1inch is an intermediary exchange that allows users to split their transactions between various 1inch-affiliated exchanges in order to obtain the best available price for the intended transaction and reduce slippage. The 1inch protocol includes Mooniswap, Oasis, Kyber Network, Uniswap, 0x Relays, and others.
Users can swap and make limit orders for a wide variety of tokens at 1inch Exchange. The pricing and liquidity available from each platform are clearly displayed on the 1inch interface. This saves users both time and effort in choosing an exchange and avoids having to open multiple ones and evaluate orders.
The ecosystem of 1inch started with the product 1inch Exchange, which was launched in May 2019 at ETHGlobal Hackathon. With over 20,000 users, 1inch Exchange has been one of the indispensable elements of the DeFi community since its inception. 1inch proceeded to introduce Mooniswap, a market-making model similar to Uniswap, in August 2020.
1inch Token, also known as 1inch Network Token (1INCH), is a cryptocurrency used in the ecosystem of 1inch for many different purposes such as:
Furthermore, 1INCH is a cryptocurrency that represents the 1inch ecosystem, allowing community members to invest, hold, exchange, buy, and benefit from 1inch’s business activities.