1Inch Network To Usd Chart

1inch is a DEX aggregator that picks và chooses the cheapest cryplớn prices across decentralized exchanges. Here's how it works.

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In brief1inch's main sản phẩm is a DEX aggregator that works out the best cryplớn prices across decentralized exchanges.The platsize launched its governance token, 1INCH, in December 20trăng tròn.
Decentralized exchanges (DEXs) are cryptocurrency exchanges that don't require a third buổi tiệc ngọt to lớn govern it all. The clue’s in the name, after all: on a decentralized exchange, there is no single company maintaining the order books, custodying funds or calling the shots. (Hypothetically, in principle, and often with some major caveats).

Anyone can trade on a decentralized exchange; traders need only connect their wallets, never giving up access to their funds or personal information lớn companies.

There are a few such exchanges, including Uniswap, SushiSwap, & PancakeSwap. But all of these exchanges, each of them relatively new & structured in different ways, sell cryptocurrencies for slightly different prices (incidentally, creating opportunities for arbitrage). So Ethereum might sell for a different amount on Uniswap than it does on 0x, not khổng lồ mention that each platkhung may charge different fees.

If only there were some way khổng lồ work out how to lớn get the best price of a decentralized exchange! Thankfully, there is, & it’s called 1inch.

What is 1inch?

1inch is, first và foremost, a DEX aggregator. That means it scrapes a handful of decentralized exchanges for the cheapest prices and reroutes its customers’ trades between them to lớn try & ensure that they're getting the best prices.

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As of June 2021, 1inch claims to lớn offer users access to over 50 liquidity sources on Ethereum, trăng tròn on Binance Smart Chain, và 8 on Polygon. The các mục of DEXs it draws on includes the likes of Uniswap, 0x and Balancer, as well as 1inch’s own liquidity protocol, formerly known as Mooniswap.

1inch was founded by Sergej Kunz & Anton Bukov in 2019 during ETHNewYork’s hackathon thả. Since then, 1inch has raised about $15 million in funding from companies such as Binance Labs, Galaxy Digital and Pantera Capital. As of June 2021, 1inch’s exchange trades about $250 million a day.

How does 1inch work?

Say that you want lớn buy some Wrapped Bitcoin (a synthetic version of Bitcoin) using Ethereum on a decentralized exchange. Look at different DEXes & you’ll find that the prices vary, as do the fees.

1inch’s algorithm finds the cheapest way to place that trade using all the different exchanges và liquidity protocols that can facilitate this trade.

The cheapest way to place this trade may involve sầu swapping your Ethereum between several different protocols và for several different currencies before it arrives at Wrapped Bitcoin. The advantage of doing this is that it may mean you can buy Wrapped Bitcoin at a cheaper price.

What is 1INCH token?

On Christmas Day, 20đôi mươi, 1inch launched its own cryptocurrency, 1INCH token. It's a “governance token,” meaning that you can use it lớn vote on the way that the 1inch platkhung is run. 1inch called this “instant governance”.

1inch distributed a lot of tokens in an airdrop at the kết thúc of 2020. You could clayên ổn 1inch tokens by providing money lớn 1inch’s own liquidity protocol (then known as Mooniswap) or if you’ve used it before December 24, 2020.

1/ Delighted to lớn announce that 1INCH Token is LIVE!