DEX aggregator 1inch is currently the top trending coin on CoinMarketCap.com – right after Ethereum. The collection platform for decentralized exchanges increased by 6% in the last 24 hours. Is 1inch getting ready for a rally? At $ 2.80, 1inch is currently 64% below its all-time high – the token therefore has massive upside potential if the bull run continues. We introduce the coin and say: What is 1inch? Why is 1inch special? How has the course developed? Could 1inch be as successful as the top Uniswap (UNI) and Sushiswap (SUSHI) exchanges? And: What are the 1INCH forecasts for 2021 to 2028?
What is 1inch (1INCH)?
1inch is a network for decentralized protocols on Ethereum, BSC (Binance Smart Chain) and Polygon. According to the developers, 1inch offers “the most lucrative, fastest and most protected operations” in the entire decentralized financial system (DeFi). In other words: 1inch is a DEX aggregator that compares the prices of all decentralized crypto exchanges and then automatically selects the cheapest platform for a trade. In this way, users save fees and get more coins for their money.
Ordinarily, crypto investors would have to visit every single exchange to find the best price on a swap. With so-called DEX aggregators like 1inch, this is a thing of the past.
The 1inch network consists of several components including:
- The “1inch Aggregation Protocol”. It enables cost-efficient and secure transactions. This is achieved by using a wide range of protocols. When a user interacts with 1inch, he uses the aggregation protocol.
- The 1inch Liquidity Protocol. This is a next-generation automatic market maker: it protects users from front-running attacks and offers liquidity providers capital efficiency.
- The 1inch DAO. The decentralized, autonomous organization manages the 1inch network. It enables the 1inch stakers to vote on important protocol parameters and participate in the management of the network.
- The 1inch Labs: a decentralized group of software developers. It develops a number of open source protocols that are managed by the users through the 1inch DAO.
Why is 1inch (1INCH) special?
1inch compares the offers on decentralized crypto exchanges and then automatically uses the one with the best conditions for a trade or swap. This is made possible by 1inch’s so-called Pathfinder API. This includes a discovery and routing algorithm that finds the best possible paths for a token swap and automatically divides a swap across many decentralized exchanges (DEX). The result: the swap rate is better than what the user would have received with a single decentralized exchange.
At the end of April, 1inch also launched its own iOS app: 1inch Wallet. With the app, customers can carry out token swaps, trades and other transactions in a mobile phone-optimized manner. In addition, the app offers functions such as push notifications, an encrypted iCloud backup and support for so-called EIP-681 payment requests. That means: users can pay with URLs. Staking and governance functions as well as liquidity pools are also planned. Here you can download the 1inch wallet directly from the Apple app store.
Who invented 1inch (1INCH)?
1inch was founded in 2019 by Sergej Kunz and Anton Bukov and went live in August 2020. Prior to 1inch, Kunz worked, among other things, as a senior developer at the product price aggregator “Commerce Connector” and in the DevOps and cybersecurity areas at Porsche. He was also a project manager at the management consultancy Mimacom.
1inch CTO Bukov has been working in software development since 2002 and has been working in the field of decentralized finance since 2017 (e.g. on the NEAR Protocol).
The 1inch Foundation, on the other hand, is a non-profit organization that issued the 1INCH token. She is dedicated to the development of the 1inch ecosystem. The 1inch Foundation provides incentives for contributions through grants and other capital investment opportunities.
1inch raised $ 2.8 million in a funding round from Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures and Divergence Ventures prior to launch. Another $ 12 million was added in December 2020 through Series A funding led by Pantera Capital. These included ParaFi Capital, Blockchain Capital, Nima Capital and Spartan Group.
What is the 1inch token?
1inch is the native token of the 1inch ecosystem. It was introduced on Christmas Day 2020 and is used for so-called governance. This means: holders of the coin can vote on how 1inch is operated. You get a say in changes and can thus decide on the development.
1 / Delighted to announce that 1INCH Token is LIVE! 🌟
Learn more about the governance / utility token and the token architecture: https://t.co/6POyBLHmKO
– 1inch Network (@ 1inch) December 25, 2020
Users can earn 1inch tokens by providing liquidity on the platform. This means: You stake your coins (they are so to speak “locked”, you cannot access them for a certain period of time), while other people can use these coins for trades and swaps.
1inch price forecasts 2021-2028
At the moment (time of this article), the 1inch price is on a slight upswing: According to Coinmarketcap.com, 1inch has moved up almost 25 percent in the last 7 days. The DEX aggregator was also able to rise almost 5% within 24 hours and is now trading at $ 2.80. The current 1inch rate is more than 64% below its previous all-time high of $ 7.87, which was reached on May 8th.
Technical analyst @CryptoTony_ is bullish on 1inch. He writes to his more than 88,000 Twitter followers: 1inch is one of his altcoin favorites.
Good morning legends
Some good retests across the board today .. I am looking for continuation up if #Bitcoin remains above the demand zone and steady
Updates to come
– Crypto Tony (@CryptoTony__) August 5, 2021
Guy, the pseudonymous moderator of the YouTube channel Coin Bureau, is bullish on 1inch and speculates whether 1inch will be the next DeFi hit:
The popular crypto strategist @CryptoWizardd also expects 1inch long-term success. He considers short- and medium-term price development to be irrelevant – 1inch is one of his long-term investments, he tells his 212,000 followers.
Ofc i do take profits but honest i dont give a fuck about your short term or mid term view
Your 10% or 20% gainz on a short or what so ever.
– THEWIZARD ARMY LEADER OF $ LUNA $ FET (@CryptoWizardd) August 3, 2021
- CoinCodex.com is generally neutral with regard to 1 inch: 16 technical analysis indicators signal bullish signals, compared to 9 bearish signals.
- The 1-inch forecast from Gov.Capital is surprisingly bearish. The forecast initially sees 1inch rise to $ 3.26 within the next 12 months. Then the DEX aggregator declines, however, and even falls below its current price in the 5-year forecast with 2.25 dollars.
- WalletInvestor.com describes 1inch as an “acceptable” 1 year investment. The forecast is accordingly cautious: The 1-inch-1-year forecast initially predicts an increase to $ 3.01. The price also developed slowly in the following years: By 2026, an increase to $ 5.10 is predicted for 1inch. With a 5-year investment, a return of around 81.91% is expected. An investment of $ 100 would be worth $ 181.91 in 2026.
- DigitalCoinPrice.com predicts the following development at 1inch: By the end of 2021, the price will initially rise to $ 4.30. Only 2023 will be an interesting year for 1inch: Here the price first breaks the $ 5 mark, then the $ 6 mark. Finally, by the end of 2028, DigitalCoinPrice.com predicts a 1inch rate of $ 12.29. Based on current prices, this corresponds to an increase of 338%.
Last updated on August 10, 2021
Top broker for buying and trading cryptocurrencies
- Buy real Bitcoin or Bitcoin CFDs
- Wallet and exchange in one
- 14+ cryptos
- Excellent trading tools
- Large knowledge and training database
- Very good spreads
Cryptocurrencies are a very volatile, unregulated investment product. Your capital is at risk.