1inch

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$44.053
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The 1inch Network is a DEX aggregator that sources liquidity from multiple exchanges to provide traders with the best possible rates; it uses a broad range of decentralized protocols and algorithms giving users access to multi-billion liquidity.

General data

Project launch date19th May 2019

Development statusLive

Organization structureDAO

Open sourceYes

Introduction

1inch uses a broad range of decentralized protocols and algorithms giving users access to multi-billion liquidity. Furthermore, 1inch’s Pathfinder algorithm can split a single trade transaction across several DEXs.

With multiple integrations across the most prolific blockchains and over 250,000 active monthly users, 1inch is currently the leading DEX aggregator. In this research guide, we’ll tell you everything you need to know about the 1inch Network and how to use it.

Market Data

1inch

136 Rank

1inch

$0.3765790000
price

2.84206%
price change

24 hours+2.84%

7 days+9.91%

14 days+15.42%

30 days+13.83%

1 year-22.59%

$400 M
marketcap

$43.7 M
24h trading volume

$0,36 / $0,38
24h low / 24h high

What Is the 1inch Network?

The 1inch Network is an ecosystem of fast and lucrative decentralized protocols. Its leading product is a decentralized exchange (DEX) aggregator solution that looks for the best rates among multiple liquidity protocols. This way, it can provide users with the most advantageous trading choices when looking for crypto swaps.

And, that’s not all!

The 1inch Network has evolved to incorporate decentralized applications, a mobile crypto wallet, and an automated market maker (AMM). Furthermore, it has a governance token, 1INCH, that enables holders to vote on protocol parameters within the 1inch DAO.

So far, in its relatively short history, 1inch has expanded to numerous blockchains and integrated into prestigious market applications. 1inch enables users to create limit orders. Lastly, the 1inch Network launches new products and features regularly in its bid to reach the apex of decentralized finance (DeFi).

1inch Products

The 1inch Network has a suite of decentralized protocols and applications. Their common goal is to help users find the best exchange rates and boost their earnings. Also, they help crypto holders keep their assets safe and even give them a say in the network’s development.

This is a short overview of 1inch products. For a detailed presentation on how they work, please scroll down to the “How 1inch Network Works” section.

The 1inch Aggregation Protocol

The 1inch Aggregation Protocol uses the Pathfinder algorithm to identify the best swap rates across multiple sources on several networks. For example, it browses over 70 sources on Ethereum and more than 40 on BNBChain. Furthermore, it searches in 20+ liquidity sources on Polygon, 40+ liquidity sources on Avalanche, Optimistic Ethereum, Arbitrum, and Gnosis Chain.

The 1inch dApp

Another 1inch feature is a decentralized application (dApp) helping users find the deepest liquidity, lowest slippage, and best exchange rates.

The 1inch Wallet

The network brandishes the 1inch Wallet as “the easiest entry point to DeFi.” This product is a multichain mobile crypto wallet for storing, transferring, staking, and swapping crypto assets via smartphone.

The 1inch Liquidity Protocol

The 1inch Liquidity Protocol is a next-gen automated market maker (AMM) that offers liquidity providers (LPs) numerous earning opportunities. Furthermore, it protects them against front-running attacks.

The 1inch Limit Order Protocol

The 1inch Limit Order Protocol offers extensive limit order swap opportunities. For example, it includes dynamic pricing, conditional orders, and extra RFQ support to provide users with flexible options. Also, it could power various implementations, auctions, stop-loss and trailing stop orders to offer traders the latest DeFi innovations.

The 1INCH Token

The 1INCH token is an ERC-20 utility token. It gives governance power to the users of the Aggregation and Liquidity protocols. Its goal is to enable the 1inch community to function as a decentralized autonomous organization (DAO).

1inch Earn

This is one of the latest features of the 1inch Network. Earn is a set of liquidity pools functioning similarly to Uniswap V3 range orders. The developers optimized it for stablecoins and it should help users earn from fees on swap trades in the pool.

