What Is 1inch (1INCH)?
Let’s talk about 1INCH crypto — a token that governs the structure of 1inch, the first DeFi aggregator for crypto exchanges.
The platform connects to your web3 wallet and uses an algorithm called 1inch Pathfinder that splits your order into different parts and swaps them through all platforms & exchanges — sometimes, several times — to offer you the best rates with the lowest transaction fees.
Called “the Google for DEXes”, 1inch is a vital network for traders that wish to find the best prices for different cryptos and avoid juggling between dozens of different platforms and blockchains.
Equipped with a Limit Order protocol provided by the platform, people use it to trade their assets at a price they set. 1inch charges no fees for depositing, trading, or transactions and provides services on various blockchains, which creates an environment that is very comfortable for traders.
1inch Price History
Since 2020, 1INCH price has been following the general market movement ever since. After a huge rally at the beginning of the year, the 1INCH lost a lot of its value following the short-term block on the crypto markets created by the pandemic. Right now, it’s growing due to the platform’s recent integration with Exodus wallet.
The price of the 1INCH price chart strongly correlates with the volume exchanged on various decentralized exchanges. So, as DEXes become more common, the platform’s popularity and the 1inch price USD should increase in parallel.
Circulation of 1inch
The team behind the 1inch project wants to unlock the entirety of their 1.5 billion 1INCH crypto supply by December of 2024. 15% of these tokens will be distributed for grants and incentives for engineers to improve the platform, pay for audits — and be used as emergency funds.
180 million tokens are already in circulation. 30% is owned by the platform's developers. New tokens are put in circulation as a reward to users that provide liquidity to the 1inch trading platform or stake their tokens to secure the network. (Or: recently, the 1inch team decided to refund their users gas fees with 1INCH coin.)
Ways of Buying 1INCH
Lots of crypto exchanges list the 1INCH token and offer 1INCH to USD. You can buy 1inch tokens through a 1INCH converter that’s usually placed on the homepage of each platform. 1inch exchange on Godex is pretty straightforward: more than 300 cryptocurrencies are available for swapping, no registration is needed.