Introduction to P2P Trading

The world of decentralized finance (DeFi) is evolving, and 1inch Network is staying ahead of the curve by introducing peer-to-peer (P2P) order functionality within its decentralized application (DApp). But what does this mean for everyday users? Simply put, it allows you to dictate who you want to swap your crypto with, rather than relying on automated matching.

The Features of P2P Orders

According to 1inch, this new P2P approach opens up a “whole new world” for users, which is as exciting as it sounds! Here are some key features of the new functionality:

• Choose Your Trading Partner: Say goodbye to anonymous trades! Users can specify the exact wallet or person they want to trade with.
• Smart Contracts Are Here: Enjoy trustless swaps all backed by smart contracts, ensuring seamless and secure transactions.
• Flexible Negotiation: Participants can adjust the swap amount to current market rates or change the rate by 5% intervals, making it easier to get the best deal.
• Time is of the Essence: Users can set expiration dates for their orders ranging from 10 minutes to 7 days, adding an element of strategy to your trades.

Where Can You Use P2P Orders?

You might be wondering where this fancy new capability fits into the crypto landscape. Well, P2P orders stand to benefit a range of scenarios, including:

• Negotiating trades where liquidity for a certain token falls short.
• Executing trades for tokens that are still in the presale stage.
• Providing an alternative to traditional OTC services that often feel more like a rollercoaster ride than a smooth transaction.

These scenarios indicate that 1inch is filling a much-needed gap in the current market.

Supported Platforms

Curious about where you can flex your P2P trading muscles? The 1inch P2P feature operates on multiple blockchains, including:

• Ethereum
• BNB Chain
• Polygon
• Avalanche
• Optimistic Ethereum
• Arbitrum
• Gnosis Chain

This extensive support showcases the ambition behind the feature, aiming to make P2P trading accessible to everyone across various networks.

Insights from the Co-founder

In a recent interview, Anton Bukov, the co-founder of 1inch Network, expressed his belief that Ethereum is on track to be the main settlement layer within a multi-chain ecosystem. With the P2P feature now part of their toolkit, 1inch aims to empower users further and adapt to the future of trading.

Conclusion

In short, 1inch’s P2P order functionality is more than just a cool feature—it’s a game changer for cryptocurrency enthusiasts. By marrying decentralized trading elements with increased user control, they’re paving the way for a more personalized trading experience. Ready to disrupt your trading habits? Dive into the world of P2P with 1inch!