What is 1inch Network?
1inch has built a reputation as a Dex Aggregator or simply known as Best Rate Swap. It searches for the best exchange rates and fees for users without the user having to do any manual comparisons. This 1inch Network is a Dex Aggregator covering several chains including Ethereum, Binance Smart Chain, Polygon, Optimism, Arbitrum, Genosis, Fantom, Avalanche and also in the Limit Order Mode where we can choose the desired exchange rate. This will send a pending order. and specify the time when the order will Expire. It is set to wait until the price is reached that we set before trading.
In addition to Dex Aggregator who runs for Best Rate Swap from other AMMs, 1inch Network also has its own AMM, which is open to people who are interested in providing liquidity in different pools of 1inch, who will receive a return of 1inch Token. with according to %APY of each Pool
New Product Launch 1inch Wallet
And the latest product is 1inch Wallet, which is a Defi Wallet available for download for both iOS and Andriod, which is the last puzzle that completes the final picture of the 1inch network ecosystem because 1inch network believes that nowadays people use Defi through There is a significant increase in mobile phone volume in the Mobile Wallet section. There is still a lot of room for the 1inch network to enter. And when new users use the 1inch Defi Wallet, the exchange of coins will have to run through the 1inch Network as the main channel. Make it a stronger customer base as well. The higher the number of active customers, the more Fee will be collected, and there is also a Stake screen that attracts at least 100 1inch Tokens to buy at least 100 1inch Tokens to get the GAS discount on the 1inch Dex Aggregator. It will increase the demand for 1inch Token as well.
As you can see, 1inch, which started out as Dex Aggregator, has evolved and expanded its capabilities over time to become one-stop access to decentralized finance, matching 1inch’s new Slogan aimed at everyone who comes to use it. Defi has to stay with 1inch Ecosystem. Now based on daily traffic and TVL for Dex Aggregator, 1inch Network is the top platform used by both Swap Token and Provide Liquidity. 1inch Network’s data shows Total Vol of $223B+ and around 3 million active wallets. It can be seen that the 1inch ecosystem is quite strong, and the fee in Treasury keeps growing. And part of it has been bought as 1inch Token, making the demand for 1inch Token more and more day by day.
The 1inch Token will be both the Utility Token and the main Governance tokens of the 1inch Network. 1inch Token holders can stake them for a number of benefits such as: The right to restore gas consumed through 1inch is now divided into 4 tiers:
1. Stake 100 1inch Token will get 25% Gas back.
2. Stake 1000 1inch Token will get 50% gas back.
3. Stake 10,000 1inch Token will get 75% Gas back.
4. Stake 100,000 1inch Token will get 100% gas back.
As for Governance rights, the other two parts are Instant Governance and Dao Governance. Instant Governance is a function adjustment of the Aggregation Protocol and Liquidity Protocol, which takes effect immediately upon voting, such as the fees given to the referral reward distribution. , Swap Fee , Price Impact Fee, Treasury etc. Dao Governance is an improvement of the entire ecosystem of 1inch Network that can be voted on via gov.1inch.io.
In addition, many applications on the 1inch Network system use 1inch Token as the main one as well. For example, the referral reward distribution will be calculated and exchanged for 1inch Token to be delivered to the referrer. Fees are in Treasury. that can be collected on a daily basis It will be used to buy 1inch Token, causing 1inch Token to be bought all the time, likely to increase the demand for 1inch Token.
The current market value of 1inch is at $ 402,326,076, or about 14.2 billion baht, is ranked 79th on the CoinMarketCap website and has a circulating supply of 546,514,723 Tokens. The Max Supply of 1inch coins is set at 1,500,000,000 Tokens, which will be fully supply in 2024. Its current price is around $0.73, having previously reached a high of $5.67 and its lowest price of $0.55 in the past year.
Where can I trade 1inch Token?
1inch Token can be purchased at leading exchanges such as Binance , Gate.io, Kucoin, FTX, Houbi.
1inch Empire : Power of Ecosystems
From what we have seen in the entire ecosystem of 1inch Network Ecosystems, we will find that it is another very interesting project. It has continued to evolve from the beginning of Dex Aggregator alone, gradually building its own ecosystems to grow and if in the future people will use it. As decentralized finance continues to grow, more and more people are expected to use 1inch, which will allow 1inch Network’s revenue to grow significantly. This will increase the demand for the 1inch Token in both the purchase and reward of the Treasury purchase.
But if we are to consider the risks of 1inch Network, it can be considered as follows.
If the traffic of Fixed or less decentralized finance will also affect 1inch Token in the short term, as in 2020-2024 there will be more 1inch Token tokens being unlocked if their earnings are less than the amount of unlocked coins. Too much will put pressure on the price. Because there are still 100 million coins left to be unlocked in the next 2 years, 2023 and 2024.
Regarding security and various cyber attacks, since we will get news that vulnerabilities are frequently used to attack the network, 1inch Network may be eligible to be a target for attacks. and the more the system is being developed all the time Must be more careful in the part of Security, because if there is only one flash loan or swap vulnerability, then get a lot of money because the Pool does not update Realtime data (due to the latest algo of Pool Moon of 1inch, use a delay of 5 minutes to avoid Swap differentials) If you look at the time management is not good, may miss
The Dex Aggregator competitor to 1inch Network is at the forefront of the Dex Aggregator segment, but there are quite a few competitors that are accelerating their development. Therefore, now the market is very competitive, causing 1inch Network to adjust and invest in research, development, improvement of the system all the time. to escape competitors But the presence of competitors leads to a decrease in revenue share.
Other technology to replace, which may not be Dex Aggregator, but from AMM that has developed itself better, better rates, better gas, such as Uniswap v3, which if we enter 1inch and find that Uniswap is always a cheaper way. In the end, going directly to Uniswap might be a lot cheaper. Uniswap doesn’t compete in the Dex Aggregator, but it’s determined to be the Best AMM, which indirectly affects 1inch Network as well.
In terms of Wallet, although there are a lot of users, about 3 million accounts, it is still not fully integrated. And still not sure how many accounts are really active because there are only applications on mobile and no extensions on browsers to use on PC and market leaders like Metamask have Function SWAP Token via their own dApp, which in the future if With further development, it may be another important competitor.
If we analyze both the advantages of the entire ecosystem of 1inch Network and the precautions In terms of investing with 1inch Network, it is still very interesting. But investors must consider the investment, look at the timing and opportunity, plus market conditions before making an investment decision.
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