What is 1inch Network [DeFi and DEX]

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Okay, welcome to today’s episode. I’m excited to go over today’s episode with you. I’ll tell you this podcast has been a lot of fun here with you. So far, we have 30 episodes published, and listeners have tuned in from 61 different countries and 361 different cities around the world. Wherever you’re tuning in and listening in today. I welcome you. So let’s jump into today’s episode. What is the 1inch? 1inch is a decentralized exchange DEX aggregator so, it connects several decks into one platform to allow its users to find the most efficient swapping routes across all platforms. Without an aggregator DEX, you would need to look at every exchange to find the best price. DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping DEXs.

So DEX aggregators work by sourcing liquidity from different DEXes, meaning that they are able to offer users better token swap rates than they could find on any single DEX. And this is done in the shortest time possible. So 1inch launched in August of 2020 and Binance labs was involved in the original $2.8 million fundraise along with some capital groups. So 1inch in the winter of 2020 also launched Mooniswap, its own AMM, or automated market maker. In December of 2020 1inch launched its 1inch governance token, and the 1inch Network began to be governed by a decentralized autonomous organization, which is also known as a DAO. So who were the founders of 1inch? Well, 1inch was founded by Sergej Kunz and Anton Bukov. It’s been reported that the two had met during a live stream of Kunz’s YouTube channel cryptomaniacs, and begin entering hackathons together. They won a prize at the hackathon in Singapore, as well as two major awards from Ethereum Global.

So let me ask you what makes 1inch unique? 1inch is unique in that it provides instant governance for its users. This feature allows 1inch users to vote for specific protocol settings in their decentralized autonomous organization, or DAO. And a quick side note, anyone can trade on a decentralized exchange, traders need only to connect their wallets and you never give up access to your funds or private keys or personal information like you do with centralized exchanges. Some people prefer DEXes. Some people prefer centralized exchanges, and some prefer both. Whatever you prefer, the option is yours. I personally use both. They each have their own use cases for me. So let’s talk about the 1inch token. 1inch has its own token effectively called 1inch. The 1inch token launch was announced in August of 2020. And the 1inch tokens are intended to be used for the consumption purposes on the 1inch network. The 1inch token protocols. The 1inch token will be used to stake and participate in the governance of 1inch protocols by all holders and the current circulating supply of 1inch

is over 180 million tokens. The current total supply is 1.5 billion tokens. And the market cap today is just over $572 million. It’s been reported that of the total token supply 30% was allocated to community incentives. They will be passed out over the next four years in order to create an incentive for community members to be involved in protocol governance. Over a four year period, 14 and a half percent of the total supply will make up the protocol growth and development fund. And it’s used to issue grants, bring on developers and repay end users due to unforeseen circumstances. So let’s talk about how 1inch network is secured. 1inch is non custodial, and all trades take place within one transaction from a user’s Ethereum based wallet since December of 2020, Oasis, Kyber Network, Uniswap, 0x Relayer and others have been integrated into 1inch’s protocol. So let me ask you, where can you buy the 1inch token? Currently, it’s available on several exchanges like Binance, Uniswap (the DEX) and of course 1inch, as well as some others to see all of the exchanges where it’s currently available, check out Coinmarketcap.com under 1inch. So the 1inch token represents voting rights and facilitates participation in the DAO, or decentralized autonomous organization that governs the 1inch DEX platform.

DAOs are pretty common in the crypto industry, and in the DeFi industry in particular. So the 1inch exchange has a governance model known as instant governance. This proprietary model makes it easier for token holders to make changes to the protocol. I hope that this information has been useful for you. And if you like today’s episode, definitely subscribe to the podcast. It’s currently on all major platforms where you can subscribe. And just a quick update on the new to crypto website. The website will be ready soon. I’m on the fourth version of the site. And I want to make the final version of the site to be easy to navigate for you to access all of the resources that are mentioned on the show, as well as others such as how to guides that I have coming up that I’m creating for the site. I’ll keep you posted about the website and I assure you that it’s coming soon. So that concludes today’s episode. Until tomorrow. Make it a great day.

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