation process is the heart of the service.
Everything happens through smart contracts, without a central intermediary holding the funds: the user keeps control of their assets throughout the operation. Over time the protocol has added further features, broadening the services offered.
What the 1INCH token is for
1INCH is mainly a governance token: it allows holders to have a say on the protocol’s improvement proposals, taking part in decisions about its development. There is also a use linked to network incentives.
Any rewards tied to the token are variable and not guaranteed and depend on the protocol’s parameters: holding 1INCH is not in itself a promise of return.
Origins and what to consider
The protocol was created by Sergej Kunz and Anton Bukov, both with years of experience in cybersecurity, during an ETHGlobal hackathon in New York; development is now carried forward by 1inch Labs.
Past performance is not a guarantee of future results.
1Inch Market Data
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