1inch Exchange is a place that gathers people who are interested in exchanging from a decentralized platform. It tries to combine what other DEXs have into its platform and this makes it one of the places to get the cheapest deals for trading.
Fees paid for trading are kept low because 1inch distributes each trade into several exchanges.
No need to pay custody fees too because 1inch doesn’t use one. Any trade initiated by users is charged from their wallets, which were built from Ethereum network.
1inch protocol provides services that one can get from having an experience in Oasis, 0x Relays, or Uniswap.
How it started
Before work for 1inch started, these two had been together as friends and winning t on several platforms such as Maker DAO, and Kyber Network when they organized hackathons for prizes.
It got clearer to the two friends about what they would do to achieve 1inch when they were playing with arbitrage bots few weeks to ETHNewYork convention.
The first trial took place at the convention when it was time for the hackathon. The aggregation was for Kyber, Uniswap and Bancor.
No one knows if 1inch was funded through offerings as there is nowhere such information can be found. However, 1Split, which is another aggregator from those that developed 1inch happened to get some money from Gitcoin grants to the tune of 13,513 DAI
Reasons to choose 1inch Exchange
You’ve got no problem with liquidity
No one goes to a decentralized exchange without understanding the concept of liquidity. Most decentralized exchanges have low liquidity and they are found in tiny parts on different exchanges, thereby making the condition less palatable. This results to increased fees when trading high amounts and what is paid for only starting a trade is equally high.
To beat the problem of low liquidity, 1inch breaks orders and apportions parts to all the exchanges within its network. This minimizes the effect of DeFi’s low liquidity.
In every step of the way, 1inch reveals to a user what will be spent for an exchange. For the platforms seen on 1inch, the user will know how much fees they charge and their respective liquidities too.
This is commendable because it saves a lot of people the stress of opting out after spending a lot of time.
For any transaction that is related to the Ethereum network, payments known as ‘gas fees” are a must. The fees charged are dependent on the network’s activity. The more the activity, the greater the fees and vice versa.
To keep gas fees on the low side, GasToken Is used on 1inch. The token is used to make sure the price of gas doesn’t rise or fall unexpectedly.
Insurance for smart contracts
Insurance for smart contracts are possible from 1inch through the services of Nexus Mutual.
How to Benefit
The first thing to do is go to the website
There is a link with the text “Connect Wallet” which a user is expected to click before accessing his/her wallet. Wallets you can find on 1inch include Authereum, Ledger and Metamask.
After connecting, a user can decide on what to exchange based on the what he/she wants to spend. Users can also decide on the exchanges to use persistently while the others are hidden from their views.
Further below the page, the exchange rate for each decentralized exchange appears and there is a comparison between that and the lowest available price. You will also see some centralized exchanges.
If you find one that is attractive, you may want to continue by clicking “SWAP NOW”
If you mistakenly clicked on “SWAP NOW”, don’t worry because you would have to verify your decision before submitting again.
That’s all it takes to partake in the benefits offered by 1inch.
Blog posts concerning the past and future of 1inch can also be found on Medium.