1inch is a Decentralized Exchange (DEX) aggregator that sources liquidity from a range of DEXes and offers users the best possible price for their trades. The 1inch protocol is powered by the native token, 1INCH, which is used to pay trading fees and rewards liquidity providers.
The 1inch protocol is available as a standalone decentralized application (dApp) or as an integrated widget that can be embedded on third-party platforms.
1inch was founded in 2019 by Sergej Kunz and Anton Bukov, who are also the co-founders of the popular DEX aggregator, Changelly. 1inch was launched on the Binance Smart Chain (BSC) in September 2020 and has since become one of the most popular DeFi protocols on BSC with over $1 billion worth of trading volume processed on the platform.
The 1inch protocol has been designed to offer users the best possible price for their trades by sourcing liquidity from a range of DEXes. To do this, 1inch uses what is known as an orderbook DEX aggregation model.
This means that when a user places a trade on 1inch, their order is matched with the best available prices from a range of DEXes and then executed on the DEX with the best price. This allows 1inch to offer users low trading fees and fast transaction times.
The 1INCH token is used to pay trading fees on the 1inch platform and is also used to reward liquidity providers.Liquidity providers are users who add their tokens to 1inch’s pool of available assets and earn a portion of the trading fees generated by their pool.
NOTE: WARNING: 1inch on Binance is a decentralized exchange and liquidity protocol that allows users to swap tokens and access different liquidity sources. While it may offer lower fees and greater liquidity than other exchanges, it can be risky to use due to its decentralized nature, as users do not have the same protections as they would when dealing with a centralized exchange. Users should ensure that they understand the risks associated with 1inch before using it.
The more assets a liquidity provider adds to their pool, the greater their rewards will be.
The 1INCH token was launched on Binance’s Initial Exchange Offering (IEO) platform in July 2019 and raised $2 million worth of funds. The token has a total supply of 100 million and is currently traded on a number of cryptocurrency exchanges including Binance, Huobi Global, OKEx, and Gate.
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What Is 1inch on Binance?
1inch is a Decentralized Exchange (DEX) aggregator that sources liquidity from a range of DEXes and offers users the best possible price for their trades. The 1INCH token is used to pay trading fees on the 1inch platform and is also used to reward liquidity providers.
The 1INCH token was launched on Binance’s Initial Exchange Offering (IEO) platform in July 2019 and raised $2 million worth of funds.
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