1inch Price

What Is 1Inch (1INCH)?

1Inch (1INCH) is a multi-chain decentralized finance (DeFi) app that helps crypto traders access the best rates for coin swap operations. The app’s main product is the price rate aggregation from a variety of decentralized exchange (DEX) platforms.

If you need to swap a pair of cryptocurrencies, 1Inch can help you get the best trade prices without having to trawl through all the potential options.

1Inch was originally launched on Ethereum in May 2019. Eventually, the platform expanded to more chains. In addition to Ethereum, 1Inch now offers its services on the BNB Chain, Polygon and several other blockchain networks. The protocol aggregates data from close to 200 DeFi sources.

The platform’s native token is 1INCH, an Ethereum-based ERC-20 token. It also has compatible versions on BNB Chain and Avalanche.

What Is 1INCH Used For?

The 1INCH token is used for the protocol’s governance and its liquidity mining programs. 

Governance is a key function of the 1INCH token. 1INCH holders have the right to take part in voting on the protocol’s future direction. They can also make decisions concerning the protocol’s products and liquidity pools.

1INCH may also be used to provide liquidity to the protocol to earn crypto rewards through its liquidity mining programs. Until recently, the 1INCH token was also used on the protocol’s yield farms. However, 1Inch discontinued its yield farming service, or, more precisely, has no current yield farms on offer.

1INCH Price and Tokenomics

1INCH was first listed on leading crypto data aggregation portals in December 2020, trading at $2.36. During the first month after its listing, 1INCH price fluctuated between slightly under $1 to almost $2.

From late January 2021, the token started to appreciate rapidly, with 1INCH first touching its local peak level of $5.82 in February 2021 before rallying to its all-time-high of $7.45 in May 2021.

The token declined sharply from these levels in May 2021, recovered to another local peak of $5.62 in late October 2021, and since then has largely been on a downtrend, trading at around $0.70 in August 2022.

The total supply and circulating supply of 1INCH are 1.5 billion and 581 million, respectively. The initial distribution of 1INCH occurred in December 2020, when 6% of the token’s 1.5 billion total supply was released. The token’s rules specify a gradual release of the total supply in stages.

Based on the release schedule, it’s expected that the entire supply of 1.5 billion 1INCH will be unlocked by December 2024. There is no maximum supply cap specified for 1INCH, which implies that more tokens might be minted after December 2024.

The token’s total supply distribution is specified as follows:

• 30% to community incentive programs

• 22.5% to the protocol’s core contributors

• 14.5% to a growth fund to encourage development efforts on the platform

• 33% to the project’s backers

Who Is the Founder of 1Inch? 

1Inch was founded in May 2019 by two developers, Sergej Kunz and Anton Bukov, at the ETHGlobal New York hackathon. Kunz first met Bukov during one of his live streams for his YouTube channel, CryptoManiacs. Bukov became his co-host for the channel, and they began entering hackathons together, leading to the culmination of 1Inch at the New York hackathon. 

Germany-based Sergej Kunz has worked in the software development field since 2009. Before founding 1Inch, Kunz was a software engineer at the German automobile giant Porsche AG. Along with his involvement in the 1Inch project, Kunz is the CEO of the Stuttgart-based IT consultancy Bulktrade GmbH.

Anton Bukov started his software development career in 2011 and began focusing specifically on the blockchain field in 2017. Before 1Inch, he had been involved in the development of several blockchain projects: BitClave, MultiToken and NEAR Protocol.

How Does 1Inch Work?

The key service offered by 1Inch is coin swaps. 1Inch’s Aggregation Protocol has access to nearly 200 different DEX offerings, using the Pathfinder algorithm to find the best deals for its users across the multiple exchanges linked to the platform. For each swap pair, both standard swap orders and limit orders are available. Additionally, there is a function to request P2P swaps.

A great feature of the 1Inch network is that the protocol itself doesn’t charge any additional fees. You only pay transaction fees charged by the participating crypto exchanges and gas fees charged by the underlying blockchain involved in executing the swap operation.

Users have a choice of ten platforms — blockchains and bridging solutions — for conducting coin swaps. 1Inch offers its services on Ethereum, BNB Chain, Polygon, Optimism, Arbitrum, Gnosis, Avalanche, Fantom, Klaytn and Aurora, a variety matched by very few protocols around.

Meanwhile, 1Inch's Limit Order Protocol allows users to place limit orders and RFQ orders on any Ethereum virtual machine (EVM)-based blockchains (Ethereum, Binance Smart Chain, Polygon, Arbitrum, Optimism, Gnosis chain, Avalanche). It charges no fees and has features that include dynamic pricing, the ability to set conditional orders and extra RFQ support.

Besides trading services, 1Inch also offers liquidity mining. The platform's liquidity protocol is available for its Ethereum and BNB Chain services. For each available pool, liquidity providers need to supply an equal value of both coins in the swap pair.

What Makes 1Inch Unique?

The 1Inch network has one of the most extensive databases of DEX sources to find you the best possible trade prices. It also offers swap opportunities across ten blockchain platforms, which is unmatched by the majority of the protocol’s competitors. Moreover, when executing your swaps via the 1Inch network, you don’t have to pay any fees beyond those charged by the participating DEXs and blockchains.

How to Store 1INCH

1INCH tokens may be stored using a wide variety of wallets that are compatible with Ethereum and BNB Chain. Depending on the chain(s) involved in your swap operations, the available options include the 1Inch Wallet (which supports WalletConnect functionality), MetaMask, Trust Wallet, Venly, Binance Chain Wallet, Ledger, Trezor and several other smaller wallets.

Where to Buy 1INCH

You can buy 1INCH from any top crypto exchange, including Bybit.

How to Buy 1INCH on Bybit

To purchase 1INCH on the Bybit exchange, follow these simple steps:

1. Head to Bybit’s spot trading page (Home → Trade → Spot Trading).

2. Select the 1INCH/USDT pair on the left side of the page.

3. Choose the type of order you’d like: Limit Order, Market Order or Conditional Order.

For Limit Orders:

1. Select Limit.

2. Enter the order price.

3. Enter the number of 1INCH you wish to buy.

4. Click on Buy 1INCH.

5. Once you’ve confirmed your information is correct, click on Buy 1INCH.

6. View your order details under Active on the web page, or Orders if you’re using the Bybit app.

For Market Orders:

1. Select Market.

2. Enter the amount in USDT you’ve paid to buy 1INCH.

3. Click on Buy 1INCH.

4. Once you’ve confirmed your information is correct, click on Buy 1INCH.

5. View your order details under Filled.

For Conditional Orders:

1. Select Conditional.

2. Enter the trigger price.

3. Choose to execute at Market Price or Limit Price.

1. Market Price: Order price doesn’t need to be set.

2. Limit Price: Order price needs to be set.

4. According to order types:

1. Market Buy: Enter the amount in USDT you’ve paid to buy 1INCH.

2. Limit Buy: Enter the number of 1INCH you want to buy.

5. Click on Buy 1INCH.

6. Once you’ve confirmed your information is correct, click on Buy 1INCH.

7. View your order details under Conditional on the web page, or All Orders → Current Orders on the Bybit app.

For more help, visit the Bybit spot trading guide.