How to use 1inch DEX Aggregator - a Step-by-step Guide

All started as a DEX Aggregation Protocol at the ETHGlobal New York hackathon in May 2019, the 1inch Network has now accomplished a wide range of astounding achievements:

• $75B+ Total Volume.
• $43B+ Accessible Liquidity Sources.
• 120+ Connected Sources.
• 650K+ Total Users.

1inch might be too familiar with experienced DeFi users, but this may not be the case for newcomers. This article will give you clear instructions on how to use the 1inch DEX Aggregator, including its core features: Swapping, Liquidity Providing, and Farming.

1inch Overview

1inch is a decentralized application on Ethereum that aims to provide the best Aggregation Protocols, with its DEX Aggregator Protocol being the pioneer. As a DEX Aggregator, 1inch has completely dominated other competitors on both Ethereum and Binance Smart Chain. 

Moreover, 1inch is not only expanding its network to more and more blockchains, but it is also developing a variety of Aggregation Protocols, such as the Lending & Borrowing Aggregator, Leverage Aggregator,…

Preparation for trading on 1inch

What are the prerequisites for trading on 1inch?

First, users need to download and create an account (optional) on Coin98 Wallet.

Coin98 Mobile Wallet version X is available for download.

Read the detailed instruction about how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Coin98 Extension: Follow these steps to install Coin98 Extension Wallet on Chrome:

Step 1: Find and select Coin98 Extension Wallet on Chrome Web Store;

Step 2: Click Add to Chrome;

Step 3: A pop-up notification is displayed on the screen, please read it carefully. To approve, click Add extension.

Step 4: To use the extension, click the extension icon to the right of the address bar. If the Coin98 Extension Wallet shows up in the drop-down menu, it has been installed and enabled successfully.

How to create an Ethereum Wallet on Coin98 Wallet?

Before using 1inch, users need to create an Ethereum (ETH) wallet. Users can create a new Ethereum wallet on Coin98 Wallet or import an existing Ethereum wallet from other wallets to Coin98 Wallet. Creating a Multi-chain wallet on Coin98 Wallet will also include an Ethereum sub-wallet.

Preparing ETH (optional) as gas fee

1inch uses ETH for gas fees. Therefore, in order to trade on 1inch, users must have ETH in their wallets. Users can buy ETH on a centralized exchange such as Binance, FTX, Gate,... and send it to the Ethereum wallet address on Coin98 Wallet.

Note: 1inch is now also available on different blockchains apart from Ethereum, such as Binance Smart Chain, Polygon and Optimistic Ethereum. In this article I am using 1inch on Ethereum, therefore I have to prepare ETH as gas fee. In order to use 1inch on other blockchains, you have to prepare their corresponding native coins: BNB for Binance Smart Chain, and MATIC for Polygon. 

How to use 1inch with the Coin98 Extension Wallet 

Connect the Coin98 Extension Wallet to 1inch

Step 1: Go to 1inch app here: https://app.1inch.io/

Step 2: Connect to Coin98 Extension Wallet.

Step 3: Choose Web3. Enter your Coin98 Wallet Extension password if needed.

Swap

Step 1: Choose the trading pair. Check all the details, then allow 1inch to swap your assets. 

Step 2: Check the gas gwei and confirm in the Coin98 Extension Wallet.

Step 3: Click “Swap” to perform the Swap transaction.

You have successfully swapped on 1inch.

Add liquidity

Step 1: Click DAO => Pools. The interface should look like the picture below.

Step 2: Choose the pool you would like to provide liquidity, then click the “+” icon. I will select the 1INCH-ETH pool as an example.

Step 3: Choose the amount of assets that you want to provide. You can either choose the amount of each token, or choose the total USD Value.

Afterwards, give 1inch the permission to use your tokens. Confirm the transaction in your Coin98 Extension Wallet.

You have successfully provided liquidity to 1inch’s pool.