The 1inch spot price aggregator

This tool provides spot price data from the blockchain. As a result, it provides immediate displays of token prices in the interfaces of websites and other apps.

What Makes the 1inch Network so Special?

The 1inch Network provides access to some of the best liquidity sources on multiple blockchains. Users can have their pick from Ethereum, BNB Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum and Gnosis Chain among others. Above all, they benefit from high security standards, attractive prices, and equally appealing earning opportunities.

In 2022, less than three years since its inception, the 1inch Network reached one million users on the Ethereum network. Moreover, it has surpassed $140B in overall volume on Ethereum alone. Lastly, it attracts on average almost 200,000 users per month.

The 1inch Network has proven to be a highly rewarding venture for its users, contributors, and participants. For instance, the project features a “Bug Bounty Program.” This feature rewards those “white-hats” who successfully discover and report vulnerabilities or bugs in 1inch protocols and products.

At the moment, the protocol benefits from the support of 98 contributors and more than 20 project backers and partners.

A Brief History of the 1inch Network

1inch launched in May 2019. Allegedly, its name comes from Bruce Lee’s famous “one inch punch” technique, the embodiment of efficiency in martial arts. Therefore, the network’s name should represent its efficiency within decentralized finance.

In 2020, the 1inch Aggregation Protocol added several integrations with other DeFi protocols, including Curve, Compound, and Uniswap V2. At the end of July, the protocol had already reached $1 billion in total trading volume.

In August 2020, 1inch obtained $2.8 million funding from several prestigious industry members like Binance Labs and Galaxy Digital. The group of contributors also included Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, and Divergence Ventures.

On November 5, 2020, the 1inch team launched the protocol’s second version, which included many of its present day features.

In December 2020, 1inch raised $12 million in Series A funding. Giant hedge fund Pantera Capital led the event, which also included ParaFi Capital, Blockchain Capital, Nima Capital, and Spartan Group. Also, the participants used a SAFT (simple agreement for future tokens) sale to conduct the funding round.

In the same month, the team released the 1INCH token along with the 1inch DAO. The new features enabled 1INCH holders to stake their tokens on the network’s dApp. In return, they would receive voting rights on the protocol’s development and key parameters.

In December 2021, 1inch raised $175 million in a Series B round, which Amber Group led. The group of investors included Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.

At the beginning of 2022, 1inch expanded to Avalanche and Gnosis Chain to enhance its collection of blockchain integrations.

1inch Airdrops

Since its inception, the 1inch Network has organized several airdrops to attract and reward new users. Here are some of them:

90 million 1INCH tokens on Christmas Day 2020.
6 million 1INCH tokens to Uniswap users on February 12, 2021.
9 million 1INCH tokens to members of the 1inch community in February 2021.

In July 2021, the network announced a 10 million 1INCH token gas refund program for DeFi users. Payments are made on a monthly basis. Simply put, the protocol would help swappers cut some of the Ethereum gas costs if they meet these conditions:

1inch users need to stake 1INCH for the whole period between the first swap in a month.
Those who would stake 100 1INCH would get a 25% gas refund.
Staking 1,000 1INCH allows users to get a 50% gas refund.
Those staking 10,000 1INCH would get a 75% gas refund.
Staking 100,000 1INCH allows users to get a 100% gas refund.

The 10 million tokens should reach users over several months. For example, 1inch announced the distribution of 155,500 1INCH tokens in August 2021 as part of the program.

Who Are the 1inch Founders?

1inch Network is the brainchild of Sergej Kunz and Anton Bukov. The two developers created it during the ETHNewYork hackathon in 2019. However, their partnership goes further back to when they met during a live stream of Kunz’s YouTube channel, CryptoManiacs.

Previously, Kunz and Bukov teamed up to participate in hackathons worldwide. In a short span, they won a prize at a hackathon in Singapore and two major awards from ETHGlobal.

Before launching 1inch, Sergej Kunz worked as a senior developer at Commerce Connector and as a programmer at Herzog. Furthermore, he led projects at Mimacom consultancy, and worked full time at Porsche in DevOps and cybersecurity.

