Price Data, Market Cap & News for 1inch ($1INCH) Cryptocurrency

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An Overview of 1inch

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Overview of 1inch

A Brief Introduction to 1inch

1inch is a decentralized exchange (DEX) aggregator that helps users discover the best trade prices across multiple exchanges. It operates on the principle of DeFi, or decentralized finance, which aims to recreate traditional financial systems with cryptocurrency at the core. 1inch's primary goal is to provide users with the most efficient and secure way to trade cryptocurrencies.

The Creators and Major Contributors

1inch was founded by Sergej Kunz and Anton Bukov, two experienced developers in the crypto space. They met during a live stream of Kunz’s YouTube channel (CryptoManiacs) and began entering hackathons together, winning several awards. Today, 1inch has a dedicated team of developers and contributors working to improve and expand its offerings.

Token Supply

The 1inch token is the governance and utility token of the 1inch Network. It is used to participate in the network's governance, including treasury management. The total supply of 1inch tokens is capped at 1.5 billion, ensuring scarcity and potential value growth over time.

Purchase Locations

1inch tokens can be purchased on several cryptocurrency exchanges, including Binance, Huobi Global, Coinbase, Kraken, KuCoin, and OKEx. It's important to note that availability may vary depending on your location and the regulations in your country.

Common Uses

1inch tokens are primarily used for governance in the 1inch Network. Token holders can stake their tokens to participate in decision-making processes. Additionally, the token is used for transaction fees and rewards within the network. It's also commonly used for speculation and long-term investment.

Latest News and Developments

1inch has been making significant strides in the DeFi space. In December 2021, it closed a $175 million Series B funding round, led by Amber Group. This funding will be used to further develop the platform and expand its offerings.

On the technological front, 1inch introduced the Fusion mode in late 2022. This feature enables users to exchange tokens on various DEXes without paying any network fees, at the most favorable rates. It also offers protection against Miner Extractable Value (MEV), a type of frontrunning attack where miners manipulate the order of transactions to their advantage.

1inch is also the most audited project in DeFi, ensuring a high degree of security for its users. It integrates security checks during every transaction to prevent any losses, and its smart contracts have been audited by leading teams in the industry.

1inch's Expansion and Partnerships

1inch, a decentralized finance (DeFi) aggregator, has been making waves with its recent growth and partnerships. The platform, which helps users find the best trading rates across various exchanges, recently launched on the Polygon blockchain. This move has significantly increased the number of active wallets on the platform. In addition to Polygon, 1inch has also partnered with digital bank Revolut to launch a DeFi course, helping users understand the basics of decentralized finance.

Technological Developments

1inch has been focusing on improving its technology to provide a better experience for its users. The platform recently released its Aggregation Router v5, which is designed to reduce users' gas costs for swaps. This new version also allows users to take full advantage of the 1inch Limit Order Protocol, which has emerged as one of the best performing solutions in the market. In addition to this, 1inch has also integrated the Pathfinder algorithm into the Zerion Wallet, providing users with the best swap rates across Web3 in seconds.

Security Measures

Security is a top priority for 1inch. The platform's contributors recently uncovered a potential hack of the Profanity vanity address generating tool, which could have led to the theft of tens of millions of dollars in cryptocurrency. 1inch's proactive approach to security helped prevent this potential disaster.

Educational Initiatives

1inch is not just about trading; it's also about education. The platform has partnered with Revolut to launch a three-lesson course on DeFi, helping users understand how DeFi works, how decentralized exchanges work, and how the Pathfinder algorithm can help users get the best swap rates. This initiative shows 1inch's commitment to ensuring that its users are well-informed about the world of DeFi.