Farm

If you have provided liquidity for 1inch, you will receive the LP token showing the percentage of your ownership to that pool. You can use that LP token to stake and earn farming APY by following these steps:

Step 1: Click DAO => Farming. The interface should look like the picture below.

Step 2: Choose the farming pool corresponding to the pool in which you provided liquidity. Currently, there are only 3 active pools in 1inch: 1INCH-OPIUM, 1INCH-VSP, 1INCH-ICHI.

Select “Deposit” to deposit your LP token into the farming pool. I’ll take the 1INCH-OPIUM pool as an example. After depositing the LP token, you can withdraw and/or claim the reward anytime.

Step 3: Click “Deposit” and confirm the transaction in your Coin98 Extension Wallet.

You have successfully staked the LP token to farm.

How to use 1inch on the Coin98 Wallet dApp browser

Swap

Step 1: Open the Coin98 Mobile Wallet. Select “Browser” and search 1inch. 

Step 2: Connect to the Coin98 Wallet. Select “Web3”.

Step 3: Select the trading pair. Check all the details and click “Swap”.

Step 4: Confirm the transaction. 

You have successfully swapped with 1inch on Coin98 Wallet.

Add liquidity

Step 1: At the 1inch’s main screen, click the “Hamburgur Menu Icon” at the top right corner.

Step 2: Click “Pools”.

Step 3: Select a pool to provide liquidity. I’ll take 1INCH-ETH as an example.

Step 4: Check all the details, allow 1inch to use your assets and confirm the transaction.

You have successfully provided liquidity to 1inch’s pool.

Farm

If you have provided liquidity for 1inch, you will receive the LP token showing the percentage of your ownership to that pool. You can use that LP token to stake and earn farming APY by following these steps:

Step 1: At the 1inch’s main screen, click the “Hamburger Menu Icon” at the top right corner.

Step 2: Click “Farming”.

Step 3: Choose the farming pool corresponding to the pool in which you provided liquidity. Currently, there are only 3 active pools in 1inch: 1INCH-OPIUM, 1INCH-VSP, 1INCH-ICHI.

Select “Deposit” to deposit your LP token into the farming pool. I’ll take the 1INCH-OPIUM pool as an example. After depositing the LP token, you can withdraw and/or claim the reward anytime.

Step 4: Click “Deposit” and confirm the transaction.

You have successfully staked the LP token to farm.

Why should you use 1inch directly on Coin98 Wallet?

For both newbies and DeFi experts, using 1inch on Coin98 Wallet brings undeniable benefits, such as:

Simple, easy to access

The DApp Browser is integrated in the Coin98 Mobile Wallet for both iOS and Android users. Just by clicking Browser on the home screen, you’ll be seamlessly taken to the marvelous DApp world to freely explore the best of DeFi.

You can also swap C98 tokens on the Coin98 Mobile Wallet or Coin98 Exchange easily and conveniently.

Minimized risks of scams

Coin98 Wallet constantly strives to find the most trustworthy AMMs with great use cases while prioritizing users’ security and privacy. Coin98 Wallet directly integrates the exact addresses of all AMMs on the app, which prevents the cases of searching and accessing fake AMMs that steal users’ Private Keys/Passphrases, or swapping scam tokens.

The Cross-Chain Bridge

Considered one of the most innovative features of Coin98 Wallet, the Cross-Chain Bridge allows users to interact with 1inch easily and convert ERC20, TRC20, SPL tokens to BEP20 tokens directly on the Mobile App without using third parties.

Numerous DApps

If you are inclined towards using 1inch after reading this article, why miss out on the great experience of trying other multi-chain DApps on the Coin98 Mobile Wallet DApp Browser?

Stay tuned for the upcoming planets that are about to be integrated into the Coin98 Wallet Universe!

Conclusion

That is all what you need to know in order to use 1inch. Hopefully, this article can effectively support users in using 1inch with Coin98 Wallet and Coin98 Extension Wallet.

If there are any questions, please feel free to comment below for further discussions about Crypto!