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1inch Network

€1.00

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The price of 1inch Network has risen by 0.85% in the past 7 days. The price declined by 0.39% in the last 24 hours. The current price is €1.00 per 1INCH. 1inch Network is 79.62% below the all time high of €4.90.

The current circulating supply is 1,254,374,186.59 1INCH.

Market Cap
491.59M
Circulating Supply
1.254B
24hr Volume
€5,584.53
All Time High
€4.90
Sentiment
45
1 Year
33.01%
3 Month
5.38%
30 Day
2.28%
1 Week
0.85%
24 Hour
0.39%

What is 1inch Network (1INCH)?

1inch Network is a comprehensive DeFi (Decentralized Finance) platform launched in 2019 at the ETHGlobal New York hackathon. The project stands out for its aggregation of decentralized protocols. This aggregation not only enhances transaction efficiency across various decentralized exchanges (DEXes) but also offers access to deep liquidity sources across multiple blockchain networks.

The platform incorporates several innovative components, including the 1inch Aggregation Protocol, the 1inch Liquidity Protocol, and the 1inch Limit Order Protocol. Each of these plays a significant role in optimizing the DeFi experience. The Aggregation Protocol, for instance, facilitates cost-efficient transactions by utilizing a broad range of protocols, while the Liquidity Protocol serves as an automated market maker (AMM) that offers protection against front-running attacks and capital efficiency for liquidity providers.

How does 1inch Network (1INCH) work? 

The operational core of 1inch Network revolves around its aggregation protocol which aims to find and execute the most efficient transactions across multiple DEXes. The protocol uses an advanced algorithm, Pathfinder, for asset exchanges at the best market rates. This system splits transactions between different protocols and market depths within a single protocol to achieve optimum results.

The 1inch Network's governance is decentralized and managed by the 1inch DAO (Decentralized Autonomous Organization), enabling 1INCH token holders to vote on key protocol parameters and contribute to network governance. Additionally, the 1inch Foundation, an independent non-profit organization, plays a crucial role in fostering the growth of the 1inch Network and supporting community-benefiting initiatives. The Foundation issued the 1INCH token, which is central to the network's operations and governance.

What makes 1inch Network (1INCH) unique?

1inch Network's uniqueness in the DeFi space stems from several features and a comprehensive ecosystem that addresses various aspects of decentralized finance:

Decentralized Protocols Synergy: 1inch unites multiple decentralized protocols, enabling highly efficient and secure operations in DeFi. This synergy allows access to a multitude of liquidity sources across various blockchain networks, enhancing transaction efficiency and offering competitive rates.

Advanced Aggregation Protocol: The 1inch Aggregation Protocol stands out for its ability to ensure cost-efficient and secure transactions. It leverages a wide range of protocols and performs detailed validations, enabling users to execute the most efficient transactions across decentralized exchanges (DEXes).

Next-Generation Liquidity Protocol: As an automated market maker (AMM), the 1inch Liquidity Protocol offers advanced protection against front-running attacks and optimizes capital efficiency for liquidity providers.

Decentralized Governance: The platform is governed by the 1inch DAO (Decentralized Autonomous Organization), empowering 1INCH token holders to participate in key decision-making processes. This decentralized governance model ensures that stakeholders have a say in the network's future direction.

Multi-Chain Support: 1inch protocols are deployed on multiple EVM (Ethereum Virtual Machine) networks, including Ethereum, Polygon, and others, providing flexibility and broad accessibility.

User-Friendly Interface: The 1inch Network offers a user-friendly interface, making it accessible to both beginners and experienced DeFi users. The platform provides a simple mode for newcomers and a classic mode with advanced features for more seasoned users.

The 1INCH token: Utility & tokenomics

The 1INCH token within the 1inch Network serves dual functions as both a governance token and a utility token. Here's an overview of its utility and tokenomics:

Utility Functions: The primary use of 1INCH as a utility token is evident in the platform's Fusion mode, where it is employed by resolvers to gain and prioritize access to swap execution. This means that holding 1INCH can offer advantages in terms of transaction processing within the network.

Governance Role: 1INCH tokens are crucial in governing all the current and future protocols of the 1inch Network. They are used in the governance modules of both the 1inch Aggregation Protocol and the 1inch Liquidity Protocol, enabling token holders to participate in decision-making processes and contribute to the network's development.

Token Supply and Distribution: The total supply of 1INCH tokens is capped at 1.5 billion, with a portion of it gradually being unlocked over a four-year period ending in 2024. The initial distribution included allocations for the team, advisors, community incentives, and a network growth fund.

Multi-Chain Availability: 1INCH token operates on multiple chains, including Ethereum. This multi-chain presence ensures wider accessibility and utility across different blockchain ecosystems.

Community Incentives and Growth Fund: A significant portion of the total token supply (30%) is dedicated to community incentive programs, while another 14.5% forms the growth and development fund, used for issuing grants and incentivizing developers.

Token Unlock Schedule: On its release day, 6% of the total issuance of 1.5 billion 1INCH tokens was unlocked. The remaining tokens are scheduled for gradual release, aiming for full distribution by the end of 2024.

The 1INCH token's multifaceted role in the network's governance, utility functions, and its structured tokenomics strategy makes it a fundamental component of the 1inch Network’s ecosystem, potentially contributing to its growth and sustainability in the DeFi space.

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