1inch Crypto Platform

1Inch is one of the top-tier decentralized crypto finance platforms that combines three separate protocols; Liquidity protocol, Aggregation protocol, and Limit order protocol. The platform was founded by two Russian smart contract security developers Sergej Kunz and Anton Bukov in May 2019. Kunz and Bukov attended the ETH NY hackathon and developed the first prototype of the platform as a DEX aggregator. The protocol initially was meant to work as a DEX aggregator and scan various markets to provide the best rates for users. Later, the product has seen considerable interest from investors and raised almost $15 million in funding.
 
1inch is a platform with a very rich selection of networks. The platform supports BNB Smart Chain, Polygon, Avalanche C-chain, Optimism, Arbitrum, Aurora, Fantom, Gnosis, and Klaytn networks. Users can bridge their tokens between supported networks for a small fee. The protocols were initially created on the Ethereum blockchain network. But the team is very dedicated to expanding the number of supported networks and tokens. 1Inch has a very fast-growing ecosystem. There are currently two versions of the platform, v1 and v2.
 
1Inch started as a DEX aggregator but now serves as a platform with a combination of various services. There are two other protocols performing under the platform besides aggregation protocol; Liquidity protocol and Limit order protocol. Limit order protocol is at a very advanced level compared to its peers and the team keeps working on developments. Users can simply swap any token on the swap tool or exchange their tokens with other users on the P2P Deal tool. 1Inch stands out with the limit order features that allow users to trade with pre-set orders.
 
The second protocol is the liquidity protocol which allows users to earn yields on their assets by staking or locking them in the pools. There are many liquidity farms and pools on the platform for users. 1Inch has a very large selection of tokens. Yield tools on the platform have a very large selection of token pairs as well.
 
The platform is governed by 1Inch DAO and the important decisions are made by the 1Inch token holders. 1Inch is the platform’s utility token with the same name. 1Inch token is used for both utility and governance. Token holders are rewarded with better rates and lower fees. There is a total supply of 1.5 billion tokens and only half of them are in circulation so far. All tokens will be gradually unlocked until December 2024. 1Inch tokens are also paid to liquidity providers depending on their choice. Only 30% of the tokens are allocated to the community and the majority is allocated to the backers, investors, and team.
 
Security is a very important aspect in order to prevent losses in crypto finance apps. There is no audit report provided on the official website of the platform but there are many independent audit reports on the internet since the protocols are open source. There are audit reports by Hacken, CertiK, CoinFabrik, and Scott Bigelow. There was an exploit on the platform and hackers were able to drain and get away with 2,344 ETH. The hackers still hold the funds in their wallets according to Etherscan data.

 
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Pros

$257,687,590 USD currently invested (TVL)

Finds the best rates

Well known and established protocol

No deposit or withdrawal fees

Cons

Requires more than basic knowledge

Fiat is not supported

Not regulated in the US

1inch Staking Yields

1inch Reviews

1inch Supported Currencies

1inch supports over 10 currencies including Ethereum, Fetch.ai, Lido DAO and 1inch Network.

1inch Languages

1inch's supports the following languages: English, French, Korean, Japanese, Ukrainian, Vietnamese, Portuguese-Portuguese, Spanish, Simplified Chinese, Russian and Indonesian.

1inch Key Data

Company

Automatic market maker	Yes
Legal name	1inch Limited
Year founded	2020
Country incorporated in	Saint Kitts and Nevis
Headquarters country	Saint Kitts and Nevis
Decentralised	Yes
Open source	Yes
Non-custodial	Yes

Products

Crypto to crypto exchange	Yes
Fiat to crypto exchange	No
Pro exchange marketplace	Yes
Peer to peer exchange	Yes
Corporate accounts	No
Integrated crypto wallet	No
Crypto withdrawals to private wallet	Yes
Chain agnostic	No

Security

Know your customer

No

Support

Email support	No
Phone support	No
Chat support	Yes

Investment Strategy

Liquidity pools	Yes
DeFi products	Yes

Useful Links

1inch Contact Details