Anton Bukov has extensive experience in software development, which stretches back to 2002. Also, he has been working with several projects in DeFi, including gDAI and NEAR Protocol, since 2017.

The 1inch Foundation

The 1inch Foundation launched on Christmas Day 2020. It operates as a non-profit organization and official issuer of the 1INCH token. Its goal is to foster the 1inch Network and any initiative benefitting the 1inch community.

The 1inch Foundation seeks to engage the community in actively participating in DAO governance. This way, it can maximize the network’s decentralization and develop under the collective guidance of its adopters.

Additionally, the foundation focuses on incentivizing individual developers and teams to build on the network’s protocols and help it evolve. To this end, it offers periodic and substantial grants to those contributing massively to the protocol’s development.

For example, in 2022, 1inch announced a batch of grants amounting to an equivalent of $634,000 in 1INCH. The recipients could collect it if they provide viable solutions to grow the 1inch ecosystem and improve user experience. In total, the foundation plans to distribute $3,000,000 in 1INCH tokens as part of its Grant Program.

Is 1inch Network Safe?

The 1inch Network has taken all the necessary precautions to achieve the highest possible security standards. Backing its efforts are successful audits from prestigious industry auditors, such as OpenZeppelin, Consensys Diligence, SlowMist, Haechi Labs, and CoinFabrik. Additionally, the protocol has passed audits from Certik, Hacken, Scott Bigelow, MixBytes, and Chainsulting.

The network increases its security by not functioning as an exchange itself. Instead, it has a non-custodial modus operandi. This means that all the trades take place within one transaction from the user’s wallet. Also, they occur on any of the supported blockchains and layer-2 networks.

Furthermore, the protocol ensures that every transaction goes through several security checks to prevent any losses. Lastly, insecure liquidity sources can connect to the 1inch Aggregation Protocol without users risking losing their funds.

How the 1inch Network Works

We can better understand how 1inch works by going back to the basics of crypto exchanges. To this end, we have to refresh our understanding of a decentralized exchange and DEX aggregators.

A decentralized exchange (DEX) is a peer-to-peer marketplace that facilitates cryptocurrency exchanges without a central authority. When using DEX services, users maintain complete control over their assets. Above all, the absence of a third party in a crypto swap provides better security than centralized exchanges (CEXs).

Most DEXs operate on the Ethereum blockchain and use smart contracts to help complete crypto swaps. They feature very low or no trading fees. However, they only facilitate crypto swaps.

Conversely, CEXs run only partially on the blockchain. They collect trading fees and enable fiat transactions besides crypto transfers.

A DEX aggregator sources liquidity from numerous DEXs to provide users with favorable token swap rates. Traders can use an aggregator service instead of manually searching for the best rates on various decentralized exchanges. This way, they can quickly find the most advantageous rates for specific crypto swaps.

In other words, DEX aggregators take decentralized exchange operations to the next level. For instance, they can optimize slippage, swap fees, and token prices to offer users the best possible transaction rates.

Additionally, DEX aggregators protect traders from price impact and diminish the probability of failed transactions. Thanks to these benefits, these services attract more users and volume than decentralized exchanges can independently.

The co-founder of 1inch, Anton Bukov, described the necessity of DEX aggregators in DeFi:

“It was exhausting and inefficient to manually check for the best trading prices on all the DEXs before placing a trade. We — like all crypto users — needed an elegant algorithm to search every DEX for the best trading price and instantly deliver an optimized trade.”

How Does 1inch Work?

The 1inch Network works by dividing orders across numerous DEXs to identify the best market price available. Next, the protocol employs arbitrage bots and other algorithms to quickly find the best trade rates. This process is so fast and accurate that users could not replicate it manually and achieve the same efficiency.

The 1inch team created the protocol’s proprietary API, Pathfinder, which consists of a discovery and routing algorithm. Pathfinder searches for the best possible solutions for any token swap that a user could request. It does so by splitting the swap across several exchanges and market depths. Generally, the result is the most convenient swap in terms of exchange rates and gas fees available at that time.

