1Inch Network To Usd Chart

1inch is a DEX aggregator that picks và chooses the cheapest cryplớn prices across decentralized exchanges. Here's how it works.

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In brief1inch's main sản phẩm is a DEX aggregator that works out the best cryplớn prices across decentralized exchanges.The platsize launched its governance token, 1INCH, in December 20trăng tròn.
Decentralized exchanges (DEXs) are cryptocurrency exchanges that don't require a third buổi tiệc nhỏ khổng lồ govern it all. The clue’s in the name, after all: on a decentralized exchange, there is no single company maintaining the order books, custodying funds or calling the shots. (Hypothetically, in principle, and often with some major caveats).

Anyone can trade on a decentralized exchange; traders need only connect their wallets, never giving up access to their funds or personal information khổng lồ companies.

There are a few such exchanges, including Uniswap, SushiSwap, & PancakeSwap. But all of these exchanges, each of them relatively new & structured in different ways, sell cryptocurrencies for slightly different prices (incidentally, creating opportunities for arbitrage). So Ethereum might sell for a different amount on Uniswap than it does on 0x, not to lớn mention that each platkhung may charge different fees.

If only there were some way to lớn work out how to lớn get the best price of a decentralized exchange! Thankfully, there is, và it’s called 1inch.

What is 1inch?

1inch is, first và foremost, a DEX aggregator. That means it scrapes a handful of decentralized exchanges for the cheapest prices and reroutes its customers’ trades between them to lớn try & ensure that they're getting the best prices.

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As of June 2021, 1inch claims lớn offer users access to lớn over 50 liquidity sources on Ethereum, đôi mươi on Binance Smart Chain, và 8 on Polygon. The menu of DEXs it draws on includes the likes of Uniswap, 0x & Balancer, as well as 1inch’s own liquidity protocol, formerly known as Mooniswap.

1inch was founded by Sergej Kunz và Anton Bukov in 2019 during ETHNewYork’s hackakhông lớn. Since then, 1inch has raised about $15 million in funding from companies such as Binance Labs, Galaxy Digital and Pantera Capital. As of June 2021, 1inch’s exchange trades about $250 million a day.

How does 1inch work?

Say that you want to lớn buy some Wrapped Bitcoin (a synthetic version of Bitcoin) using Ethereum on a decentralized exchange. Look at different DEXes and you’ll find that the prices vary, as bởi vì the fees.

1inch’s algorithm finds the cheapest way to lớn place that trade using all the different exchanges and liquidity protocols that can facilitate this trade.

The cheapest way khổng lồ place this trade may involve swapping your Ethereum between several different protocols and for several different currencies before it arrives at Wrapped Bitcoin. The advantage of doing this is that it may mean you can buy Wrapped Bitcoin at a cheaper price.

What is 1INCH token?

On Christmas Day, 20trăng tròn, 1inch launched its own cryptocurrency, 1INCH token. It's a “governance token,” meaning that you can use it to vote on the way that the 1inch platform is run. 1inch called this “instant governance”.

1inch distributed a lot of tokens in an airdrop at the end of 20đôi mươi. You could clayên 1inch tokens by providing money to 1inch’s own liquidity protocol (then known as Mooniswap) or if you’ve sầu used it before December 24, 20trăng tròn.


1/ Delighted to lớn announce that 1INCH Token is LIVE!