While it is easier than ever to use decentralized protocols, crypto conversions, also known as "swaps" allow a user to exchange one cryptocurrency for another with just a few clicks. These operations were until now executed by the respective DEX (Decentralized Exchange) of each blockchain. The DEX was responsible for the exchange rate applied when converting the user's currencies.
This situation allows the DEX to have a certain monopoly and therefore to apply the rates it wants without being worried by the competition. This was without counting on 1Inch, the aggregator of swap protocols on three of the biggest blockchains of the moment.
Useful links ā
Main site : https://1inch.io
Site of application 3.0 : https://app.1inch.io
Twitter : https://twitter.com/1inch
1Inch is therefore a comparator of cryptocurrency exchange offers. This protocol allows you to find the fastest and most importantly the cheapest swap operation when converting your assets into crypto.
Unlike a DEX or AMM, which only uses its own liquidity pool to trade funds. 1inch will scan ALL DEX at the same time and look for the most profitable path for your conversion. Indeed, with the multitude of offers in this sector, there are thousands of different possibilities to make a conversion.
By using 1inch you will receive more cryptocurrency than if you had used a classic conversion system. In some cases, you will earn additional cryptocurrency. That is, the route used by 1inch is so advantageous, that your conversion will earn you instead of costing you. Isn't that a good thing?
1inch was created in 2019, since its creation, the 1inch protocol has been audited many times, by companies such as Chainsulting or PepperSec. It is thanks to these audits that 1inch has gained the trust of the DeFi community.
In August 2020, the protocol led a fundraising of 2.8 million dollars, in which big names such as Binance Labs participated. More recently, the platform raised another $12 million via an even more successful second round.
If you find the project interesting, 1inch has also created its own governance token. This is a decentralized organization that governs the network settings, allowing 1inch holders to vote for key protocol settings and collect governance rewards.
The question of reliability is no more. 1inch is now one of the major players in the cryptocurrency swap with its aggregator still allowing you to get the best prices, and even earn money on some conversions.
To make a swap with 1inch.io, it is very simple:
1Ā° Connect to your wallet 3.0 (MetaMask, Trust Wallet, etc..)
2Ā° Select the currency of origin and the currency of exit. (Ex: ETH > BTC)
3Ā° Authorize the protocol to act on your wallet.
4Ā° Swap !
Let's look at the example of a swap with 1inch on the Polygon blockchain. In this case, we want to exchange IQ for BTC. The route taken will be:
QI > MATIC > USDT > WBTC
This will earn $0.01 on this transaction. So obviously, this is a micro transaction at $12 but imagine the repercussion on a transaction of several hundred, even several thousand euros.
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