The Best Crypto Exchanges to buy and hold 1inch

The Best Exchanges to buy and hold 1inch?

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1inch is a non-custodial decentralized exchange and DEX aggregator. It is an operation form that connects multiple DEXs into a single integrated platform. Users can optimize decentralized cryptocurrency trading or swapping without the need to manually check different rates for each DEX. It is smart contracts that make this optimization possible. This allows liquidity to be drawn from a variety of dexes, including Balancer, Kyber Network, Uniswap, and Mooniswap.

Currently, 1inch supports over 250 coins and tokens.

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What is 1inch?

To put it very simply, 1inch can utilize the API to find the optimal path for a decentralized token swap. For this purpose, we find the optimal way, such as using multiple exchanges, to complete a user’s transaction. Through this process, users can receive optimal rates while minimizing slippage and reducing the possibility of transaction cancellation.

Since 1inch is a decentralized exchange, no account or personally identifiable information is required. Users simply connect to supported Ethereum wallets — MetaMask, WalletConnect, Ledger, Portis, MEW, Portmatic, etc. — and start using the platform immediately. Since 1inch is non-custodial, it executes the most desirable transactions based on the approval of the wallet holder without having to completely manage the users’ coins or tokens.

1inch draws liquidity from a wide variety of DEXs through a user-friendly and easy-to-understand interface.

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History of 1inch exchange

1inch was founded by Sergej Kunz and Anton Bukov. The two shared ideas about the 1-inch exchange at the 2019 Ether (ETH) New York Hackathon after their first meeting on Koons’ YouTube channel livestream. Kunz previously worked on price aggregation at Commerce Connectors and worked as a DevOps and Cybersecurity Specialist at Porsche. Meanwhile, Bukov has been involved in software development for a long time, most recently working on decentralized finance protocols.

The two established 1-inch exchanges together in August 2020. Several big investors, including Binance Labs, Galaxy Digital, and FTX, contributed to the boost by offering close to $3 million in funding. Following this initial investment fundraising, a $12 million investment was made in Series A, led by mega investment companies such as Pantera Capital, Blockchain Capital, and Spartan Group.

In December 2020, 1inch of self-governance token was released to the market with a ticker called 1INCH.

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1INCH Tokenomics

1INCH tokens were distributed among 1inch protocol users who met certain requirements. To receive tokens, users must have executed a trade before September 15, 2020, completed at least 4 total trades, or completed at least $20 in trades. Users who successfully met these criteria were able to receive 1INCH tokens directly to their connected wallets.

1INCH is a governance token used for staking and participation in DAO, the protocol’s decentralized autonomous organization. The two founders of the 1-inch exchange made it clear that the 1INCH token should not be considered as a security or investment.

The total supply of 1INCH is currently 1.5 billion, of which 6% was distributed on the day of the token launch. 0.5% was distributed from 1inch’s two-week liquidity mining program.

30% of the total supply of 1INCH is allocated for community incentives. These volumes will be distributed over the next four years. Of course, this plan can be changed through decentralized governance proposals or voting. During the same period, an additional 14.5% of the total issuance will be used to support 1-inch development and growth.

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What are the benefits of using 1inch?

The objective benefits of using a decentralized exchange aggregator like 1inch are many.

1 Security

Most importantly, 1inch is non-custodial and has no access to users’ crypto assets. Not only does it mean that the level of security is enhanced, but it also means that there are no deposit or withdrawal fees that 1inch is required for decentralized exchanges. We also do not charge any additional fees for using the platform.

In 1inch, there have been no cases of major security breaches, hacking, or misuse in smart contract technology. Dex consolidation is also synonymous with high liquidity and low slippage.

2 lower gas fees

1inch also allows users to enjoy the benefits of CHI gas tokens. CHI can reduce Ethereum gas fees, which have traditionally been high.

On the other hand, decentralized exchanges are often said to be too unfriendly to beginners, but an inch is no different. We do not support the purchase of crypto assets through fiat currency or other means, which means that all users of the DEX aggregator must already have cryptocurrency.

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Conclusion

1inch successfully solved the liquidity problem, which was the biggest problem of decentralized exchanges, by integrating and attracting various major DEX. At the same time, the platform presented new tools in the form of CHI Gas Tokens and MooneySwap Automated Market Makers (AMMs) that reduce fees.

With the simple fact that users can check the optimal trading rate among various dex without having to check each one out, 1inch has opened a special niche in the protocol. The non-custodial nature of the platform also serves as an added advantage.

However, cryptocurrency beginners may find it difficult or difficult to understand the process of connecting to an Ethereum wallet or how to use the platform. The inability to purchase cryptocurrencies with fiat currency can also be a major barrier to entry.

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