The 1inch Aggregation Protocol

The network’s protocol delivers aggregation information on decentralized exchanges. The 1inch v4 router smart contract powers it and performs runtime verification of transaction execution. Furthermore, it ensures high security standards when using various aggregation information services, such as Pathfinder. This way, users do not risk losing their funds even when interacting with an unsafe liquidity source.

Pathfinder is the most significant feature of the November 2020 upgrade, which led to 1inch version 2 (V2). The algorithm can split swaps across all supported liquidity protocols. Also, it can use different “market depths” within the same protocol, if necessary. This sophisticated approach to splitting swaps gives 1inch a competitive advantage over other DEX aggregators.

Here is the 1inch Aggregator Protocol performance in numbers as of March 2022:

Network	Total Volume	Total Trades	Monthly Active Users	Liquidity Sources
Ethereum	$138B+	5.2M+	101K	78
BNB Chain	$16.8B+	4.2M+	113K	41
Polygon	$27.5B+	4.5M+	28K	28

What Are Market Depths?

A market depth, or depth of market, is a metric representing the supply and demand for liquid assets. It’s value depends on the number of open buy and sell orders.

1inch V2 introduced market depths to bridge the gap between source and destination tokens. Also, it provides an advanced approach that differs from splitting swaps across multiple protocols. Furthermore, it comes with exponential benefits for the user. For example, 1inch can offer a swap rate for sBTC-sUSD better than Uniswap’s offer by a significant margin.

The Partial and Dynamic Fill Mechanism

Another aspect that sets 1inch apart from other DEX aggregators is Pathfinder’s partial and dynamic fill mechanism. This feature drastically reduces the probability of failed transactions. Therefore, the users’ funds benefit from an additional, sturdy safe net.

Pathfinder automatically enables the partial fill option by default. While users can disable it from the “Advanced Settings” menu, the team does not recommend it. Above all, this feature can protect them from price slippage and failed transactions.

Here’s how partial fill on 1inch works:

1inch splits a user’s swap order across several protocols to get the best rates. Still, before the swap even completes, the chosen rate can change drastically, which could lead to losses for the user. Fortunately, if the user has not disabled partial fill, the order will only be filled partially. This means that the protocol will only complete the order up to where the rate changed and cancel the rest.
This mechanism prevents users from experiencing failed transactions and seeing their unswapped coins return to their wallets. The dynamic fill mechanism can also help avoid failed transactions. That’s because it enables parts of the swap to automatically switch to more convenient protocols when the rate changes.

Collateral Tokens

Pathfinder can include collateral tokens from lending protocols Aave and Compound in its swap path. These coins include collateral-packed assets like Compound’s USD-pegged coin, cUSD. So, instead of users going to the lending protocol to pack or unpack their tokens, Pathfinder does it for them.

The process is quick and simple, taking place in only one transaction. Moreover, Pathfinder can automatically migrate the collateral tokens between protocols to save the user’s time and money. This is available for the collateral coins available in pools as well.

The 1inch Liquidity Protocol (previously – Mooniswap)

In August 2020, 1inch launched Mooniswap, the network’s proprietary automated market maker (AMM). Later, following the release of 1inch V2 and of the 1INCH token, the team renamed it to the 1inch Liquidity Protocol. Its goal is to redistribute earnings to liquidity pools, capitalize on user slippages, and protect traders from front-running attacks.

The 1inch Liquidity Protocol enables users to gain passive income by placing their assets in 1inch liquidity pools. Next, these assets can be part of transactions and trades that other users place within 1inch. In return for their liquidity, users receive LP tokens that they can stake or exchange for other crypto assets.

Mooniswap came out as the next generation of an automated market maker with virtual balances. Above all, it allows LPs to capture profits that would otherwise end up in the arbitrageurs’ wallets.

The 1inch Liquidity Protocol can retain most of the slippage revenue in its pools. It does so by keeping virtual balances for different swap directions. During a swap, a market maker does not instantly apply the invariant algorithm. Instead, it improves the exchange rates for arbitrage traders gradually for 5 minutes. Therefore, they can collect only a portion of slippage, while the rest remains in the pool for the LPs.

