1inch (1INCH)

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1inch Network structure

Stakeholders

The 1inch Network consists of three main stakeholders: the 1inch Foundation, 1inch core contributors, and the 1inch DAO. These groups work towards decentralized growth with a shared objective, though they operate independently. The DAO can propose changes, but if the Foundation cannot execute them, the DAO is responsible for implementation.

1inch Foundation

This independent non-profit entity fosters the network's growth and supports community-beneficial projects. It issued the 1INCH token, while the 1inch DAO controls the token's smart contract. The Foundation manages its funds separately from the DAO treasury.

1inch Core Contributors

A decentralized team, including 1inch Labs, focuses on technical development. They offer software development services and maintain key components like the Pathfinder algorithm and API. The team also serves as a Software-as-a-Service (SaaS) provider, extending the Pathfinder algorithm to enterprise clients.

1inch DAO

The decentralized autonomous organization (DAO) governs the network through on-chain smart contracts. Decisions are made using the 1INCH token, initially distributed to the community in late 2020. The DAO oversees various aspects, including the Liquidity Protocol, Aggregation Protocol, and 1inch Network DAO Treasury.

Technology

Pathfinder

Pathfinder, the 1inch API v5, is a discovery and routing algorithm that facilitates asset exchanges at optimal rates. It identifies effective paths for token swaps, ensuring swift execution across various protocols.

Fusion Swap

1inch Fusion Mode allows users to execute swaps without gas fees or front-running risks. It operates as a limit order with a fluctuating exchange rate, filled by a third party called a Resolver. The exchange rate decreases gradually through a Dutch auction mechanism, attracting Resolvers to fill the order.

Limit Order Protocol

The protocol includes smart contracts compatible with EVM-based blockchains, offering flexibility and gas efficiency through two order types: regular Limit Orders and RFQ Orders. Orders are placed off-chain and filled on-chain, optimizing gas usage.

Spot Price Aggregator

This tool extracts token price data from DEXes on the blockchain. It is recommended for off-chain use to prevent price manipulation within transactions.

Rabbithole

Rabbithole addresses sandwich attacks for MetaMask wallets without Flashbots support. It acts as a proxy server, guiding MetaMask transactions to Flashbots or the Mainnet, depending on the destination.

1INCH token

Tokenomics

1INCH is an ERC-20 token used for governance, staking, and delegation within the network. It has a total supply of 1,500,000,000, distributed among backers, community incentives, core contributors, growth initiatives, and small backers.

Chi Gastoken

The Chi Gastoken is an ERC-20 token used for transaction fees on 1inch, similar to GasToken but with network-specific enhancements. It is linked to Ethereum's gas prices and used specifically for 1inch and Curve exchanges.

Funding

In August 2020, 1inch raised $2.8 million from institutional investors, including Binance Labs. Later, in December 2020, the network secured $12 million from investors such as Pantera Capital and ParaFi Capital to further develop its products, expand the team, and enhance marketing efforts.

Partnerships

xBTC

1inch partnered with xBTC on September 17, 2020, allowing xBTC to have an Initial Mooniswap Offering (IMO), benefiting both parties by expanding exposure and increasing trade volumes.

Bitquery

On March 2, 2021, 1inch collaborated with Bitquery.io to provide real-time trading data from various DEXes, enhancing the trading experience on the platform.

Ren

In March 2021, 1inch partnered with Ren to offer liquidity providers benefits through a joint liquidity mining program, distributing 1INCH tokens and renBTC.

Mercuryo

On May 27, 2021, 1inch integrated with Mercuryo to enable fiat purchases of DeFi assets, making entry into DeFi solutions more accessible.

Bitpay

In August 2021, 1inch integrated with BitPay, allowing users to access DEX aggregation functionality directly within the BitPay Wallet app.

Travala

In May 2022, 1inch partnered with Travala.com to accept the 1INCH token as a payment option, enhancing its utility and exposure.

Wirex

On August 2, 2022, 1inch integrated the Aggregation API into Wirex's non-custodial wallet, offering users favorable token exchange rates.

Unstoppable Domains

In October 2022, 1inch partnered with Unstoppable Domains to allow users to use human-readable domain names for transactions, simplifying crypto asset management.

Burrito

In February 2023, 1inch collaborated with Burrito Wallet to provide Bithumb users access to optimal token prices on DEXes, enhancing trading opportunities.

Revolut

In February 2023, 1inch launched a "Learn & Earn" course with Revolut, spreading DeFi knowledge globally.

Hashflow

In September 2021, 1inch integrated with Hashflow, bringing institutional liquidity and pricing strategies to the DeFi space.

Lighter

On June 30, 2023, 1inch partnered with Lighter.xyz, enhancing market efficiency and price discovery through on-chain order books.

Ground X

In August 2023, 1inch collaborated with Ground X to integrate the Swap API into Klip, a multichain mobile wallet, expanding its reach.