1inch emerged as a phenomenon in August 2020 after raising $2.8 million in funding from numerous well-known Venture Capitals, such as: Binance Labs, FTX, Galaxy Digital, Libertus Capital, Greenfield One,… Later in December 2020, 1inch raised another $12 million in a Series A for Early-stage Ventures.
What is 1inch? How could 1inch successfully draw attention from various investors? Which elements have made 1inch a top-notch protocol?
In this article, I will introduce you to the 1inch Protocol, including the detailed information about 1inch and 1INCH Token.
What is 1inch?
1inch is a decentralized application on Ethereum that aims to provide the best Aggregation Protocols, with its DEX Aggregator Protocol being the pioneer. Besides, 1inch has launched a Liquidity Protocol (AMM) and a Limit Order Protocol (tool), giving users the best trading experience possible.
In the future, 1inch’s ambition is to keep building multiple Aggregation Protocols, namely a Borrowing Aggregator, a Leverage Aggregator, a lending Aggregator,...
What is 1inch Token?
1INCH is a muilti-chain token, currently available on Ethereum, Polygon and Binance Smart Chain (BSC) . The integration with BSC was conducted through a bridge, which indicates that there are no extra tokens issued on BSC.
1inch serves both as a utility token and a governance one. Regarding its utility purpose, 1inch is used as a connector to maximize the routing efficiency of the 1inch Liquidity Protocol. At the same time, it is also used for all the governance activities happening within the 1inch Network and forthcoming Protocols.
How does 1inch work?
There are currently 3 Protocols operating in the 1inch Network, which are: Aggregation Protocol, Liquidity Protocol, and Limit Order Protocol. We shall go over each of them and analyze their functionalities.
1inch Aggregation Protocol solves the problem of sharding liquidity across the market. By using Pathfinder - a routing algorithm that allows 1inch to source liquidity from multiple DEXs, it provides users with the lowest slippage and gas cost possible.
The above picture illustrates an example of how 1inch Aggregation Protocol works. To swap from token X to token Y, 1inch finds different paths through multiple DEXs like Uniswap, Sushiswap, Curve,... Afterwards, it decides the best way to divide into various swap transactions to produce the highest quality of the trade. In the end, 100% token Y is still received without requiring any additional procedures compared to conventional AMM swaps.
In order for this model to work smoothly and efficiently, 1inch requires liquidity pools from as many sources as possible. Thus, it has integrated with an enormous number of disparate AMMs, varying from Ethereum to Polygon and Binance Smart Chain, such as Uniswap, Sushiswap, Pancakeswap,... (Full list below)
As a go-to place for AMMs, 1inch has also developed an AMM product as well, which is the Liquidity Protocol. Liquidity providers get rewards from both assets in the pool, which includes 1INCH. Some pools can be listed as: 1INCH-OPIUM, 1INCH-ICHI, 1INCH-VSP,...
To further complement the 1inch AMM, an advanced tool called Limit Order Protocol was launched. The product introduces additional features that support the trading experience, which are Stop-loss Order, Trailing Stop Order, Auction. These functions are often seen in the traditional Order Book model, therefore, integrating these features into an AMM model is an innovative idea. Moreover, unlike other protocols like 0x, 1inch charges zero fees for using these awesome tools which is another plus point.
It is also worth noting 1inch DAO since 1inch aims to become a fully decentralized protocol. From 24 December 2020 to now, 1inch has been distributing tokens to community members through a wide range of incentivization activities in order to create a massive and solidary community. By staking 1INCH, they can participate in voting and proposing new ideas within the protocol, which in a foreseeable future will give them full control of the 1inch Network.
Detailed information about 1INCH Token
1INCH Price Today
Currently, you can track the price of 1INCH on Coin98 Markets.
Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project, or filter the coins/tokens by Market Cap, Trading Volume, etc.
1INCH Key Metrics
- Name: 1inch Token.
- Ticker: 1INCH.
- Token standard: ERC-20.
- Token type: Utility, governance.
- Max supply: 1,500,000,000 1INCH.
- Circulating Supply: 415,747,909 1INCH.
