1Inch network is one of the first Aggregators on the market and has been working very effectively over the past few years. The project is also developing many new products to grow the scale of its business. In this article, let's join our team to find out what makes 1INCH stand out from the rest of the DEXes?
1. Ecosystem of 1inch
DEXs integrated into 1inch's protocol include Oasis, Kyber Network, Uniswap, Mooniswap, Balancer, etc. This means that users can swap between almost all ERC-20 tokens on the market today.
Native token 1INCH is both governance token and utility token
1inch also launched Chi GaToken (Tokenizing Gas Token) to reduce transaction fees on 1inch's platform.
The 1inch team has also introduced Mooniswap, a new generation AMM with a virtual balance that allows Liquidity Providers (liquidity providers) to reap the profits that spread traders make.
Besides Aggregation Protocol, 1Inch also develops many other products such as 1Inch Wallet,...
=> Thus, the ecosystem of 1inch if completed enough will be very diverse and powerful
2. How much is the transaction fee on 1inch.exchange?
1inch.exchange is a set of decentralized exchanges (DEX). Therefore, the trading fees you pay will depend on the Ethereum and DEX networks that you have used to execute your trade orders. In addition, 1inch.exchange does not charge withdrawal fees, except for network fees.
Network fees are not charged by the exchange, so the platform does not make money on this fee. However, users can save gas by using Chi Gastoken 1inch.
3. Itinerary
Using an innovative method called routing, the 1inch platform deploys through an algorithm called Pathfinder. This algorithm analyzes the entire range of possible options inside the liquidity pool and automatically routes the client's trades through a path that is most cost-effective.
4. Swap Multiple Paths
1inch Network can perform multi-path swaps, occasionally swapping source tokens to its destination across multiple paths to get even cheaper rates. This feature cannot be found on any other DeFi aggregate protocol.
5. Unique Administration
The 1inch community manages the network with a unique process called Instant Admin. 1INCH owners have the right to vote on key protocol parameters, and can receive many rewards from it. Community members are easily involved and have benefits in the process. Unlike many other administration protocols, the voting phase on 1inch Network does not last long.
6. Partner and Backer
1inch Network is strongly backed from the industry. Notable investors behind the project include Binance Labs, Pantera Capital and Galaxy Digital.
To date, 1inch Network has never been hacked or faced with any security breaches.
Here are the 1inch vs DEXes. Thank you for taking the time to learn about the article