Decentralized exchange (DEX) aggregator 1inch passed $10 billion in trading volume after raising $14.8 million in funding in December 2020 by Binance Labs, Pantera, Galaxy Digital, and others. The platform was launched at the ETHGlobal hackathon in 2019.
1inch has become one of the most successful launches in the crypto industry and have traded over $222 million in once day alone this week, says Cryptoslate. The 1inch Liquidity Protocol pool ETH-WBTC is now bigger than Uniswap.
1inch is a liquidity aggregator says its smart routing technology is its key differentiator. It connects a large number of decentralized and centralized platforms in order to minimize slippage and find the best prices.
For example, 1inch announced support for MakerDAO’s Peg Stability Module (PSM). This feature allows users to swap DAI:USDC at a 1:1 ratio while charging a nominal fee of 0.1%, compared to rates as high as 4% on Changelly. PSM is a special vault in the MakerDAO ecosystem that allows users to burn DAI and mint USDC, or inversely, burn USDC and mint DAI. This capability was voted into place recently in December 2020.
1inch has a market cap of $100 million and is trading at $1.41467 at time of writing, up 8% today. Their total locked value (TLV) is $760 million, giving them about 13% in valuation relative to their TLV. Their recent explosion into the defi rankings not only threatens Uniswap, but also automated market maker Curve Finance (CURVE).
The current supply of 1INCH is 1.5 billion tokens. In December 2020, 1inch launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralized autonomous organization (DAO).
Contact them at [email protected] or check out their help center for more information about 1inch. They are giving away free rewards on their website, if you are familiar with MetaMask and Ethereum wallets.
PS, I have no affiliation whatsoever with 1inch, I just feel obligated to cover defi once in a blue moon.