Virtual Rates

This feature addresses front-running issues. For instance, a malicious user or bot can create front running events when observing transactions broadcasted across the network. Then, they bid a higher fee and force the network to place their transactions ahead of observed transactions. Fortunately, the protocol’s virtual rates adjust the fees in the liquidity pool to make front-runnings unprofitable.

The 1inch Limit Order Protocol

The 1inch Limit Order Protocol launched on June 10, 2021. This mechanism is an upgrade to the legacy solution that the protocol had forked from 0x. Its benefits include higher gas efficiency and extensive customization features.

For example, the 1inch Limit Order Protocol allows users to set dynamic pricing and arbitrary conditions for executing their limit orders. Also, they can place stop-loss orders and trailing stop orders to automatically lock in their profits at specific prices.

Simply put, the 1inch Limit Order Protocol is a set of smart contracts operating on any EVM-based blockchain. For instance, it easily works on Ethereum, Binance’s BNB Chain, Polygon, Arbitrum, Optimism, Gnosis Chain, and Avalanche.

It uses two order types, regular Limit Order and RFQ Order, and supports token standards like ERC-20, ERC-721, and ERC 1155. Additionally, it can support other token standards via external extension.

The 1inch Spot Price Aggregator

This feature is a set of smart contracts extracting price data for tokens in on-chain DEX trades. Its purpose is to avoid price manipulations in a transaction. However, the 1inch team recommends that traders should only use it off-chain.

Wrappers

The 1inch Spot Price Aggregator uses custom wrapper smart contracts to handle wrapped tokens, such as wETH, cDAI, aDAI etc. Also, it only processes them at the wrapping exchange rates contemporary with the trade.

Connectors

Another essential feature of the 1inch spot price aggregator is its ability to create connections between liquidity pairless tokens. For example, if two tokens don’t have a liquidity pair available, the aggregator calculates their rates by using another token. Naturally, this third token must have liquidity pairs with both tokens to act as a connector between them.

1inch Earn

This tool was launched in February 2022. Its role is to improve the sustainability of the entire network and accelerate its decentralization and community-led governance.

As we mentioned above, 1inch Earn is a collection of liquidity pools. Its architecture is similar to Uniswap V3 range orders for stablecoins. Simply put, it helps users to earn from the fees on swap trades in the pool.

At launch time, 1inch Earn’s earnings were at 5-10% APY. The team will integrate its pools in the Pathfinder algorithm as a liquidity source. Therefore, anyone swapping in the 1inch pools, including arbitrage traders, algorithmic bots, and regular users, can benefit from deeper liquidity.

Integrations

The 1inch Network has established numerous integrations since its inception. For instance, Pathfinder’s design enables it to easily support all significant protocols, including Uniswap V1, Uniswap V2, Balancer, Curve, and Chai. Additionally, it sustains operations with Sushiswap, Kyber, Oasis, Compound, Aave, Yearn, and Bancor.

Furthermore, Pathfinder enables 1inch to expand far beyond the Ethereum blockchain. As a result, the network has already expanded to BNB Chain, Polygon, Avalanche, and Gnosis Chain. This makes 1inch one of the most present and reliable DEX aggregators in decentralized finance.

Other essential 1inch integrations include Skynet, Ledger, BitPay, Bitquery, xBTC, Hashflow, and Synthetix Exchange. It’s worth noting that 1inch has also reached strategic partnerships with cybersecurity firm Hacken and the TRON network.

Lastly, 1inch has integrated its wallet operations with major crypto wallets, including MyEthereWallet, Trust Wallet, and Mercuryo.

The 1INCH Token

1INCH is the native ERC-20, BEP2, utility token of the 1inch Network. However, the 1inch team developed it to be much more than that. The 1INCH token provides users with governance power over the DEX aggregator and liquidity protocol.

