overview of cryptocurrency and DEX aggregator 1inch.exchange – Check out the Pros & Cons 1inch Is an aggregator of decentralized marketplaces. Helps to execute orders of large volumes with low slippage. The protocol collects liquidity from DEX, using smart contract technology for this purpose, splitting one transaction between several exchanges, which allows users to optimize their transactions. The project is receiving a lot of approval from Binance CEO Changpeng Zhao, who believes these are the protocols that are driving DeFi’s rise.
1INCH Is a platform control token of the ERC-20 format, which is used only within the ecosystem and allows the community to vote for the parameters of the protocols. On December 25, 2020, Binance exchange opened token trading in 1INCH / BTC and 1INCH / USDT pairs. Bitcoinminershashrate.com editorial staff offers an overview of the 1INCH platform and its features.
The content of the article
Binance 1INCH / USTD price chart:
1inch is a decentralized exchange aggregator that receives liquidity from various popular DEXs. Smart contract technology splits one transaction across multiple exchanges, providing the most profitable and optimized deals. To work with 1inch, you need to connect through an Ethereum wallet (for example, Metamask). To do this, click Connect Wallet in the upper right corner and select the wallet you are using, and then confirm your action in the wallet itself – for example, by entering a password.
When the wallet is connected, your ETH address is displayed at the top of the page. By clicking on it, you can view your transaction history or disconnect the wallet from the platform.
1inch allows you to trade ETH and ERC-20 tokens. If the token you need is not in the standard menu, then you can import it using the “Add custom token” function.
Wallets supported by the platform:
In the near future, it is planned to add support for Torus, Formatic, Bitski, Authereum, UniLogin.
Special attention is paid to the safety of working with 1inch, including the safety of funds and transactions. The 1inch smart contract (version 2) has passed five security audits from audit firms Chainsulting, Scott Bigelow, Certik, MixBytes and Hacken. In the process – also audits from Coinfabrik, OpenZeppelin, HaechiLabs, Consensys diligence and SlowMist.
The 1INCH Management and Utility Token will be used to manage all 1inch network protocols, taking the management capabilities of the DeFi space to the next level. The 1inch Network is creating an innovative “Instant Governance” feature that enables the most efficient and transparent way to vote on certain protocol settings within the Decentralized Autonomous Organization (DAO) model. It is noted that in instant control, the voice of each user matters.
Voting procedure:
The 1INCH token will be used in all current and future 1inch Network protocols.
All accounts that interacted with the 1inch platform prior to December 24, 2020 received 1INCH tokens if they met one of the following conditions:
Liquidity providers will also receive their 1INCH tokens based on the first and second phases of the liquidity mining program that the developers announced earlier in the fall. In addition, a new liquidity extraction program for six pools will be integrated. These pools are not intended for speculative purposes, but for the initial loading of the liquidity protocol, in which the 1INCH token is used as a service connector.
Additionally, 1INCH tokens will be distributed among users supplying liquidity to the pools 1INCH / ETH, 1INCH / DAI, 1INCH / WBTC, 1INCH / USDC, 1INCH / YFI, 1INCH / USDT. Another 0.5% of the total issue will be distributed during the first two weeks of the incentive program among liquidity providers. In the future, the 1INCH holders and community members themselves will determine the distribution programs.
Pros:
Minuses
Liquidity is one of the main problems of decentralized exchanges, and this is compounded by the fact that it is scattered across the many different DEXs that have emerged recently. As a result, bulky transactions are subject to significant slippage. 1inch distributes orders between different exchanges and solves the problem by making trading more optimized, rather than just choosing the best price, as other aggregators do. 1inch also does not charge any withdrawal fees, except for the network fee. It may take a beginner some time to figure out this site, but you should definitely not ignore it.
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