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Is the 1inch Network Worth the Buzz? A Comprehensive Look at Its Advancements

is the 1inch network worth the buzz? a comprehensive look at its advancements

1inch Network stands out as a project that brings together decentralized protocols whose synergy enables the most profitable, fastest and safest DeFi transactions. It would not be wrong to say that it has become more and more popular lately. 

The first protocol of the 1inch Network is a decentralized exchange aggregator (DEX) that finds transactions on multiple liquidity sources and offers consumers better prices than a single exchange. The 1inch Aggregation Protocol uses the Pathfinder algorithm to find optimal paths between more than 300 liquidity sources on ten chains: Ethereum, BNB Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, Fantom, Gnosis Chain, Klaytn, and Aurora.

In just over two years, the 1inch DEX aggregator has reached 1 million members and the total volume on the Ethereum network alone has exceeded $150 billion. The 1inch Liquidity Protocol is a next-generation automated market maker that offers lucrative prospects to liquidity providers and protects consumers from front-running threats.

What Are The 1inch Features?

The biggest feature of this project is that the existing functions are constantly updated and enhanced. Let’s explain this with a few examples: The 1inch Limit Order Protocol provides the most versatile and creative options for exchanging limit orders in DeFi. A variety of applications, including stop-loss and trailing stop orders, as well as auctions, are enabled by the protocol’s features such as dynamic pricing, conditional orders, and additional RFQ support.

1inch Wallet is a mobile multi-chain platform with an intuitive user interface and secure storage, transaction and distribution capabilities. This multi-functional wallet was designed from the ground up to easily leverage the capabilities of 1inch.

The 1INCH coin is the governance and usage token of the 1inch network. 1INCH token holders can use their tokens to participate in the governance of the 1inch Network DAO, including the management of the 1inch DAO Treasury. In addition, token holders can select resolvers and receive a portion of their cost.

what are the 1inch features?

On 1inch Fusion, users can redeem their 1INCH tokens for Unicorn Power (UP) and then transfer their UP to any 1inch Fusion resolver to receive rewards. There is an option to set a custom or preset lockout period for use. Until the set lockout period expires, the user’s st1INCH tokens cannot be redeemed or withdrawn without incurring a penalty.

Who Invests in The 1inch’s System?

In August 2020, Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, and Divertus Ventures raised $2.8 million for 1inch.

In December 2020, 1inch raised $12 million in a Series A fundraising led by Pantera Capital with participation from ParaFi Capital, Blockchain Capital, Nima Capital and Sparta Group. SAFT (simple agreement for future tokens) tokens were sold during the funding phase.

In December 2021, 1inch closed a $175 million Series B investment led by Amber Group. The approximately 50 investors who participated in the funding event included Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital and Gemini Frontier Fund.

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