Review on 1inch Exchange by Stephen Toluwani
1Inch, a leading DEX Aggregator
1Inch, a leading DEX Aggregator that has been on the Ethereum Blockchain for a long time but has now expanded its horizon to new chains. A good one is the BSC Network. The main use of an Aggregator is to find the best or lowest price available in the Dex of the chain on which it's hosted on therefore offering the best value it can to the trader. Many traders who have began to understand how aggregator services works are now fluctuating into the platform, even I have been kept in the dark about the way the exchange worked
Another interesting aspect of 1Inch exchange is the Chi token, a utility asset for cutting through on gas fees by executing the transactions internally. With a low percentage charged as fee combined with BSC general low fees, 1Inch offers the best you can get in any decentralised exchange. 1Inch has plans to create more DEX extension to other chains thereby Increasing the possibilities of better aggregated prices
If you are interested in getting the best value for your purchase on a Dex at lesser amounts charged as fees, then 1Inch is the one for you.
Pros
- 1Inch incorporation to the Binance Smart Chain now offers aggregated price for swaps on the BSC Network
- The main reason for 1inch is to build an Aggregator service which chooses the best price from different decentralised exchanges to offer the best to the user
- It has its native Chi token which reduces the normal transaction fees by almost 50%
Cons
- It's quite difficult to understand the use of 1Inch due to its operational networks in which transactions are carried out internally
