What is 1inch Coin? Complete Guide to 1 Inch Coin for Investors

1inch Network is one of the first Aggregators and operates very efficiently in the Crypto market. Currently, the project is also developing many new products to expand its business model, among which we must mention the 1inch Coin.So, what is the concept of the 1inch Coin? What are its outstanding features? What is the potential of this cryptocurrency?Let’s dive into the details with Finance Solutes in today’s article.

Let’s get started!!!

1. OVERVIEW OF 1INCH

In the first part of this article, let’s explore the concept of 1inch, the characteristics of the 1inch Coin project, and its ecosystem.

1.1. What is 1inch?

1inch is considered a DEX Aggregator Protocol that allows users to execute transactions at the best prices with minimal slippage. To achieve this, the project has implemented the Smart Routing – Pathfinder solution.

Instead of operating like a traditional exchange, 1inch splits orders across multiple DEXs and liquidity providers to find the best possible exchange rate. On the 1inch Exchange, users can simply connect their digital wallets and start swapping ERC20 tokens at optimal rates.

1.2. Key features that make 1inch stand out

1inch is not just an Aggregator. On August 10, 2020, it launched Mooniswap – its own AMM (Automated Market Maker) with a structure similar to Uniswap. Later, on March 16, 2021, 1inch V3 was introduced with major upgrades in security, liquidity, and significantly lower transaction costs.

Here are some key features that make 1inch stand out from other projects:

1inch Exchange Routing

This exchange uses its proprietary API, called Pathfinder, which tracks and identifies the best possible routing options.

When a user initiates a swap, this exclusive API quickly scans multiple brokers to find the most profitable option.

CHI Gas Token (CHI)

CHI is an ERC-20 gas token on the 1inch Exchange. With CHI, users can pay lower Ethereum gas fees, which can currently go up to $20 per transaction.

Additionally, the value of CHI is directly linked to Ethereum’s gas prices. This means that when Ethereum gas fees rise, CHI’s value also increases, and vice versa.

1inch Exchange Fees

Trading, deposit, and withdrawal fees on the 1inch Exchange are completely free. However, users still need to pay for liquidity sourcing from DEXs that the platform scans using its aggregation algorithm. The exchange also implements features to keep these costs as low as possible.

Infinite Lock

This feature allows the platform to use tokens indefinitely, making it more cost-effective compared to standard unlocking functions available on the platform. Essentially, this feature serves as a cost-saving mechanism for transactions.

1.3. What is the 1inch Network ecosystem?

Despite being relatively new, the 1inch Network ecosystem has gained significant popularity, rivaling some of the largest platforms in the industry.

• Diverse Protocol Integration: 1inch Exchange does not operate independently; instead, it integrates with multiple major protocols such as Uniswap, Kyber Network, Oasis, and more. This allows users to easily swap ERC20 tokens whenever needed.
• Gastoken Support for Users: A team of professional traders and liquidity providers is always available to assist users in any situation, ensuring a smooth trading experience.
• Mooniswap Platform: Mooniswap is an Automated Market Maker (AMM) platform, designed to create virtual balances and enable users to provide liquidity and earn profits effortlessly.

Additionally, 1inch Exchange has its own native token, which is competing with Uniswap’s UNI token. More details about the 1inch Coin will be covered in the next section.

2. ESSENTIAL INFORMATION ABOUT THE 1INCH COIN

So, what are the key details that investors need to know about the 1inch Coin?

2.1. Basic information about the 1inch Coin

• Token Name: 1inch Network Token
• Ticker: 1INCH
• Contract: 0x111111111117dc0aa78b770fa6a738034120c302
• Blockchain: Ethereum
• Token Standard: ERC-20
• Token Type: Governance
• Total Supply: 1,500,000,000 1INCH

2.2. 1inch coin allocation

The total supply of 1INCH tokens is 1,500,000,000, distributed as follows:

• Core Bankers and Contributors: 53.3%
• Community Incentives: 30%
• Protocol Growth and Development: 14.4%
• Advisors: 2.3%

2.3. Purpose and how to own 1inch token

The 1inch Coin serves the following functions:

• Reduce Commission: Users can use 1INCH to minimize transaction fees on the 1inch Exchange.
• Rewards: The token is also used as a reward for early liquidity providers on Mooniswap.

