Welcome to the 1inch Party
In just two years, the 1inch Network exploded onto the scene, racking up a jaw-dropping $85.8 billion in cumulative trading volume. Picture this: two clever minds, Anton Bukov and Sergej Kunz, crafting a prototype DEX aggregator at a 2019 hackathon. What did they cook up? A platform that sources liquidity from multiple decentralized exchanges (DEXs), ensuring better token swaps with minimal slippage. Talk about hitting the jackpot!
Market Domination and User Love
With a fierce 57.40% market share in the DEX aggregator arena, 1inch isn’t just a faded memory; they’ve amassed over 820,000 users. In fact, they currently hold the title of the eighth-largest DEX worldwide, boasting a trading volume of $277 million in the last 24 hours. Users flock like moths to a flame, all in the quest for great deals.
The Visionary Behind the Magic
During an exclusive ask-me-anything session on Discord with Cointelegraph Markets Pro, Bukov shed light on the future of DeFi. He predicts a monumental growth spurt in the next few years, highlighting that the advantages of peer-to-peer tech will finally be accessible to the masses. However, for DEXs to truly eclipse centralized exchanges, they must step it up: Keep it fast, teach the masses, and ditch the confusing user paths!
Standing Out in the Crowd
So, what makes 1inch a gem among stones? Bukov passionately explained that their mission is to enhance the entire DeFi ecosystem, functioning as a bridge between traders and liquidity providers. By aggregating data and fetching the best prices across exchanges, they ensure profitability for both parties involved. And let’s not forget the 1inch iOS Wallet, launched in April 2021, which serves as a user-friendly gateway to all things 1inch!
Addressing the Fees and Front-Runners
An active participant raised concerns about high fees across the network, to which Bukov replied with enthusiasm. The 1inch Foundation has established a program aimed at refunding gas fees for users. Plus, when it comes to front-running bots, 1inch’s unique Liquidity Protocol incorporates a clever mechanism to discourage such sneak attacks.
Rolling Out New Innovations
As 1inch moves forward, exciting innovations are on the horizon – including the highly-anticipated 1inch Pro for institutions. Bukov also expressed his enthusiasm for Layer 2 solutions and ZK Rollups, positioning 1inch as a frontrunner in adapting to the changing landscape of decentralized finance.
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