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About 1inch Network
Key Points
- 1inch Network unites decentralized protocols for lucrative, fast, and protected DeFi operations.
- 1inch Aggregation Protocol searches deals across 400+ liquidity sources on 12 chains.
- Reached 1M users and $150B in volume on Ethereum network alone in 2 years.
- 1inch Limit Order Protocol offers innovative limit order swap opportunities.
- 1inch Wallet is a multichain mobile platform for secure storing, transactions, and staking.
- 1INCH token is for governance and utility, with staking and DAO governance features.
- Raised $12M in Series A funding in 2020
About the 1inch Network
Introducing 1inch Network (1INCH): A Revolutionary Decentralized Finance (DeFi) Protocol
The 1inch Network harmoniously integrates decentralized protocols, thereby unlocking unparalleled synergy that facilitates the most lucrative, rapid, and secure transactions within the DeFi ecosystem.
The 1inch Network’s inaugural protocol is a decentralized exchange (DEX) aggregator solution that scours the market for optimal deals across a multitude of liquidity sources, thereby providing users with more favorable rates than any individual exchange. The 1inch Aggregation Protocol leverages the Pathfinder algorithm to identify the most advantageous paths across an expansive network of over 400+ liquidity sources spanning 12 chains, including Ethereum, BNB Chain, Polygon, Avalanche, Optimism, Arbitrum, Fantom, Gnosis Chain, Klaytn, Aurora, zkSync, and Base.
In a mere two years, the 1inch DEX aggregator has achieved a remarkable milestone, surpassing 1 million users and an astonishing $150 billion in cumulative volume, solely on the Ethereum network.
The 1inch Limit Order Protocol pioneers a new era of innovative and flexible limit order swap opportunities in the DeFi landscape. Boasting cutting-edge features such as dynamic pricing, conditional orders, and enhanced RFQ support, the protocol empowers a diverse range of implementations, including sophisticated stop-loss and trailing stop orders, as well as auctions.
The 1inch Wallet is a cutting-edge, multichain mobile platform that offers a seamless and intuitive interface, empowering users to securely store, transact, and stake their digital assets with ease. This innovative wallet was meticulously designed from the ground up to provide a streamlined and hassle-free experience, allowing users to effortlessly interact with 1inch’s comprehensive features.
The 1INCH token serves as the governance and utility token of the 1inch Network, empowering holders to participate in the decentralized autonomous organization’s (DAO) governance, including the management of the 1inch DAO Treasury. Furthermore, holders can exercise their voting power to select resolvers and earn a proportion of their fees.
Through the 1inch Fusion, users can stake their 1INCH tokens to acquire Unicorn Power (UP), which can then be delegated to any 1inch Fusion Resolver, thereby enabling them to receive rewards. When staking, users have the flexibility to choose a custom or preset lock period. It is essential to note that staked 1INCH tokens will be subject to a penalty if unstaked or withdrawn prior to the expiration of the designated lock period.
In December 2020, 1inch successfully secured $12 million in Series A funding, spearheaded by Pantera Capital, alongside notable participants including ParaFi Capital, Blockchain Capital, Nima Capital, and Spartan Group. This funding round was facilitated through a SAFT (Simple Agreement for Future Tokens) sale.
In December 2021, 1inch successfully concluded a $175 million Series B funding round, spearheaded by Amber Group. The esteemed roster of approximately 50 investors who participated in this landmark event included prominent names such as Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.
The Visionaries Behind 1inch Network: Meet the Founders
The 1inch Network was co-founded by Sergej Kunz and Anton Bukov during the ETHGlobal New York hackathon in May 2019, a serendipitous encounter that marked the inception of their collaborative endeavour. The duo had initially crossed paths during a live stream of Kunz’s YouTube channel, CryptoManiacs, and subsequently teamed up to participate in hackathons, securing a prize in Singapore and two prestigious awards from ETHGlobal.
Prior to co-founding 1inch, Sergej Kunz amassed a diverse range of experience, having served as a senior developer at Commerce Connector, a product price aggregator, and contributed his coding expertise to Herzog, a communication agency. He also spearheaded projects at Mimacom, a consultancy, before transitioning to Porsche, where he worked full-time in dual capacities, focusing on both DevOps and cybersecurity.
With a storied career in software development spanning over two decades, since 2002, Anton Bukov has been at the forefront of innovation. His foray into decentralized finance (DeFi) began in 2017, with notable projects such as gDAI.io and NEAR Protocol featuring prominently on his impressive resume.
Unveiling the Unparalleled 1inch Network: A Paradigm of Innovation
Furthermore, the 1inch Network provides users with access to the deepest liquidity pools across multiple blockchains, thereby ensuring attractive prices and an exceptionally high level of security, bolstered by its distinction as the most audited project in the DeFi space.
In late 2022, the innovative Fusion mode was unveiled, empowering users to seamlessly swap tokens without incurring network fees and at the most advantageous rates. Furthermore, this mode provides users with enhanced MEV protection. All swaps executed in Fusion mode are facilitated by resolvers – seasoned traders who employ the most advanced and efficient strategies to safeguard users’ swaps from MEV exploitation.
The Security Framework of the 1inch Network
1inch operates on a non-custodial basis, ensuring that all trades are executed within a single transaction, originating directly from a user’s wallet on any of the supported blockchains and layer-2 networks.
The technical architecture of all 1inch protocols is designed to provide an exceptionally high level of security for users. Notably, the 1inch Aggregation Protocol enables insecure liquidity sources to connect without exposing users to the risk of fund losses. The protocol incorporates rigorous security checks into every transaction, thereby preventing any potential losses. As of July 2022, the 1inch Network has successfully integrated over 240 liquidity sources.
The 1inch smart contracts have undergone rigorous audits by esteemed industry leaders, including OpenZeppelin, Consensys Diligence, SlowMist, Haechi Labs, CoinFabrik, Certik, Hacken, Scott Bigelow, MixBytes, and Chainsulting.
Where to Acquire 1INCH: A Comprehensive Guide
Following the launch of the 1INCH token in late December 2020, wallets that had interacted with the 1inch decentralized application (dApp) prior to midnight on December 24 were eligible to receive 1INCH tokens, provided they met specific criteria. Additionally, liquidity providers participating in the 1inch Liquidity Protocol are rewarded with 1INCH tokens as part of the 1inch Foundation’s diverse incentives and liquidity mining programs. Currently, 1INCH is listed on multiple prominent exchanges, including Binance, Huobi Global, Coinbase, Kraken, KuCoin, and OKEx.
Delve deeper into the intricacies of this project by exploring our comprehensive analysis of the 1inch Network, and discover more about the 1INCH “Learn & Earn” campaign page.
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