1INCH token holders can vote on various protocol parameters, regardless of how many tokens they have. For example, they can vote on governance rewards, swap fees within the liquidity protocol. Also, they can have a say in the price impact fee and the decay time for the exchange.

The 1INCH token is currently available on Ethereum and BNB Chain. Additionally, 1inch integrated the token with BNB Chain over a bridge with no extra token insurance.

The 1INCH token is currently available on Ethereum, BNB Chain, and Polygon. Additionally, 1inch integrated the token with BNB Chain over a bridge with no extra token insurance.

1INCH Tokenomics

The team has set the maximum supply of 1INCH tokens at 1.5 billion units. However, its initial circulating supply was of only 90 million tokens (6% of the total supply). This amount funded the security of the network, maintenance of its functionality, marketing, and community development.

The remaining 94% of 1INCH tokens will unlock gradually by December 30, 2024. The unlocking process started in December 2020 when the team launched 1INCH. The protocol will distribute these tokens as follows:

30% for community incentives.
22.5% to the core team of distributors.
18.5% to backers 1.
14.5% to the 1inch ecosystem growth.
12.2% to backers 2.
2.3% to small backers.

At the time of writing, 1INCH was trading for $1.49 and had a market cap of $619,707,446. Its circulating supply was at around 415 million tokens and the protocol registered over 137,000 holders.

The 1inch DAO

The 1inch Network and its development is under semi-governance from the 1inch DAO. This is an autonomous decentralized organization allowing 1INCH token holders to vote for key protocol parameters.

One of its better features is instant governance. Simply put, anyone holding 1INCH tokens can participate in the protocol’s governance without lengthy voting periods.

The 1inch DAO launched in December 2020. SInce then, the 1inch Foundation has distributed 1INCH tokens to community members through various initiatives. For more than a year, its goal was to build a solid and loyal community that would fit the DAO’s purpose.

In 2022, the 1inch Foundation plans to give 1INCH stakers access to extended governance mechanisms. This way, the community would get more ownership over the 1inch Network. Above all, the protocol would be closer to its goal of ultimate decentralization.

Where to Buy 1INCH?

You can buy 1INCH on multiple exchanges, including Binance, Huobi Global, Coinbase, FTX, Kraken, KuCoin, and OKEx.

Where to Store 1INCH?

You can store 1INCH in any crypto wallet that supports ERC-20 tokens. For instance, you can safeguard 1INCH tokens in popular wallets like MetaMask, TrustWallet, MEW, WalletConnect, and the Ledger hardware wallet.

How to Stake 1INCH Tokens

The 1INCH token also has a staking feature enabling token holders to stake their coins and participate in the 1inch DAO’s voting. Users can easily do so on the DAO tab, Governance section, on the 1inch website.

Here’s how to stake 1INCH:

Acquire 1INCH tokens if you haven’t done it already.
Go to the 1INCH website and click on the DAO tab.
Navigate to the Governance tab.
Click on the “Connect Wallet” button.
Select the number of 1INCH tokens you wish to stake on the next page.
Use the “Unlock” or “Infinity Unlock” features to unlock your tokens.

Additionally, you can navigate to the upper right corner of the staking box. There, you can choose a gas cost option between Standard, Fast, and Instant. After you unlock your staking, you can stake more by repeating these simple steps.

How to Swap on 1inch

Swapping on 1inch should be reasonably easy, even for first-time swappers. Here’s a short guide on how to swap your tokens on 1inch:

Step 1: Connect your Wallet

1inch offers users the option to connect their wallets as soon as they land on the homepage. So, tap the “Connect Wallet” button on the website and go through the app’s terms and conditions. Next, pick a network on which you’ll be swapping, such as Ethereum or BNB Chain. Lastly, choose the Wallet you want to connect to it.

Step 2: Select the Token

After the Wallet connects to the 1inch dApp, you can pick from the many tokens available. The dApp will show you the exchange rates from numerous DEXs for any asset you may choose. Furthermore, you can analyze the many statistics the exchange provides, such as comparing individual rates on different DEXs.

