CoinMarketCap takes a deep dive into a DEX aggregator protocol, named 1inch Network (1INCH), that helps its users in finding the most profitable platforms among different blockchain networks.
1inch Network is a DEX aggregator designed to scrape through a handful of decentralized exchanges in search of the most profitable platforms for liquidity providers. It offers its users access to 116 sources available on the Ethereum ecosystem, Binance Smart Chain, and the Polygon Network.
1inch Network's aggregation protocol utilizes a wide range of algorithms to perform its function, giving users access to liquidity sources worth over $30 billion.
Who Created 1inch Network?
1inch Network is the brainchild of Russian developers, named Sergej Kunz and Anton Bukov. They are skilled in smart contract auditing and, therefore, they partnered together to create the 1inch Network blueprint. Being avid DeFi enthusiasts, both Kunz and Bukov started off by experimenting with arbitrage bots creating the first medium viable product during the ETHNewYork hackathon in 2019.
The platform has since raised about $15 million in funding and is now governed by the 1inch Network Foundation, a non-profit organization that launched the 1INCH token back in December 2020.
How Does 1inch Network’s (1INCH) Work?
The 1inch Network’s protocol works by splitting orders across multiple DEXs to find the best market price available. The protocol uses a combination of arbitrage bots as well as other algorithms to achieve what would take humans’ several pairs of hands working at a breakneck pace. Thanks to 1inch Network, users can swipe tokens on three networks at the lowest prices.
What Does 1inch Network’s (1INCH) Offer?
By far, one of 1inch Network's biggest advantages is the liquidity it provides across multiple markets on three blockchain networks. It offers an efficient method for DeFi enthusiasts to have access to billions worth of liquidity. Investors can also get a chance to earn rewards by participating in its liquidity mining programs.
What Is The 1inch Network Token (1INCH)?
1INCH is an ERC-20 token designed to serve as a governance and utility token for the 1inch ecosystem.
1INCH Token Price?
At the time of writing, the price of 1INCH is set at $2.8.
Where Can You Buy 1INCH Token?
You can buy 1INCH tokens on several exchanges, including Binance, Coinbase, Uniswap, KuCoin, Gemini, and PancakeSwap.
When Will 1inch Network (1INCH) Hit $10?
At the moment, the price of 1INCH has plummeted together with the rest of the crypto sphere led by Bitcoin. With a daily trading volume of over $400 million, the price of 1INCH token can hit a $10 price mark if its market capacity reaches 2.5 billion. Recently there have been signs of a market recovery. If the rest of the market bounces from its lower resistance levels according to technical indicators, 1INCH could likely revisit its all-time high price of about 7$ and maybe even surpass the $10 mark.
In A Nutshell
1INCH comes with a multitude of features including an innovative governance model that aims to reshape how decentralized networks are managed. 1inch Network's ERC-20 token with a market capitalization of about $500 million delivers sufficient access to liquidity and offers traders and liquidity providers a profitable and cost-efficient service.
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