Crypto Spotlight: 1INCH

Region: Europe
Aug 11, 2021, 1:00:00 PM Published By Wirex Team

The new coins keep on coming - and next in line is 1INCH. Let’s have a look at what the token does, the technology behind it and how it came about.

What is 1INCH?

1inch (1INCH) is an Ethereum token which powers the DeFi aggregation protocol, 1inch. This decentralised exchange aggregator claims to offer the best rates by discovering the most efficient swapping routes across all leading DEXs. Once it’s found the best prices, it reroutes trades between them, allowing users to easily and cheaply transfer assets.

DEXs all sell the same crypto for different prices (not to mention charge different fees). This is where 1inch comes in - its algorithm finds the cheapest way to make a certain trade using its wealth of exchanges and liquidity protocols. When you buy a token through 1inch, it will likely be exchanged multiple times - in different protocols and into different currencies - before it reaches you in its final form at a competitive price.

Who created 1INCH?

The 1inch platform was founded in July 2020 and it launched its governance token, 1INCH, shortly after in December 2020.

Co-founder and CEO, Sergej Kunz, started studying programming when he was just 14 years old. Before 1inch, he had his own telecommunication aggregation and software development business, and also worked for Porsche AG.

Co-founder and CTO, Anton Bukov, has worked in software development since 2002, and with DeFi since 2017.

What makes 1INCH unique?

1INCH, the token, is a utility and governance token, which means you can use it to vote on the way the 1inch platform is run. 1inch call this “instant governance”.

You can earn 1INCH tokens by providing liquidity to 1inch’s liquidity platform - basically by staking crypto that others can use when placing trades.

Fun fact: you can buy ETH-based WXT on 1inch - go check it out here!