What Is 1inch (1INCH)?
1inch is a decentralized exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for a user to find the best price for a swap, they need to look at every exchange — DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXs.
DEX aggregators work by sourcing liquidity from different DExs, meaning that they are able to offer users better token swap rates than they could find on any single DEX, in the shortest time possible.
1inch launched in August 2020 after a $2.8 million funding raise from Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures and Divergence Ventures.
In December 2020, 1inch raised another $12 million in Series A funding, led by Pantera Capital, with others including ParaFi Capital, Blockchain Capital, Nima Capital and Spartan Group. The funding round was conducted through a SAFT sale (simple agreement for future tokens).
1inch in winter 2020 also launched Mooniswap, its own automated market maker (AMM).
In December 2020, 1inch launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralized autonomous organization (DAO).
Who Are the Founders of 1inch?
1inch was founded by Sergej Kunz and Anton Bukov over the course of the ETHNewYork hackathon in 2019. The two had earlier met during a live stream of Kunz’s YouTube channel (CryptoManiacs), and began entering hackathons together, winning a prize at a hackathon in Singapore as well as two major awards from Ethereum Global.
Prior to 1inch, Kunz worked as a senior developer at product price aggregator Commerce Connector, coded at communication agency Herzog, led projects at Mimacom consultancy, and then worked full time at Porsche in both DevOps and cybersecurity.
Bukov, currently the CTO of 1inch, had worked in software development since 2002, and worked in decentralized finance (DeFi) since 2017 on products including gDAI.io and NEAR Protocol.
What Makes 1inch Unique?
1inch is unique in that it provides instant governance for its users. This feature allows 1inch users to vote for specific protocol settings in the decentralized autonomous organization (DAO) model.
How Is 1inch Network Secured?
1inch is non-custodial, and all trades take place within one transaction from a user’s Ethereum-based wallet. As of December 2020, Oasis, Kyber Network, Uniswap, 0x Relays and others are integrated into 1inch’s protocol.
Where Can You Buy 1inch (1INCH)?
1INCH is a popular digital asset that got listed to trade on WazirX India on 24th March. You will be able to buy, sell, trade 1INCH in INR & USDT market.
WazirX is also celebrating the listing of 1INCH on WazirX by doing a Grand Giveaway. If you want to participate in the giveaway don’t have an account on WazirX then open an account by following the link:- https://wazirx.com/invite/t8vshyn9
The Giveaway Details
- Friday, 26th March: AMA with Sergej Kunz, Co-founder of 1inch Network. Learn everything about 1INCH and win total prizes of $150.
- Tuesday, 30th March — Thursday, 1st April: 48-hour long Highest Trader Kaun Marathon with prizes of ₹9,46,000 ($12,400) worth 1INCH for top 200 traders.
- Tuesday, 30th March: Quiz in Waxirx’s Telegram group with prizes of $300. Show off your 1INCH knowledge in a fun quiz session and win.
- Wednesday, 31st March: Trivia contest on WazirX Instagram page with prizes of $50. Learn interesting trivia about 1INCH and win.
Learn more about the Giveaway here.