What is 1inch Network? 1inch Network (1INCH) is a DEX that gathers decentralized protocols under one roof, which provides the highest profit opportunity and enables secure and fast transactions. In this article, you can find answers to frequently asked questions such as what the 1inch Network is, what it offers, what is 1INCH coin, how to get it, what is it used for. As Kriptokoin.com, we have prepared it for you. Let’s examine the project together.
What is 1inch Network?
Founded in May 2019, 1inch Network is a Blockchain project that allows users to find the best price for a given crypto asset by scanning decentralized exchanges (DEXs). The project works as a protocol aggregator and explores many platforms to offer users the best possibilities. The project, which includes various protocols and products, has a local cryptocurrency called 1INCH coin. Users can perform various transactions within the 1inch decentralized exchange (DEX) with this cryptocurrency.
The first protocol of 1inch Network, DEX aggregator can access a total of 170 liquidity sources, 70 on Ethereum, 40 on Binance Chain, 20 on Polygon and 40 on other platforms. The protocol uses an algorithm called Pathfinder to find the best prices from these liquidity sources. Besides the DEX aggregator, the project also has a liquidity protocol. This liquidity protocol is an automatic market maker (AMM. The project also provides a wallet product to its users. The interface of this wallet is very simple. Users can securely store their assets via 1inch Wallet, with an easy-to-navigate interface).
What is 1INCH coin? What is it used for?
1INCH coin is a token that works as the native cryptocurrency of the 1inch Network. 1INCH’ with an undetermined maximum supply Governance is the most important task of the in network. By participating in the management of the platform, 1INCH coin holders can vote on the decisions taken and make offers to the community. With the token with the staking feature, users also have the opportunity to earn passive income. Users who want to staking can lock their assets on the platform and have a maturity date may eventually win additional token rewards. At time of writing, 1INCH coin n was the 112th largest cryptocurrency with a market cap of around $641.9 million. In addition, 415 million 1INCH tokens were in circulation.
What are the advantages?
Through 1inch Network, users can find the best price among 170 DEX and trade on the platform with high return prices. 1INCH coin is traded on many major and trusted cryptocurrency exchanges. This is a significant advantage for asset adoption. Token holders have the opportunity to earn additional token rewards at maturity by locking their assets to the platform with a certain maturity.
What are the disadvantages? Although DEX platforms such as
1inch Network make moves to become secure, user funds on such platforms are lost from occasional cyber attacks. Users can circumvent this disadvantage by keeping their assets in hardware wallets rather than virtual ones.
How to get 1INCH coin?
1INCH coin is currently traded on many cryptocurrency exchanges. Exchanges listing the token include Binance, Huobi Global, Bybit, and OKX. Investors interested in the 1inch Network project should first become a member of one of these exchanges. Fully registered users can purchase 1INCH tokens by depositing funds into their wallets.
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