Know Your Coin: 1inch

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  • The 1inch Liquidity Protocol is a next-generation Automated Market Maker (AMM) that protects users from front-running attacks and offers attractive opportunities to liquidity providers.
  • The 1inch Aggregation Protocol incorporates a pathfinder algorithm for finding the best paths across over 60+ liquidity sources on Ethereum, 30+ liquidity sources on Binance Smart Chain, 30+ liquidity sources on Polygon, Optimistic Ethereum, and Arbitrum.
  • Every 1inch user gets the right to vote on the network governance and protocols through the Decentralised Autonomous Organisation (DAO).
  • 1INCH/INR is trading at Rs 177 on Unocoin Exchange at a market cap of over $952 million(7,085 crore INR). 1inch is currently ranked 51 based on market cap.

The 1inch token is a product of a network whose first protocol is a decentralized exchange aggregator solution that has an advanced algorithm to search over 33 liquidity protocols. The 1inch Aggregation Protocol incorporates a pathfinder algorithm for finding the best paths across over 60+ liquidity sources on Ethereum, 30+ liquidity sources on Binance Smart Chain, 30+ liquidity sources on Polygon, Optimistic Ethereum, Arbitrum, and various other networks to search for deals across multiple liquidity sources, offering users better rates than any individual exchange. In just over two years of operation, they’ve crossed $80 billion (INR 59,46,92,00,00,000.00) in overall trading volume just on the Ethereum network alone.

In December 2020, they released a token for their network, the 1inch token. These are the governance tokens that come with the benefits of giving rights to the people to have a say in every aspect of the functioning and every basic protocol of the network. They are releasing these tokens gradually over a period of 4 years (starting from Dec 2020) and they have a market cap of 1.5 billion tokens. The most important attribute of these tokens is what they call instance governance. This means that anyone who enters the network, irrespective of how small the value of their stakes is, everyone can vote and have a say in even the most basic and default settings on which the network’s protocol works. Currently, the main application of 1inch as a utility token is in the 1inch Liquidity Protocol where it is used as a connector to achieve high-efficiency routing.

The 1inch network was founded by two people Sergej Kunz and Anton Bukov who happened to meet through a YouTube channel and came together to win the ETHGlobal New York hackathon. While Sergej was a senior developer at Porsche, Anton worked in software development since 2002 and decentralized finance (DeFi) since 2017.

The unique thing about the 1inch network is that it offers users attractive prices and a high degree of security in the most audited project in DeFi. Since the start, 1inch provides access to the deepest liquidity from multiple sources on Ethereum, Binance Smart Chain, Polygon, Optimistic Ethereum, and Arbitrum. The 1inch network protocol is non-custodial where all trades take place within one transaction from a user’s wallet with its supported blockchain.

1inch network price at the time of writing this — $2.24

Market cap at the time of writing this — $958,434,069.52

Circulating supply — 438,450,565 1inch

Total supply- 1,500,000,000 1inch

Founders — Sergej Kunz, Anton Bukov

Sathvik Vishwanath Co-Founder & CEO, Unocoin says, “Bitcoin and the most trending kind of crypto-assets like 1inch are gaining great interest not just from individuals but investor and banking communities too. Through this development, we want to incentivize our customers and provide a seamless platform for fulfilling all their new year investment resolutions.”

To trade 1inch at Unocoin, you can download the Unocoin application or sign up at www.unocoin.com. For every unique sign-up during this new year, new users will get a welcome bonus of INR 100 worth of bitcoin.

About Unocoin

Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.

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Disclaimer:

Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

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