What Is the 1inch Network?
The 1inch Network is a decentralized exchange aggregator. It allows users to find the best token exchange prices. In order to choose the most beneficial paths for trading tokens, the platform uses its own API technology – the 1inch Pathfinder. Essentially, the algorithm scans the market to find the most convenient exchange options.
The 1inch crypto project employs various protocols including:
- The Limit Order protocol. It provides users with such functionalities as various types of orders (stop-loss, trailing stop, etc.), additional RFQ support, auctions, dynamic pricing, and so on.
- The Liquidity protocol. Essentially, it’s an AMM that offers significant prospects to liquidity providers while safeguarding users from front-running attacks.
- The Aggregation protocol. It aggregates liquidity from multiple DEXes to ensure the best trading rates.
1INCH is the native token of the platform. Since it’s a governance token, it allows community members to vote on various changes. The voting takes place under the DAO model, which makes the 1inch Network efficient and transparent. Check out the 1INCH price chart above if you’re interested in the current 1inch Network price.
The Story of the 1inch Network
The idea of the 1inch Network was developed in less than 60 hours during the ETHGlobal New York hackathon in May 2019 by Sergej Kunz and Anton Bukov. They had previously met during a live stream of Kunz's YouTube channel called CryptoManiacs. After that, they started participating in hackathons together, which eventually resulted in the creation of a huge DeFi project.
This network was developed because Kunz and Bukov disliked having to spend so much time searching for the best price on DEX platforms. Thus, they started looking for their own private trading method to create the most convenient system.
What Is 1INCH Token?
As mentioned before, the 1INCH token is the governance token of the 1inch Network. The stakers of the token get the opportunity to participate in the governance processes of the 1inch Aggregation and Liquidity protocols. The network employs the instant governance feature that allows users to vote for protocol settings without going through long voting periods.
However, the 1inch Network token is also a utility token. Primarily, in terms of utility, 1INCH is used as a connector in the Liquidity protocol of the network to enable high-efficiency routing.
Besides that, it can also be staked on the 1inch derivatives liquidity pools. It allows liquidity providers to generate decent yields for locking their tokens in the pools. Also, as long as the 1inch Network price remains below the strike price, stakers are able to generate APR as well. The pools are rebalanced each week, thus, the strike price constantly changes. Again, you can check the 1INCH price on the chart above.
One way or another, rather than being a tool for investment, the 1INCH token was initially developed as a tool for creating and maintaining a decentralized and permissionless network.
Tokenomics of 1INCH
There were three investment rounds during which the project managed to acquire $2.8 million, $12 million, and $175 million from a huge variety of companies and angel investors.
The total supply of 1inch Network tokens is 1,5 billion. In terms of token distribution, 30% goes to community incentive programs. Another bigger portion (22,5%) goes to core contributors. The remaining portion is distributed between backers and the 1inch growth and development fund.
Besides, if you want to purchase the tokens, note that the 1INCH price is quite volatile. Just like it is with the majority of crypto assets. This is the case because various factors influence the crypto market which makes it fluctuate. Thus, it would be useful to analyze the 1inch Network price changes to find the best opportunity to purchase the token.
These are the project's quantitative metrics of its official X account that can be used to trace regular or artificial Social activity & growth within the project.
Followers
1.35M
Followers: 1,353,993
0.14%
Following
363
0.28%
Posts count
10,354
0.49%
These are the project's quantitative metrics of its official Reddit account that can be used to trace regular or artificial Social activity & growth within the project.
Subscribers
15.47K
Subscribers: 15,475
0.03%
Subreddit type
public
Moderators
6
0.00%
These are the project's quantitative metrics of its official Telegram account that can be used to trace regular or artificial Social activity & growth within the project.
Members
12.09K
Members: 12,094
0.55%
Title
1inch Network [EN]
These are the project website's metrics based on Ahrefs Rank. They're used to trace website activity & growth within the project. DR (Domain Rating) metric is a sign of the project's website reputability that is ranked from 0 to 100 (the higher the rank, the better reputability). Organic Traffic - is a metric of how many monthly users visit the project's website via search engines. All these metrics are used for determining active or passive projects despite the artificial hype.
Website Rating (DR)
76 / 100
0.00%
Ahrefs Rank
30,682
2.09%
Organic Traffic (mo.)
42,451
2.78%
These are the project's quantitative metrics of its Organizational GitHub Public account that can be used to trace regular or artificial development activity & growth within the project.
Public repos
177
Type
Organization
These are the project's quantitative metrics of its official GitHub Public Repositories that can be used to trace regular or artificial development activity, growth & popularity of the project.
Stars
-
Watchers
-
Forks
-
Language
-
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