What is 1inch Exchange?
If you're involved with the world of cryptocurrency, you might have heard of 1inchexchange. If you have not, you might as well read through this article.
In essence, 1inch is another exchange aggregator. However, they are entirely decentralized and non-custodial. This means that you can remain worry-free about the assets used when swapping or trading on the platform.
In this article, we will cover everything you need to know about the DEX platform so that you can make an educated decision when it comes to choosing a platform to your liking.
Whenever you're ready to learn about this amazing crypto exchange, keep reading and get your notepad ready.
Founded by Sergey Kunz and Anton Bukov, 1inchexchange is a decentralized exchange aggregator. Before founding this project, the pair participated in several bounties at MakerDA, Kyber Network, and Set Protocol.
The platform is built to roll a big DEX platform into a single network with pricing and liquidity, making it easy to get the best deals. Each trade can be divided around an exchange using 1inch, minimizing the slippage for possible prices. 1inch is non-custodial, meaning all trades are carried out with a single transaction on an Ethereum-based wallet.
1inch does not have withdrawal fees. As the exchange does not deposit, there are no payments or withdrawals associated. 1inch does not purchase fees, although it does acquire gas fees that are applied to users. Any transaction on the ETH network involves gas charges, so there's that.
The CHI Gas token was introduced by 1inch to pay for the costs of the transaction. If consumers choose to pay with CHI, it will be almost twice as affordable. The DEX supports most ERC-20 wallets, such as Trust Wallet, Metamask, Torus, Portis, Wallet Link, Unilogin, Authereum, Bitski, Ledger, Wallet Connector, Formatic.
The 1inch token is of their recent endeavors. It servers both as a governance and utility token. This token runs on the ETH blockchain, and it can be distributed across all of the wallets the interacted with the 1inch platform with some conditions.
There are only 1.5 million tokens available currently. As of December 2020, 6% of the supply is circulated. The next third will be distributed over the course of 4 years, and the rest over a longer period of time.
As a trader, you can acquire 1inch tokens if you meet at least one condition:
- You have completed at least 4 trades
- You have executed at least a single trade before September 15, 2020
- The trades are worth at least $20
If you fulfill the requirements, you can redeem your token from the crypto wallet connected with the platform. Any tokens available to you will be displayed under the 1INCH breakdown partition on the wallet.