1inch is a decentralised exchange aggregator that connects numerous DEXes that allows users to find efficient swapping routes across platforms.
1inch's goal is to help blockchain reach the masses. To do so, 1inch was created, which connects many existing decentralised exchanges, creating trading opportunities for users who wouldn't have them otherwise. That way, they will have access to more liquidity and trade with lower fees than anywhere else.
DEX aggregators work by using a protocol called Bifrost, which means it's fully decentralised and does not rely on any third-party servers. The idea is that you can use the same orderbook for different DEXes - meaning you just need 1 account to access them all.
1inch was founded by Sergej Kunz and Anton Bukov, who met through a live stream on Sergej's YouTube channel, CryptoManiacs. Anton became the channels co-host for the next six months.
They looked at the problems that exist today, such as lack of liquidity and high fees, and wanted to create a solution to solve them. In 2019, Sergej and Anton developed a DEX aggregator solution that would provide crypto price information from sources which would enable users to find the best rate. They decided to call this service 1inch.
At the end of 2019, Sergej and Anton started working on a product that would act as an on-ramp for new crypto traders. They envisioned creating something that many people could use without having too much technical knowledge.
The 1INCH token was launched in 2020 with an ICO that was extremely successful. Investors, traders, and enthusiasts were all excited about the project. 1INCH is not just another token. The team behind 1INCH placed a large emphasis on user experience, which is something that other cryptocurrency projects usually lack.
The 1inch token was intended to be used for users’ consumptive purposes on the 1inch network, the 1INCH token protocols and other applications that third parties may develop using the decentralised network.
The 1INCH token has a utility function. It provides the required protocol for users to pay for their goods and services on the network. 1inch aims to be as decentralised as possible, which is why third parties are allowed to develop dAPPs that run over the same protocol and other user-friendly features.
For more on 1INCH, visit their website.