What is 1inch
1inch is the native token on an eponymous aggregator for decentralized marketplaces. 1inch exchange allows its users to track multiple exchanges from a single platform. The protocol collects liquidity from DEXs, using smart contract technology for this purpose, splitting one transaction between several exchanges, which gives users the opportunity to optimize their transactions and get the best possible rates.
How it works
The 1inch ERC-20 token is a control and utility token on the platform. It is used to control all 1inch network protocols through various modules, as well as a voting mechanism. It possesses the Instant Governance structure where the token holders and key protocol stakeholders can directly vote on protocol and configuration parameters. One of the key features of instant control is that bidders can continuously and dynamically vote to change protocol settings without waiting for bids to be submitted or completed. Each 1inch token holder can stake their tokens, as well as participate in the management of liquidity pools. The weight of each user's vote is in direct correlation with the number of tokens supplied.
Advantages and disadvantages of 1inch
+ The 1inch token takes the management capabilities of the DeFi space to the next level. It enables the most efficient and transparent way to vote on certain protocol settings. With such a model, the voice of each user matters. Moreover, the token currently holds a position towards the end of the top-100 currencies. It has had valuable investors from its inception like Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures и Divergence Ventures. The project is also receiving much approval from Binance CEO Changpeng Zhao, who believes these are the protocols that are fueling the rise of DeFi. These factors indicate that there has always been interest towards the platform and its native token in the crypto circles. The technology was also tested by independent audit companies.
- Despite the token’s success in 2020, the developers themselves have said it’s not an investment tool but rather a tool to use on the native platform or be implemented by third parties. This is further proven by the fact that, according to CoinMarketCap, no one stores 1inch for over a year, so the functions and value of the token are limited to the native ecosystem it belongs to. This poses a risk for the token since it’s in close correlation with the success of the eponymous platform. 98 percent of the token is also concentrated in the hands of large holders.
Where to buy 1inch
During the inception of the token, users could acquire it if they adhered to certain criteria, as well as with the help of liquidity mining. Currently, 1inch is traded on most popular exchanges like Binance, KuCoin, FTX, Coinone, Huobi Global, OKEx, Uniswap, and CoinTiger. The trading usually happens in pairs with BTC, USDT, ETH, WETH, USDC, and such.How to exchange 1inch on SwapSpace?
- On SwapSpace homepage, select 1inch in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of 1inch you want to exchange.
- Choose the instant exchange service that suits you most.
- Specify the recipient address and check if all the data is correct.
- Send your 1inch coins to the address you will see on the screen.
- Wait until the exchange is complete.
Where to store 1inch
Since 1inch has the ERC-20 standard, it can be stored on any suitable wallet like Trust Wallet, Atomic Wallet, MyEtherWallet, Exodus, Coinomi, imToken, MetaMask, and Ledger. The platform itself also supports any Ethereum-based wallets which are securely integrated into the platform, namely 0x Relay, Uniswap, Oasis, and Kyber Network.