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<h2>What is 1inch Network?</h2>

The 1inch Network (1INCH) is a multi-chain decentralised exchange (DEX) aggregator and decentralised finance (DeFi) ecosystem. The protocol has a unique aggregation engine capable of scanning various DEXs for the best prices and rates. As a result, the network and its token have experienced considerable adoption since its launch. 1INCH is an Ethereum token that powers the 1inch Network. It is both a <a target="_blank" rel="noopener noreferrer" href="https://crypto.com/university/utility-tokens-vs-security-tokens?utm_source=crypto.com+price+page&amp;utm_medium=referral&amp;utm_campaign=1inch+network&amp;utm_content=utility+token">utility token</a> and governance token.

<h2>A brief history of 1inch Network</h2>

Serjez Kunz and Anton Bukov, two Russian developers with experience in smart contract security, developed the 1inch Network in May 2019. In addition, both attended the ETHNewYork Hackathon, where they experimented with arbitrage bots and strategies, and created their core product — the 1inch DEX Aggregation Protocol. As the name implies, the product is a DEX aggregator that looks for transactions across many marketplaces, delivering better prices than any specific exchange. Initially, the protocol obtained liquidity via Bancor, Kyber, and Uniswap. Since then, the 1inch Network has raised roughly US$14.8 million in investment and expanded to service almost 80 regions across numerous chains.

On 25 December 2020, the 1inch Network distributed its own governance token, called 1INCH, to users of 1inch’s exchange platform. The platform opted for a retroactive distribution of 1INCH tokens because it was guaranteed to the platform’s users even before the token was launched.

On 10 June 2021, 1inch Network released a new feature called the 1inch Limit Order Protocol. Although limit orders were previously available on the 1inch Network, this update replaced the outdated solution forked from 0x with a more gas-efficient and flexible protocol, which provides a dynamic price established by the user, depending on information deemed important and conditional execution. This enables users to define arbitrary conditions for limit order execution. On 16 December 2021, the platform released a second version of the 1inch Limit Order Protocol.

The 1INCH token was released with an initial circulating supply of 90 million (6% of the overall supply), which was dedicated to network security, functionality maintenance, marketing, and community growth. The remaining supply is being released over a four-year period, and 1INCH’s total supply is expected to reach 1.5 billion by 30 December 2024.

<h2>How 1inch Network works</h2>

The DeFi market is still highly segmented, and because of this framework, many projects never have access to deep liquidity. The 1inch Network delivers deep liquidity to the market by adding a multi-chain aggregator.

The platform's core offering is the 1inch DEX Aggregation Protocol. The algorithm determines the most cost-effective method to execute transactions using all available liquidity protocols and exchanges. The protocol can also further reduce costs and rates by dividing up the transaction, and the network allows users to divide a single transaction among 21 exchanges to get the best rate. Another important DeFi function offered to consumers is the 1inch Network Liquidity Protocol, which allows for decentralised token swaps. 

The 1inch Network's user-friendly web interface is intended to eliminate all technological restrictions connected with DeFi functions, allowing users to access the DeFi sector and monitor their investments in real-time from anywhere in the world. 

<h2>What is 1inch Network used for? </h2>

As the governance token of the 1inch Network, 1INCH tokens grant equal voting rights in 1inch’s future progress as a platform. Holders of 1INCH tokens can submit ideas for a community vote. The governance system of the network decides the weight of each holder’s vote according to the number of 1INCH they have staked in a network wallet. The system leverages a decentralised autonomous organisation (DAO) protocol to achieve genuinely decentralised network administration.

In addition to granting governance rights, the 1INCH token is also used as a reward to 1inch Network users who provide tokens as liquidity on the 1inch DEX platform.

1inch Network

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1inch Network

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1inch Network

1INCH

.css-13hqrwd{font-weight:var(--chakra-fontWeights-medium);will-change:transform;transition-property:color;transition-duration:1.5s;}$0.5782 USD

1inch Network Price Chart (USD)

Market Cap (USD)

24H VOLUME (USD)

Circulating Supply

Max Supply

Currency Converter

1 1INCH = 0.5782 USD

Buy 1INCH

General Information

Social Channels

Contract Address

About 1inch Network

1inch Network Price Summaries

More about 1inch Network

Where can you buy 1inch Network?

Buy on Crypto.com App

Trade on Crypto.com Exchange (Pro)

Relevant resources

1INCH Price Statistics

General Information

Social Channels

Contract Address

1INCH Price Statistics

Company

Resources

Support

$0.5782 USD