What is 1Inch?
1Inch is a DEX (decentralized exchange) aggregation service operating on pooling liquidity in the cryptocurrency space. The system uses a sophisticated algorithm to analyze multiple exchange sites to provide the best deals at affordable rates for traders. DEX aggregators operate on dAPP systems to generate accurate deals for investors. Note that 1Inch is the platform on which you can earn 1INCH tokens.
1Inch currently uses software known as Pathfinder, an algorithm that provides liquidity on Ethereum. Polygon, and Binance Smart Chain blockchains. Investors can earn by staking the coins in favorable liquidity pools. This crypto currently ranks 119 when per the market, with a value of $876.89 million. 1Inch is the redemption for transparent transactions you can carry out on decentralized exchanges.
1Inch has been in existence since 2019 under ETHGlobal. However, its idea traces back to 2017 by two Russian developers Anton Bukov and Sergej Kunz, who were interested in the blockchain ecosystem and smart contracts. Their idea was more of a fun venture but later became a coding sensation that significantly changed the blockchain ecosystem.
How does 1INCH work?
1Inch is unique yet accurate in its calculations before presenting deals to prospective crypto traders. Usually, the Pathfinder protocol analyzes various exchange platforms and splits the results to generate profitable deals at a friendly rate.
A trader must specify the tokens they want to purchase, and the platform will display some of the available deals. The trader should then click on the ‘swap now’ icon to process the transaction instantly. However, the process can be slower if you don’t want to incur higher transaction rates but could still pay additional fees to expedite the process.
Investors have the upper hand in deciding how much 1INCH tokens they wish to get in the future by specifying their target. Alternatively, you can stake your 1INCH tokens on pools that allow these coins and earn interests. This benefit is possible thanks to the clarity by 1Inch dAPP provision for staking the cryptos for one day, a week, or several months.
The value of 1INCH
The 1Inch token has been operational in the blockchain space since 25th December 2020. Though it is a governance token, the digital token is not an investment like other cryptocurrencies. It is also not for sale but a reward to traders for using 1Inch products. You can also earn these assets by lending funds to liquidity pools that allow such transactions.
How to get 1INCH
The best way to get 1INCH tokens is to visit their website and try executing some of their trades. You must create an account, link a wallet, and specify the amount of crypto you want to swap before authorizing the transaction. The process might take longer to reflect the tokens in your account if you prefer trading at lower rates. Alternatively, you can visit exchange services that allow swapping of other tokens for 1INCH. Note that the process could vary from one exchange site to the other.