A decentralized platform on the Ethereum blockchain and BSC.
1inch is a decentralized platform that uses multiple blockchains to operate. At 1inch, users can swap tokens, participate in liquidity pools and staking. The exchange began its existence in 2020.
1inch consists of three main protocols:
- Liquidity Protocol - allows users to provide liquidity through AMM. Users are rewarded with internal 1INCH tokens for refilling pools.
- Aggregation Protocol - protocol for delivering liquidity from different decentralized exchanges, provides high liquidity for 1inch. Pathfinder technology is used to find the best offers in the market. The protocol checks correctness and timing of transactions, as well as provides their security.
- Limit Order Protocol is a tool for working with the exchange, allows you to set a stop-loss, set slippage or start an auction.
To work with the exchange, the user must connect a web3-wallet. Trading is available in the usual AMM interface, where you need to select two tokens for the exchange and make a transaction. A similar interface is used for P2P exchanges. Users also have access to an advanced trading terminal like the centralized exchanges, here users can view a price chart, set an order and view the order book. There are 70 coins and 90 pairs available for users to trade. 1inch users can both participate in liquidity pools and create them themselves. In order to become a liquidity provider, an equal number of two tokens must be deposited, for which users are rewarded with an internal token.
The internal token 1INCH is used in many operations of the exchange. It can be stake, added to liquidity pools and traded. 1INCH is also used in DAO, a community-driven exchange. Token holders can participate in votes on exchange parameters ( fees, rewards, etc.). This information is from platform cryptodefix.com.
- Three types of protocols
- Swap tokens
- Participation in pools and liquidity farming
- 1INCH Staking
- Exchange management with DAO
Decentralized exchanges (DEX)
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