So you are interested to know everything about cryptocurrency 1inch then why go anywhere else. Just get to know all the information about 1inch without any hassle through this article!
- What is 1inch (1INCH) Exchange?
- Why is 1inch (1INCH) Exchange so famous?
- What do we know about the history of 1inch Exchange?
- How does 1inch work?
- What are 1inch (1INCH) tokens?
- How can we buy 1inch (1INCH) tokens?
- How can we mine 1inch tokens?
- Features of 1inch network?
- Is 1inch Exchange secured and trusted?
- What are the predictions about 1inch?
Since now you know what is about to come then let’s dive in!
What is 1inch?
1inch is a platform that has been serving as a DEX (Decentralized Exchange) aggregator which is to provide an easy way where the cryptocurrency buyers and sellers can facilely swap their cryptos without facing slippage and other issues. In short, if anyone wishes to swap their digital currency then 1inch would provide you with the best and lowest rates within a few clicks. On the other hand, if you would compare the prices and websites yourself then this might take forever…..
Why is 1inch Exchange so famous?
1inch exchange is getting prominent among other cryptocurrencies as it functions as an aggregator. Usually, people prefer to use it because it is saving the two most important things in the world i.e. time and money. As a 1inch user doesn’t have to look for a suitable exchange which saves their time, and 1inch splits the money into different exchanges, it saves money.
Moreover, the facility to vote for protocol settings in the Dao model attracts more consumers as it aids in the governance of users.
What do we know about the history of 1inch Exchange?
The Russian minds of Sergej Kunz and Anton Bukov are the ones behind 1inch. Both these men launched 1inch in May 2019 after the ETHNewYork hackathon was held. We must say that people were very much interested in 1inch because both of them have won the hackathon in Singapore and awards at Ethereum Global.
The name ‘1inch network’ has been taken as an inspiration by Bruce Lee’s ‘1inch punch’ which symbolizes strength, dynamism, strategy, and efficiency.
How does 1inch work?
The system designed by 1inch network allows its users’ trouble-free access that isn’t complex. The users just need to connect their wallet i.e. Metamask, Ledger, Authereum, and Ethereum which are supported by the system. Then, the screen shows various DEXes and their exchange rates so the users may recognize the difference and as soon the verification is done, the transactions are made. The 1inch network launched V2 in 2020 that is more capable, super-fast, and the results are more accurate.
What are 1inch (1INCH) tokens?
Approximately 1.5 billion 1inch tokens of 1inch Exchange are in circulation. 1inch tokens are cryptocurrency of 1inch network just like ERC-20 and others. The reason of the tokens is to offer governance to the users in the network and in Dec 2020, 1inch tokens were airdropped for its users. There are many benefits of owning 1inch tokens in voting, swapping fee, governance rewards, and even liquidity protocol.
How can we buy 1inch (1INCH) tokens?
Apart from other currencies, it is very easy to buy 1inch tokens. All prominent cryptocurrency exchanges like Uniswap, Binance, Huobi Global, KuCoin, and even 1inch itself allow you to buy 1inch tokens. Just make sure you have a wallet and digital currency that is supported by the systems.
How can we mine 1inch tokens?
The liquidity mining feature is also available in 1inch. Moreover, the network has announced a new liquidity mining program on March 17, 2021 but just make sure you are a liquidity provider so that you enter the mining pools.
Distribution of 1inch: In the latest liquidity mining protocol, 1inch has established 6 various pools for its distribution.
- Maintenance and security- 30%
- Employes- 22%
- Ecosystem development- 21%
- Investors and shareholders- 19%
- Advisors- 5%
- Mooniswap liquidity provider- 1%
Features of 1inch network
1inch Exchange has some amazing features that many others lack. Let’s look into some of them:
Liquidity Rates:
One of the greatest features of 1inch Exchange includes the liquidity rates. The rates of multiple DEXes make the transaction a thousand times easier and allow people to view as well.
Contract:
At 1inch Exchange, users can get smart contracts of their choice which provide more secured transactions.
Easy Access:
1inch doesn’t annoy the customers with hassles of making accounts instead, they can easily access the link and just use their wallet for transactions.
Security:
The 1inch Exchange does not have any sort of funds or reserves held in the name of security. As they don’t possess such things, the chances of hacking are less because there are no such things to hack.
Chi GasToken:
A gastoken is the fee that every exchange charges its users for transactions. The major problem of gastoken is that the prices get extremely high while getting more traffic. For this, Chi GasToken of 1inch is an ERC-20 token that is charged for transactions but can be cheap up to 42% compared to others.
Is 1inch Exchange secured and trusted?
Since it is facile to use the 1inch exchange, people tend to take benefits from it as by using 1inch Exchange you can make transactions with a few clicks and don’t have to think about slippage while the users can view the options and difference so it is quite secured and trusted. Moreover, no such complaints have been heard about the security of 1inch Exchange. And we should confess that we really like how simple but nice look of the 1inch’s website.
What are the price predictions about 1inch?
It is quite valid to think twice before investing in any virtual currency, but according to WalletInvestor, “1inch is an awesome investment option”. It is forecasted that 1inch would raise its value within one year. Today, in March the value of 1 1INCH is $3.77 and crypto analysts believe that the value is fluctuating which might be a hint of their elevation while a 5-year investment may give you a +2332.23% profit.
1inch is like THETA; our another favorite token. We are expecting a good performance from them by the end of the year.
