时间：2023-07-01|浏览：162
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1inch completed its Series B financing round in December 2021, a year after its previous round. The financing round was led by Amber Group, with a total funding amount of $175 million.
1inch, as a DEX aggregator, is similar to Yearn. Yearn integrates various lending protocols to provide users with a one-stop competitive interest rate solution. Similarly, 1inch aggregates a series of DEX protocols to provide users with more efficient swap paths.
The blockchain world is full of innovation, with Lego-like components constantly stacking up. This article will explore what 1inch, as another Lego component built on DEX, is all about using data from Footprint Analytics.
What is 1inch? 1inch primarily consists of a DEX aggregator and a liquidity protocol (formerly known as Mooniswap). As a DEX aggregator, 1inch uses Pathfinder as its routing algorithm to find the optimal swap paths for users.
Pathfinder compares and selects the platform with the best exchange rates among different DEX platforms. It can even split the same order into multiple platforms for trading or convert deposited tokens into target tokens through multiple conversions. This greatly saves users the effort of comparing different DEX platforms.
Source: 1inch 1inch claims to be the DeFi aggregator with the highest liquidity, lowest slippage, and best exchange rates. Currently, it supports seven chains, including Ethereum, BSC, Polygon, Avalanche, Gnosis, Optimistic, and Arbitrum.
The liquidity protocol of 1inch is not particularly prominent, with only $22 million TVL and the largest pool's liquidity being less than $8 million. The most traded pairs are concentrated in stablecoins, ETH, and BTC.
Footprint Analytics - 1inch Top 10 DEX pair by Volume
What sets 1inch apart? In addition to its typical DEX functions, 1inch has many optimized features:
1. Flash Swaps: Due to price differences among different DEX platforms, using 1inch may save users 0.13%-20% in fees compared to selecting a single mainstream DEX platform.
Source: 1inch This is especially significant for users who need to swap large amounts, as higher slippage is more likely when swapping on a single platform. However, 1inch minimizes slippage by splitting trades between different protocols within a short period.
Users can even use collateral tokens from platforms like Aave and Compound on 1inch, completing actions that would have required complex steps like bundling and unbundling through the Pathfinder algorithm in one step. This saves time and gas costs.
2. Limit Orders: Cryptocurrency trading can be carried out 24/7, but users cannot wait and monitor for the best prices throughout the day. 1inch's limit orders allow users to swap at a set price within a specified time frame. When the market price matches the set price, the transaction is completed.
Setting a specific price can also be seen as setting a stop-loss point. Users can set the price below the market price, and when the price drops to the set value, the order will be executed as a stop-loss.
3. OTC Trading: Users can also choose OTC trading on 1inch. As the price is predetermined, users can trade with zero slippage. They can clearly define the price and receive the exact amount before the trade.
4. GasTokenCHI: 1inch has developed CHI token, a gas token that helps users save transaction fees. It allows users to mint and hold tokens when gas prices are low and use them when prices are high. It's similar to buying a discount coupon and using it to save up to 42% on gas fees.
However, due to the London upgrade of Ethereum, CHI tokens became invalid. Starting from September last year, 1inch started distributing 1 million 1inch tokens as gas fee reimbursement.
5. P2P Trading: If users can find a suitable trading partner, they can customize the swap prices for two currencies. Users only need to fill in the counterparty's address and set the time of the transaction, enabling secure transactions between two untrusted individuals.
Things to note about 1inch: While using 1inch for trading, there are some things that users need to be aware of:
1. Excessive Gas Fees from Splitting: In order to seek the lowest price, 1inch may split trades into multiple transactions, which inevitably increases gas fees. Users need to consider gas fees when calculating the amount received, which may be unfriendly for small trades.
According to data from Footprint Analytics, the average transaction amount has been increasing recently, indicating that more users prefer to use 1inch for large trades.
Footprint Analytics - 1inch Volume per Trade by Week
1inch helps users estimate the gas fees generated by the split transactions, and users can also select the option with the lowest gas to reduce potential splits.
2. Positive Slippage Issue: During the trading process, the token price may fluctuate. If the actual execution price is lower than the quoted price confirmed by the user, 1inch will not refund the excess amount to the user. This means that users may end up paying more on 1inch than they intended to save.
1inch has acknowledged the issue of positive slippage and announced that a portion of the excess will be allocated to on-chain referral programs, while another portion will be converted into USDC and stored in the 1inch Network DAO Treasury.
Token: In December 2020, 1inch issued the $1INCH token. Holders of this token can vote on the protocol's pool governance and factory governance settings under the DAO. Users staking $1INCH tokens can also receive positive slippage from the platform's harvest.
A total of 1.5 billion $1INCH tokens were issued, with 6% unlocked on issuance day, and the remaining tokens will be unlocked over four years until December 30, 2024. It is worth noting that only 30% of the $1INCH tokens are allocated to the community, 14.5% will be allocated to developers for development, and the rest will be distributed to supporters and core contributors.
Source: 1inch Compared to other top DEX platform tokens, where more than 50% is allocated to the community, such as UNI with 60% and BAL with 65%, the decentralization of $1INCH falls significantly short.
The gradual release of tokens to core team members raises concerns about their control over the price. Therefore, caution should be exercised when considering purchasing $1INCH. According to data from Footprint Analytics, the highest price of $1INCH is around $7, reaching $1.37 as of March 9th
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