What is 1inch network?
1inch Network serves multiple purposes to the DeFi world. When it was first launched the project’s main idea was to be a Decentralized exchange (DEX) aggregator protocol. This means that crypto users can connect their 1inch wallets to the 1inch Network web app, select two crypto tokens to swap, and then let the protocol go looking for prices across all DEXs. The protocol would find the best deal for the swap, and present the options to the user. The 1inch Network has its own liquidity pools where people can LP and earn interest on their favorite crypto. 1inch also makes it possible to use limit orders, stop losses, and trailing stop orders in DeFi, all in a few clicks.
What makes 1inch network unique?
At the time of writing, the 1inch Network is the most developed UI/UX aggregator. By simplifying and optimizing the user experience, users can trust 1inch to find swaps with the most liquidity and least fees.
Supports multiple blockchains. At the time of writing, it supports Ethereum, BNB Smart Chain (Binance Smart Chain), Polygon, Avalanche, Optimistic Ethereum, Arbitrum, and Gnosis Chain.
What are the core features of 1inch network?
- Aggregation: 1inch Network aggregates liquidity from multiple DEXs to provide users with the best possible prices for their trades. This allows users to save time and money by avoiding the need to manually search for the best prices on each individual DEX.
- Automated market-making: 1inch Network uses automated market-making (AMM) algorithms to optimize trades and reduce slippage. This helps to ensure that users get the best possible prices for their trades, even when trading across multiple DEXs.
- Gas optimization: 1inch Network uses gas optimization techniques to minimize transaction costs and improve the efficiency of trades. This helps to make the platform more accessible to a wider range of users, regardless of their level of experience or the size of their trades.
- Liquidity pools: 1inch Network offers liquidity pools that allow users to provide liquidity and earn rewards for their contributions. This helps to ensure that there is always sufficient liquidity on the platform, which is essential for providing users with the best possible prices and reducing slippage.
- Security: 1inch Network is built on decentralized and audited smart contracts, which help to ensure the security and reliability of the platform. Additionally, the platform offers a bug bounty program that rewards users for identifying and reporting any vulnerabilities or issues.
What is the token of 1inch network?
The native token is the 1INCH token. 1INCH can be used for staking and governance. One feature of staking is to qualify for refunded network fees on swaps made using 1inch Network. 1INCH token is available on 1inch Network, using a 1inch wallet such as XDEFI Wallet to purchase the 1INCH ERC20 or BEP20 token.