1inch Exchange is a decentralized exchange (DEX) aggregator that pools liquidity from multiple DEXes to find and offer users the best cryptocurrency trading prices. This process is executed through a smart contract algorithm, allowing users to access liquidity from various exchanges in one place without needing to individually visit each DEX.
What is 1inch?
1inch is a decentralized exchange (DEX) that combines multiple decentralized exchanges into one network to provide you with the best possible prices for your trades. It enables you to connect with multiple blockchain networks, including Ethereum, BNB Chain, Avalanche, Polygon, and others, to trade cryptocurrency assets. Within just two years of its launch, 1inch’s user count reached 1 million.
It was created by two Russian developers, Sergei Kunz and Anton Bukov, who have experience in auditing smart contracts. When you trade using 1inch, you can utilize multiple exchanges simultaneously to minimize slippage and get the best possible prices for your trades. All transactions are completed directly from your Ethereum wallet without any intermediaries, a feature that makes 1Inch a secure exchange.
1Inch Native Token
The native token of the 1inch exchange is called 1INCH. This token serves as a governance token, allowing users to have a say in the decision-making process of the exchange, such as protocol upgrades, new features, and token listings. The benefits of using 1INCH tokens include reduced transaction fees and increased rewards for liquidity providers.
Features
1inch Exchange offers a wide range of features that make it a preferred choice for cryptocurrency traders and investors. Some of the most notable features include:
- Cross-Chain Trading: 1inch allows you to trade across multiple blockchain networks, making it easy to find the best prices suitable for your trades.
- Liquidity Aggregation: 1inch aggregates liquidity from multiple decentralized exchanges, providing users with a wide selection for their trades.
- Fast and Secure Transactions: 1inch employs a unique exchange mechanism that ensures all transactions are fast and secure for users.
- User-Friendly Interface: 1inch’s user interface is intuitive and user-friendly, making it easy to use even for novice traders.
- Low Fees: 1inch offers some of the lowest fees on the market, making it an affordable choice for both large and small trades.
- Regular Audits: 1inch regularly undergoes security audits to ensure the safety of all systems and processes.
- Hardware Wallet: 1Inch enters the hardware wallet market by offering its own with unique security features. The 1inch hardware wallet is a compact, portable device with a light/dark e-ink touch display, stainless steel frame, and waterproof surface. The device supports wireless charging and has a battery life of approximately two weeks. The device is available in five colors.
What Makes the Latest Upgrade of 1Inch Special?
In December 2022, 1Inch launched an upgraded version named Fusion. The Fusion mode allows users to choose between three exchange options: Fast, Fair, and Auction. The “Fast” option prioritizes quick execution at a slightly worse rate, while the “Fair” option offers a higher starting rate and may achieve better rates during execution. The Auction option is best suited for large transactions, offering the best prices after a maximum waiting time of 10 minutes. The exchange engine under Fusion mode utilizes 1inch’s aggregation protocol and limit order protocol to guarantee liquidity across multiple networks, with Ethereum, Polygon, and BNB Chain being the initial supported networks.
Cryptocurrencies Offered on 1Inch
The 1inch exchange supports trading of over 400 ERC-20 tokens on the Ethereum network but does not support popular cryptocurrencies outside the network, such as Bitcoin and Binance Coin. To access advanced features on the platform, users must own the native token of 1inch (1INCH).
How to Exchange Tokens on 1Inch?
To exchange tokens on 1inch, follow these steps:
- Connect a web3-supported wallet to the 1inch Exchange platform, such as MetaMask, Trust Wallet, or WalletConnect.
- Select the tokens you want to exchange by choosing “From” and “To” tokens from the list of available cryptocurrencies.
- Enter the amount of tokens you want to exchange.
- Review the details of the exchange, including the exchange rate, total cost, and gas fees, and confirm the transaction.
- Sign the transaction using your connected wallet.
- Wait for the transaction to process and confirm the exchange is complete.
- Your tokens will now be transferred to your connected wallet.
It’s important to remember that while 1inch Exchange offers deep liquidity and competitive exchange rates, the final swap rate and exact gas fees will depend on the current market conditions and network congestion.
Exchange Fees and Supported Payment
1inch Exchange does not charge any withdrawal fees as it operates as a decentralized exchange. Instead, users pay transaction costs in the form of Ethereum network gas fees or 1inch’s CHI Gas Token, which offers a 42% discount on transaction costs.
Mobile Application
The 1inch Wallet is a fast and secure non-custodial crypto wallet with a built-in DEX aggregator. You can use the app to store, send, receive, and trade cryptocurrencies in a protected and efficient manner on Ethereum, BNB Chain, Polygon, Optimistic Ethereum (OΞ), Arbitrum, Gnosis Chain, Avalanche, and Fantom. The 1inch wallet supports hundreds of tokens across all these networks.
1inch provides users with an easy entry into DeFi, offering deep liquidity across multiple blockchains and better cryptocurrency exchange rates than any single cryptocurrency exchange. Additionally, 1inch saves users’ time as they no longer need to manually check each exchange for the best swap prices.
Customer Support
1inch Exchange offers support through its help section, where users can access various resources, including articles and FAQs.
If users encounter issues or have questions that cannot be answered through the help center, they can contact the 1inch team via social media channels such as Twitter, Telegram, and Discord for more immediate support.
Its website features a comprehensive FAQ section where users can find answers to the most common questions about the platform. The FAQ section covers a wide range of topics, including:
- Getting started with 1inch
- Trading and liquidity
- Security and privacy
- Wallets and fund management
- Integrations and APIs
- 1inch tokens and CHI Gas Token
- Technical issues and troubleshooting
Recent Updates
- January 2023 – 1inch Network enters the hardware wallet market, supporting the self-custody trend.
- December 2022 – 1Inch releases a major upgrade – Fusion.
Bottom Line
1Inch is a decentralized exchange offering a user-friendly and beginner-friendly platform for trading various ERC-20 standard tokens. It provides deep liquidity across multiple blockchains and better swap rates compared to other single exchanges. The platform does not charge any transaction fees, only collecting gas fees on Ethereum network transactions.
1Inch offers a non-custodial wallet for users to store, send, receive, and trade their crypto assets securely and efficiently. The platform also features a comprehensive FAQ section for users to resolve inquiries and owns the CHI Gas Token, which reduces transaction fees by 42%. Overall, 1Inch is a convenient and cost-effective option for users trading cryptocurrencies.
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