- Contract address: 0x111111111117dc0aa78b770fa6a738034120c302
1INCH Token Allocation
1INCH Token Sale
1inch raised $2.8M in the Seed Round that occurred in August 2020, $12M in a Series A in December 2020 for Early-stage Ventures, and most recently, $175M in a Series B in December 2021 with the project valuation at $2.25 billion.
1INCH Token Release Schedule
6% of the 1INCH total supply (1.5B) was released on the first day. The remaining tokens will be unlocked overtime for 4 years until December 30, 2024.
1INCH Token Use Cases
1INCH has 3 main use cases:
- As a connector in the Liquidity Protocol.
- Rewards for Liquidity Providers and Stakers.
- To participate in governance activities on 1inch DAO.
How to get 1INCH Token
You can get 1INCH tokens by providing liquidity in the 1inch protocol.
How to buy 1INCH token on Coin98 Exchange
You can buy 1INCH on different CEXs/DEXs:
- CEXs: Binance, Huobi, Gate, FTX,....
- DEXs: Uniswap, SushiSwap, Balancer,..
Or you can use Coin98 Exchange to swap other tokens for 1INCH by clicking the Swap button at the end of the article.
Learn more: How to use Coin98 Exchange
How to store 1INCH Token on Coin98 Wallet
You can store 1INCH token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search 1INCH Token (Choose the BEP-20 1INCH for BSC)
Step 3: Click on the correct result, copy the wallet address and send 1INCH to this address.
- May 2019: 1inch was founded
- August 2020: Mooniswap launch
- November 2020: 1inch V2 launch
- December 2020: 1inch 1st Airdrop
- February 2021: 1inch 2nd Airdrop
- June 2021: Limit Order Protocol launch
- Early 2022: Full DAO functionality launch
Team, Investors and Partners
Anton Bukov: Co-founder, Lead Software Engineer & Architect.
Sergej Kunz: Co-founder, Lead Fullstack Software Engineer & Architect.
The project is invested by multiple well-known capitals such as Binance Labs, Galaxy Digital, ParaFi Capital, Dragonfly Capital, FTX, LAUNCHub Ventures, Spartan Group, Divergence Ventures, Loi Luu (the Founder of Kyber Network), Illia Polosukhin (the Co-Founder of NEAR Protocol),...
1inch has formed partnerships with multiple well-known AMMs from Ethereum to Polygon and Binance Smartchain.
Is 1INCH a good investment?
I hope that with the aforementioned information, you have understood what 1inch is and how 1inch operates. This article should give you a deep insight into the project, so there is no financial advice. You should Do Your Own Research before conducting any investment, and be responsible for your own fund. However, Coin98 will provide some notable points of the project to give you the best overview to make your own decisions.
- As a leading DEX Aggregator Protocol on both Ethereum and Binance Smart Chain, there is no doubt about 1inch’s success. Since DeFi is growing at a rapid pace, decentralized products are arising more than ever. Therefore, an Aggregation Protocol like 1inch is of great importance to maximize end-users’ experience.
- Not just stopping at a DEX aggregator, 1inch is expanding its protocols into every possible DeFi sector: Lending & Borrowing, Leverage,... Considering 1inch’s current position as a DEX aggregator, their forthcoming products have been receiving high expectations.
- There has not been any remarkable opponent to 1inch, which indicates that 1inch is highly likely to remain on top of the Aggregation field for the time being.
To conclude, 1inch has been the leading project in building Aggregation Protocols with its massive success in the field of DEX Aggregators on Ethereum as well as Binance Smart Chain. With a high ambition, 1inch network is planning to expand into other Aggregation Protocols like lending, leverage,...
Considering its enormous success as a DEX Aggregator, it is worth keeping track of the project’s progress and following the forthcoming products. In addition, as the 1inch DAO is preparing to launch its full functionalities for users, the 1INCH token is believed to become more valuable since people will be more willing to take full control of the governance.
You’ve been through an article about 1inch Network and the 1INCH token. I hope it has helped you in gaining more useful insight of this project and understanding its potential.