We would like to inform you that 1inch/USDT trading pair is now (2021/10/28 | 06:00 PM) available on Mazdax Exchange. You can start trading now.
1inch is the first and the most famous DEX aggregator. In other words, 1inch scans the prices of different DEXs to find the lowest (cheapest) cryptocurrency prices and ensure for traders. 1inch reroutes its customers’ trader to ensure that they can find the best prices. Using the 1inch platform, anyone may exchange all ERC-20 standard Ethereum tokens to each other in a single transaction.
On Christmas Day, 2020, 1inch launched its cryptocurrency, 1INCH token. 1INCH is a “governance token” which means it allows token holders to help shape the future of a protocol. As a holder, you may vote about different decisions regarding that platform.
1inch air dropped almost 90 million tokens at the end of 2020. The distribution principle was based on three basic conditions. Any Ethereum wallet that has interacted with the 1INCH exchange before December 24th and met any of the following conditions, received a token:
- Having at least one trade before September 15, 2020, or
- Having at least four trades in total or
- Having a total of at least $20 in trades.
A few months later, 1INCH launched its second airdrop and distributed 6 million tokens.
Launching the V2 platform in late 2020 made everything faster and cheaper indeed! This was not the end of the 1INCH story. The v3 aggregation protocol upgrade was also launched. It was estimated that this upgrade reduced the gas feed up to 30 percent.
The future of 1INCH is closely dependent on the future of other decentralized finance and Decentralized exchanges in particular. For the time being, services provided by decentralized exchanges are still expensive and are slower compared to their centralized competitors. But since centralized exchanges are experiencing downtime and speed issues during crypto price volatility periods, it is believed that a growing number of traders will use DEXs in the near future.
Another significant point about 1INCH is that it uses some of its token supply for development purposes. Integrating new liquidity protocols is an instance of these developments.
Trading and investing in the cryptocurrencies market demand technical knowledge and awareness. Please buy/sell crypto with caution, accuracy, and awareness. Here in Mazdax, we do our best to list the best and most popular cryptocurrencies, but we are not responsible for the potential losses of users.
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