1INCH

What is 1inch?

1inch operates as an exchange aggregator, specializing in scanning decentralized exchanges to discover the most competitive cryptocurrency prices for traders. This platform is driven by its 1INCH utility and governance token, which serves essential functions in its decentralized "instant governance" model and enables liquidity mining through token staking.

In the vast realm of decentralized finance (DeFi), decentralized exchanges (DEXs) play a crucial role by enabling traders to conduct crypto asset exchanges without the intervention of intermediaries. This means that the orders are executed directly between users, and the custody of funds remains in the traders' wallets, eliminating the need to disclose personal identifying information.

In the decentralized exchange landscape, prices and transaction fees can fluctuate significantly at any given moment. However, 1inch simplifies the process for traders by gathering real-time pricing data from various DEXs. By doing so, it empowers traders to swiftly identify the most favorable prices across the market and seize profitable trading opportunities within a unified platform.

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Recent Video Interview

Main points of the interview:

• Sergey's journey: Started as a software engineer, now a co-founder of 1-in Network.
• Dubai expansion: Attracted by the government's support for innovation and talent.
• Plans to obtain a license for Middle East operations.
• Future plans: Launching developer portal, hardware wallets, and exploring atomic swaps and P2P networks.

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1INCH Token

The 1INCH token serves as the governance and utility token within the 1inch Network. Holders of 1INCH have the opportunity to actively participate in the platform's decentralized autonomous organization (DAO) governance, which includes overseeing the management of the 1inch DAO Treasury. Additionally, token holders can exercise their choice in selecting resolvers and receive a portion of the fees generated through this process.

Through the innovative feature known as 1inch Fusion, users can stake their 1INCH tokens to acquire Unicorn Power (UP). Subsequently, they have the option to delegate their UP to any 1inch Fusion Resolver of their choice, thereby unlocking the opportunity to earn rewards from these resolvers. It's worth noting that during the staking process, users have the flexibility to set a custom or preset lock period. However, it's important to be aware that once staked, the 1INCH tokens cannot be unstaked or withdrawn without incurring a penalty until the designated lock period comes to an end. This mechanism is in place to promote commitment and provide stability to the ecosystem.

1inch Team Background

The inception of the 1inch Network can be traced back to the collaborative efforts of Sergej Kunz and Anton Bukov during the ETHGlobal New York hackathon held in May 2019. The pair first crossed paths through Kunz's CryptoManiacs YouTube channel, which led them to team up and participate in hackathons together. Their combined skills and innovative ideas earned them recognition, securing a prize at a hackathon in Singapore, as well as two prestigious awards from ETHGlobal.

Before embarking on the 1inch project, Sergej Kunz had an accomplished career path. He previously held the position of a senior developer at Commerce Connector, a company specializing in product price aggregation. Additionally, he had coding experience at Herzog, a communication agency, and took on leadership roles in various projects at Mimacom consultancy. Notably, Kunz also contributed his expertise to Porsche, where he worked in both DevOps and cybersecurity capacities.

As for Anton Bukov, he had an extensive background in software development, dating back to 2002. His expertise in decentralized finance (DeFi) began in 2017, and he had been involved in multiple projects, including notable contributions to gDAI.io and the NEAR Protocol. His proficiency and experience played a vital role in shaping the 1inch Network and its subsequent success.

1inch Project Development

In June 2023, the 1inch Network continued its commitment to enhancing and upgrading its products, marking a significant milestone with the release of 1inch Wallet v1.14 for Android. This latest version introduced several noteworthy improvements, notably expanding Fusion mode support to five additional chains, further enhancing user experience with an NFT integration featuring Rarible and POAP, and introducing a more streamlined UI and improved connection with Ledger hardware wallets.

A major step taken by the 1inch DAO was the adoption of a proposal to discontinue the collection of swap surplus. This strategic move is expected to greatly enhance the cost efficiency of swaps on the platform, contributing to the long-term growth and sustainability of the ecosystem.

To empower users with greater control over their trading strategies, 1inch introduced a custom preset for Fusion mode orders. With this feature, traders can now choose between the 'Min', 'Max', and 'Auction time' parameters, enabling them to maximize their profits according to their individual preferences and risk tolerance.

Additionally, 2023 saw 1inch forging significant integrations with several promising projects, reinforcing its position as a pivotal player in the DeFi landscape. Collaborations were established with XFai, an automated DeFi trading platform, as well as Arbitrum Exchange, a platform catering to trading and staking needs. Other notable integrations included Algebra Protocol, Lido Finance, Origin DeFi, ARBIDEX, AmazeWallet, CIAN, MyEtherWallet, and Enkrypt, further enriching the 1inch ecosystem and expanding its reach within the crypto community.