Crypto Corner: a profile on 1INCH

You’ve probably come across 1inch before, especially since we announced our partnership with the network last year. But how much do you know about it?

What’s it all about?

1inch (1INCH) is an Ethereum token which powers the DeFi aggregation protocol, 1inch. This decentralised exchange aggregator claims to offer the best rates by discovering the most efficient swapping routes across all leading DEXs. Once it’s found the best prices, it reroutes trades between them, allowing users to easily and cheaply transfer assets.

DEXs all sell the same crypto for different prices (not to mention charge different fees). This is where 1inch comes in - its algorithm finds the cheapest way to make a certain trade using its wealth of exchanges and liquidity protocols. When you buy a token through 1inch, it will likely be exchanged multiple times - in different protocols and into different currencies - before it reaches you in its final form at a competitive price.

What can you do with 1INCH?

1INCH, the token, is a utility and governance token, which means you can use it to vote on the way the 1inch platform is run. 1inch call this “instant governance”.

You can earn 1INCH tokens by providing liquidity to 1inch’s liquidity platform - basically by staking crypto that others can use when placing trades.

In addition to all that, you can buy, HODL and exchange it in the Wirex app, as well as spend it in real life with your multicurrency Wirex card.

Who came up with the idea?

The 1inch platform was founded in July 2020 and it launched its governance token, 1INCH, shortly after in December 2020.

Co-founder and CEO, Sergej Kunz, started studying programming when he was just 14 years old. Before 1inch, he had his own telecommunication aggregation and software development business, and also worked for Porsche AG.

Co-founder and CTO, Anton Bukov, has worked in software development since 2002 and with DeFi since 2017.

Any fun facts?

Both 1inch co-founders have backgrounds in smart contract auditing. In fact, in 2018, Kunz began livestreaming Ethereum smart contract security audits on his YouTube channel (CryptoManiacs), which is where he met Bukov.

Bonus fun fact: you can buy ETH-based WXT on 1inch - get yours here!

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