How can investors own 1inch coin?

There are two ways to acquire 1INCH tokens:

1. Buying directly on crypto exchanges that have listed 1INCH, such as Binance, Huobi, Coinbase, Uniswap, PancakeSwap, and others.
2. Providing liquidity on Mooniswap to earn 1INCH as a reward.

2.4. 1inch token release schedule

Upon launch, 6% of the total supply was released into the market. The remaining tokens will be distributed according to the following schedule:

• 30% of the tokens are allocated to Community Incentives, with unlocking and distribution occurring over 4 years.
• 14.5% of the tokens are reserved for Protocol Growth and Development, also unlocked and distributed over 4 years.

3. 1INCH COIN WALLET STORAGE

Investors have multiple options for storing 1INCH Coins, as it is a widely supported ERC-20 token. Some of the most common choices include:

• Popular Wallets: MyEtherWallet, MetaMask, MyCrypto, Coin98 Wallet
• Exchange Wallets
• Cold Wallets: Ledger, Trezor. 

4. DEVELOPMENT TEAM AND PARTNERS OF THE 1INCH COIN PROJECT

Who are the key figures behind the 1inch Coin project, and which partners are involved?

4.1. Project development team

As of today, the 1inch Coin project has grown to include over 40 skilled professionals with expertise in technology and blockchain. Among them, two standout members play a crucial role in the project’s success:

 

• Sergej Kunz – A software development expert with years of experience as a Programmer and System Manager in major companies. Over time, he became fascinated with cybersecurity and blockchain technology, which eventually led him to establish the 1inch project.
• Anton Bukov (Co-Founder) – A seasoned tech professional who has contributed to multiple high-profile projects. With extensive programming knowledge, he specialized in Smart Contracts and later joined forces with Sergej Kunz to co-found 1inch.

4.2. Investors and Partners

The 1inch project successfully raised $2.8 million in funding from top-tier investors, including: Binance Labs, FTX, Galaxy Capital, Greenfield One, Libertus Capital, Dragonfly Capital, IOSG, LaunchHUB Venture,…

The 1inch project has established partnerships with leading technology and blockchain organizations, including: Binance Chain, Polygon, Chainlink,….

5. FAQS ABOUT WHAT IS 1INCH COIN FOR INVESTORS

In this final section, let’s summarize some of the most frequently asked questions about 1inch Coin for investors.

5.1. Where can I get the latest updates on 1inch token?

Investors can stay updated with the latest news on 1inch Coin through these official channels:

• Website: https://1inch.io/
• Twitter: https://twitter.com/1inchNetwork
• Medium: https://blog.1inch.io/
• Telegram: https://t.me/OneInchNetwork

5.2. What is the investment potential of 1inch coin?

Overall, 1INCH is one of the coins listed on Binance, making it an attractive option for risk-taking investors. The biggest challenge at this time is for 1inch to build a more transparent and engaged community to gain greater investor trust. While only time will tell whether the project will succeed, the rapid growth of DeFi and DEX platforms suggests that 1INCH remains a promising long-term investment.

5.3. Advantages and Disadvantages of 1inch Coin

Advantages

• Intuitive and user-friendly interface, making it simple and convenient.
• No withdrawal fees for transactions; fees are only incurred when trading.
• Order book splitting, ensuring smoother trade execution.
• Supports GasTokens, helping users reduce Ethereum gas fees.
• New AMM model, protecting users from slippage.

Disadvantages

• Some features can be complex for new users.
• Infinity unlock poses a potential security risk from hackers.

6. SUMMARY 

Through this article, Finance Solutus has introduced you to the concept of 1inch Coin, its key features, and the potential of this cryptocurrency in the future. We hope that the knowledge shared today helps you better understand 1inch Coin and consider it as a potential investment option in your portfolio.

To stay updated with more investment knowledge and crypto-related terms, make sure to follow Trada’s Coin category regularly!

Wishing you success!