Over the years, 1inch Exchange has been one of the best-priced DEX aggregators on the market. In this article, Kienthuccoin will introduce you to what is 1inch Exchange? Instructions on how to register and use the 1inch Exchange.
What is 1inch Exchange?
What is 1inch Exchange? 1inch Exchange is a decentralized exchange. It splits trades between different DEXs to achieve the best possible rate.
1inch Exchange currently supports more than 20 liquidity protocols. Some meaningful exchanges are Uniswap, Mooniswap, Balancer, Curve, and Kyber. Users can use 1inch Exchange to swap, buy or sell large amounts of different cryptocurrencies.
In addition, 1inch allows users to create trade orders for free and earn interest by lending cryptocurrency and providing liquidity to liquidity pools.
The formation and development of 1inch Exchange
1inch Exchange was developed by Sergej Kunz and Anton Bukov from the ETH developer conference.
In August 2020, they completed a Seed round from Binance Labs with around $2.8 million.
By early December 2020, they completed a 12 million USD funding round organized by Pantera Capital. In 2021, they had become partners with major crypto projects and had been a relatively successful year for Exchange.
1inch Exchange activity
1inch Exchange acts as a tool for traders to find the best rates.
For example, 1inch Exchange gets its liquidity from many other decentralized exchanges. It provided a better token conversion rate for users than they would have found from any of the DEXs at the time.
1inch Exchange Features 1inch Exchange
Exchange uses the proprietary Pathfinder API, which tracks and identifies the best routing options. After a user makes the switch, Pathfinder will quickly scan several exchanges to find the option with the most potential for profits.
1inch Exchange Cost 1inch Exchange Exchange
Do not charge any transaction, deposit, or withdrawal fees. The only fee that users have to pay is sourcing liquidity from decentralized exchanges that the platform scans in its aggregator algorithm.
1inch Exchange uses two features to keep costs to a minimum, namely Chi gas token and infinite locking.
Chi gas token (CHI)
CHI is an ERC-20 gas token on the 1inch Exchange; users can spend less on Ethereum gas fees, which can be up to 20 USD per transaction.
Users can spend 42% less on Ethereum gas fees. In addition, the gas token value is tied to the gas price of Ethereum. So, when the cost of gas increases, the value of CHI also increases and vice versa.
Infinite Keys act as transaction fee savings, allowing the platform to use tokens forever. In addition, it is less expensive with the unlock feature available on the platform.
1inch Exchange liquidity pools
Previously, 1inch Exchange used the Mooniswap gateway to host its liquidity pools. But Uniswap-based Mooniswap could not be used for the most popular DEX aggregator with an identical portal, so it moved its pools to a portal on a 1inch Exchange called 1inch liquidity protocol.
Currently, 1inch Exchange includes liquidity protocols such as 1INCH-ETH, 1INCH-USDC, 1INCH-DAI.
Pros and cons of 1inch Exchange
- User-friendly, easy-to-use user interface
- No deposit or withdrawal transaction fees
- Guaranteed high liquidity and excellent rates through a collection of DEX order books, coins limited time on transaction fees
- Use 1inch liquidity protocols to increase productivity.
- 1inch Exchange free from security breaches or hacking problems
- Use Chi Gastoken (CHI) for extra reductions in transaction costs.
- It does not support the use of fiat currency.
- Bad actors can attack the “infinite lock” feature.
1inch Exchange What kind of token does it use?
The primary token that 1inch Exchange uses is 1INCH token.
What is 1INCH token?
1INCH is the original ERC-20 Token of 1inch Exchange. This type of token manages all the protocols developed by 1inch Exchange.
- Ticker 1INCH
- Blockchain: Ethereum
- Token type: Governance, Utility
- Token Standard: ERC-20
- Total Supply: 1,500,000,000 1INCH
- Circulation supply: 172.609,008 1INCH
1INCH Token Allocation
The total INCH token supply is 1,500,000,000, with the following distribution:
- Annual supporters and collaborators: nearly 53.3%
- Community Incentives: 30%
- Growth and development: nearly 14.4%
- Advisors: 2.30%
Look In general, the features that 1inch Exchange offers bring about positive results for traders. 1inch Exchange will develop some new utilities and overcome its limitations in the future. Tino Group has compiled all information about 1inch Exchange to send to you; I hope you have suitable options for your needs.
Instructions for using 1inch Exchange
Step 1: Open the wallet and connect it to 1inch Exchange
First, log in to the MetaMask wallet or open another 1inch supported wallet that you want to connect to the 1inch. Then click the “Connect Wallet” located in the upper right corner of the page and accept the terms; click “MetaMask. “
Step 2: Confirm Connection on MetaMask
When clicking “MetaMask” on 1inch Exchange, a message will pop up on your MetaMask wallet for confirmation.
Select the address you want to use and connect your wallet to 1inch Exchange via MetaMask message.
Step 3: Exchange tokens on 1inch Exchange
You choose the cryptocurrency you want to swap and enter the amount. Then select the swap you want to receive.
Note that you need to unlock the token you want to swap if you haven’t done it before. In addition, you can use a Balancer to give the best ratio for trading.
So Kienthuccoin has summed up the issues surrounding the 1inch Exchange exchange. It is also easy to see that this is an up-and-coming project. Up to now, 1inch tokens have been listed on most major exchanges such as Binance, Huobi, FTX, OKEx, Bitmax, etc. You can consider and make the right investment decision.
FAQ about 1inch Exchange?
How to contact support from 1inch Exchange?
- Email Support email@example.com
- 1inch Exchange Help Center
- Live Chat
- Telegram Group
Where to store 1inch Token?
Users can store 1INCH in any ERC-20 compatible wallet such as MetaMask, Ledger S, or Trust Wallet.
Is 1inch Exchange refundable?
Transactions that are unsuccessful or affected by the market are non-refundable. Only in case, a bug from the developers is found to be the direct cause will you receive compensation.
Why do transactions on the 1inch Exchange fail?
A failed transaction could be because the cryptocurrency you ordered is no longer available at the specified price. The 1inch Exchange tries to reduce the probability of failed transactions.