Buy 1inch (1INCH)
What is 1Inch (1INCH)?
1Inch is a decentralized exchange founded in 2020. When you start trading on this platform, not only can you get the best price for a cryptocurrency you want to buy, but you can also use a bridge of your choice.
Suppose you want to buy 1Inch with Bitcoin, 1Inch will search for the best buy.
Using their technology, 1Inch scans all exchanges and other purchasing platforms in real time to find where 1Inch can be acquired for the best price. Then you can purchase it, possibly through a bridge, to reduce gas fees.
It's a simple concept and if you look at their website you see that they also managed to keep the environment very simple.
History of 1Inch
Sergei Kunz and Anton Bukov searched for all kinds of hackathons and used the money they achieved to pay for the next event. In the 2019 ETHNewYork hackathon event, they conceived 1Inch in 18 hours. Then they applied for a Gitcoin grant and netted $50,000.
With that money, they were able to start paying a team, so they worked hard to get this DEX rolling. When they started getting success, they paid Gitcoin back double and set up their own exchange program.
Bukov had previously worked at the NEAR blockchain and Kunz at Porsche. Both are software engineers.
In 2020, they raised money for their project with a seed round, among other things, and raised a total of around $15 million. Enough to launch the project in 2020.
They became successful very quickly, by 2021 they already had very high trading volumes per day.
Eventually, they want to make it a DAO (decentralized autonomous organization), with governance resting with the token holders, who then get to decide how to proceed with 1Inch.
Since 2013
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Why buy 1Inch (1INCH) with Anycoin?
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The Vault is a safe alternative to the traditional crypto wallet for those who want to buy, sell and swap their coins on Anycoin Direct. Within the Vault you can store all your digital assets and swap them against one another. Still want to send crypto to an external wallet like your Ledger? No problem, the Vault is an additional feature. The choice is yours.
Foundation
Balances in the Anycoin Vault, are kept in a foundation. This foundation has only one purpose, to preserve our customer funds. This construction ensures that customers are entitled to compensation in the unlikely event of Anycoin Direct's bankruptcy. In addition, we want to reiterate that we always want to give customers a choice between using the Anycoin Vault and sending coins to an external wallet.
Extra information about 1Inch
How does 1Inch work?
The purpose of 1Inch is to optimize your cryptocurrency trading across all kinds of networks and DEXs. To do this, they have a range of options.
As mentioned earlier, the idea is that you can see at a glance where to go on their dApp if you want to make a trade. Simplicity is paramount.
Aggregation Protocol
1Inch's API (application programming interface) is called Pathfinder. It searches for you the best price on the market in all the places it has access to, both the decentralized exchanges and the CEX. Your swap should be completed as quickly as possible, finding the most efficient path, possibly across multiple protocols and market depths.
So 1Inch looks for the best path by scouring networks like Ethereum, Binance Smart Chain, as well as layer 2 Optimism and Arbitrum, including the more obscure places like Aurora and zkSync.
Limit order
You know the drill. You're on a DEX, just bought some coin and want to get rid of it someday. Say you had bought SafeMoon and wanted to sell it when it was 10x higher than when you bought it. Then you had to constantly monitor the prices and sell it when it got to that point by going to the DEX and hoping someone wanted to buy it from you.
At 1Inch you can create a limit order, offering it for 10x the current price on any exchange. Surely this is quite an advance, which you would actually expect on all decentralized exchanges. Yet this is not so. Big plus for 1Inch.
DEX stop loss
You can also set a stop loss. This is also a very important one, because once your coin starts dropping it can be at 0 in an instant, on a back pull or something. With the traditional DEX, you are helpless in both cases. There you have to keep the crypto in your wallet and hope you can get rid of them in time.
Fusion Mode
This allows you to swap coins without gas fees and no risk of front-running (getting ahead of others by paying higher gas fees for transactions, after which you have to pay a higher price for your coins).
To the user, Fusion Mode looks like a swap. Technically, however, it is a limit order with a variable exchange rate filled by a Resolver.
Resolvers try to win the order through competition, using a Dutch Auction (price gets lower and lower, until the right price is reached) to benefit both the 1Inch user and themselves.
It's going too far to explain it exactly, but the bottom line is that when making a block, the fastest transactions are the most expensive and then the price starts to drop, bringing the limit price into view.
Rabbit Hole
If you start trading on a DEX you run the risk of front-running, called sandwich attacks, where you overpay because a third party sees your offer and takes advantage of it by creeping ahead via paying higher gas fees and then selling you the coin at a higher price.
Some wallets do not have a Flashbot option, putting them at this risk. The RabbitHole feature ensures that when trading with such a wallet, for example MetaMask, you are protected from a sandwich attack.
With a Flashbot, you can instruct your own wallet, such as a hardware wallet, not to put your transaction in the mempool so that only the miners or other validators see it.
Spot Price Aggregator
The 1Inch Spot Price Aggregator is a collection of smart contracts that pull the price data for tokens on a DEX off the blockchain. You must use this off-chain to prevent price manipulation.
Furthermore, this tool can be used for wrapping and unwrapping crypto for the fair current price.
A connector token allows you to trade indirectly, by trading a token that does not have a trading pair via a connector anyway.
How can I store 1Inch (1INCH)?
To buy 1Inch, you must have a place to store it. You can do this in your own personal wallet or use the Anycoin Vault. By using the Anycoin Vault, you pay less transaction fees, your cryptocurrencies are stored securely and it offers you the ability to trade between cryptocurrencies easily and quickly. Currently, it is only possible to store 1Inch in the Anycoin Vault.
1Inch Network DAO
Since 1Inch is a DAO, stakeholders can vote on the future of the project through governance tokens. To vote, you will have to stake 1Inch in a governance contract.
You can also come up with something yourself as an improvement to 1Inch by doing a 1IP (1Inch Improvement Proposal).
Unique ideas will be nominated, after which the temperature will be measured. If there are enough proponents, then the governance protocol will go into effect and be implemented with a sufficient percentage of proponents.
If you don't feel like voting then you can delegate your voting power.
Partners 1Inch
MetaMask
Trust Wallet
NEAR
Pantera
Binance LABS
Gemini
TheGraph
This is just a sampling of the better-known partners.
Tokenomics 1INCH
1Inch is an ERC-20 token and both a governance and utility token. It is also a multichain token, with a bridge making it tradable on Binance Smart Chain, for example.
Market capitalization $300 million, volume $10 million per day, place 110 in CoinGecko.
Number of tokens in total: 1.5 billion, of which around 800 million are currently in circulation. By the end of 2024, almost all tokens will be in circulation. So the risk of temporary dilution is real.
1Inch tokens can be earned by staking or providing liquidity to all kinds of pools on 1Inch and on any other DEX or platform, such as AAVE, Compound, and the like.
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