The 1inch aggregator has not whitelisted all the tokens currently in existence. So, if the token you wish to swap is not on the list, you can ask the 1inch support team to whitelist it. This is a nifty feature that comes in handy for new crypto assets.

Step 3: Swap Tokens

You’re almost there. In this third and final step, you have to customize your token swap according to various parameters, such as:

Market orders or limit orders.
Execute for maximum return or for the lowest gas price.
“Unlock” or “Infinity Unlock” for your tokens.

Regardless of your choice, the app will clearly show you the exchange rate, the USD value, and swap fees.

Next, you only need to confirm the swap by tapping the “Swap Now” button. The next screen will provide all the details of your swap and ask you to double-check before finalizing it. Lastly, you need to approve the transaction in your Wallet, and the trade will reach the blockchain.

1inch Infinity Unlock

Many first-time stakers on 1inch wonder what’s the difference between “Unlock” and “Infinity Unlock”?

The answer is quite simple. The “Unlock” feature simply unlocks your 1INCH tokens for staking. Every time you use it, you have to pay gas fees. That’s all it does.

On the other hand, “Infinity Unlock” allows the platform to spend a specific token forever. This means that you won’t have to pay gas every time you unlock the same token again. It’s a staking option that many seasoned stakers welcome. However, it is not as cost-effective and secure as the “Unlock” feature in the long term. So, unless you only use it for short periods, “Infinity Unlock” poses an additional risk of exposure to hackers.

1inch Network Timeline

2019

May

Anton Bukov and Sergej Kunz lay the foundations for the 1inch Network. The two developers collaborated at ETHNY2019 hackathon to create the project’s first feature, the 1inch Aggregation Protocol.

2020

May

1inch integrated with Uniswap V2 protocol.

August

1inch launched Mooniswap, which it later renamed as the 1inch Liquidity Protocol.

In the same month, the 1inch team obtained $2.8 million funding from several prestigious industry members.

November

1inch launched the protocol’s second version, which replaced the old routing system with the Aggregation Protocol’s Pathfinder API.

In the same month, 1inch integrated with MyEtherWallet.

December

The 1inch Network released its native token, 1INCH, and the 1inch DAO. Since then, token holders can take part in the protocol’s governance by staking tokens on the 1inch Network. This gives them the right to vote on the protocol’s parameters and development.

In the same month, 1inch raised $12 million in Series A funding. Giant hedge fund Pantera Capital led the event, which also included ParaFi Capital, Blockchain Capital, Nima Capital, and Spartan Group.

On Christmas Day, the 1inch Network air-dropped 90 million 1INCH tokens to the wallets that interacted with 1inch until December 24. However, these users had to meet three essential conditions. Firstly, they had to have at least one trade before September 15, 2020. Secondly, their wallets had to show at least 4 trades in total on the 1inch Network. Lastly, these trades had to account for at least $20 each.

2021

February

1inch air-dropped 6 million 1INCH tokens to Uniswap users on February 12.

In the same month, 1inch expanded to BNB Chain (previously – Binance Smart Chain).

June

1inch launched the 1inch Limit Order Protocol, featuring cost-efficiency, gas efficiency, and dynamic pricing. A second and improved version of this feature came out in December 2021.

July

The 1inch Network announced the distribution of 10 million 1INCH tokens to DeFi users as part of a monthly gas refund program.

November

The 1inch Foundation released $585,000 worth of 1INCH tokens to grantees for solutions to improve the 1inch ecosystem.

December

1inch raised $175 million in a Series B round, which Amber Group led. The group of investors included Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.

1inch announced its exploration of web 3.0 applications with the DeFi Racer game. This GameFi application was part of that month’s 1inch Wallet update.

2022

January

1inch expanded to Avalanche and Gnosis Chain to enhance its collection of blockchain integrations.

February

1inch launches Earn, an investment tool seeking to provide better capital use than most AMM pools.

The 1inch Foundation released $634,000 worth of 1INCH tokens to grantees. These grants will fund solutions for developing the 1inch ecosystem and improving user experience.