Review on 1inch Exchange by Toprak Dere
About 1inch Exchange
1inch is a decentralized cryptocurrency exchange based on the Ethereum (ETH) network. It is seen that 1inch, which operates just like the Uniswap crypto money exchange, has thousands of users and has reached millions of dollars of trade volume. 1inch, which has recently made a major airdrop event, has made it possible to list its own cryptocurrency on many leading crypto currency exchanges.
1inch is a decentralized exchange (DEX) aggregator that connects several DEXs to a single platform to enable its users to find the most efficient exchange routes across all platforms. In order for a user to find the best price for a trade, they must look at each exchange. Here, DEX aggregators eliminate the need for manual control by providing efficiency for clearing in DEXs.
DEX collectors work by sourcing liquidity from different DEXs. This statement means they can offer users better token swap rates than they can find on any DEX in the shortest possible time.
1inch's algorithm finds the cheapest way to place the trade using all the different exchanges and liquidity protocols that can facilitate this trade.
The release of 1inch's V2 platform in late 2020 has made things faster and cheaper once again. Decentralized loan protocols have added some more complex operations to keep prices low, such as redirecting money reserved as collateral for loans in Aave and Compound.
Pros
- 1inch is a DEX aggregator that determines the best crypto prices on decentralized exchanges.
- will give a gift coin to anyone who makes at least one transaction on the stock exchange.
- 1inch users can follow more than one DEX on a single platform and find the most suitable purchase-count rates for them.
Cons
- none
