1inch Network is a well-known ecosystem of multiple DeFi products on various blockchain platforms. Since its release at the ETHGlobal New York hackathon by Sergej Kunz and Anton Bukov in 2019, 1inch has had 4 versions, each of which is an improvement of the previous one.
At the moment, 1inch is available on most popular EVM-compatible chains, which are Ethereum, Polygon, Avalanche, Fantom, BNB Chain, Arbitrum, Optimism, Klaytn, Aurora, and Gnosis.
The suite of the 1inch Network solutions is as follows:
- 1inch Aggregation Protocol: The first service of 1inch and still the core of the network till today. It is a DEX aggregator, which means that it crawls for the best trading price in many protocols and offers users the best rate even if it means splitting a transaction across different DEXes.
- 1inch Liquidity Protocol (formerly known as Mooniswap): The protocol that allows users to make passive income by providing liquidity.
- 1inch Limit Order Protocol: The protocol that enables users to make more advanced orders than standard swaps like limit orders and request-for-quote orders.
These solutions are available to end users in 1inch dapp, a web-based decentralized application, and 1inch wallet, the network's non-custodial crypto wallet.
1INCH token serves as the governance and utility token of the 1inch Network. It was released in 2020 on Ethereum and has since expanded to include BNB Chain via a bridge with no extra token minted.
The total supply of 1INCH is 1,500,000,000.
The circulating supply of 1INCH is 621,413,768.70.
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