[{"data":1,"prerenderedAt":325},["ShallowReactive",2],{"api/learn-center-post-en-GB-what-is-1inch-1inch":3,"en-gb/learn/cryptocurrency-guide/what-is-1inch-1inch-en-GB-seo":57,"footer-en-GB":62,"navigation-en-GB-learn-center":235,"api/learn-categories-en-GB":285},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":39,"title":5,"formattedPublishedAt":50,"geofencings":51,"category":52,"pagination":54,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is 1inch? (1INCH)","What is 1inch? (1INCH) | Bitstamp by Robinhood","What is 1inch? How does 1INCH work? Read our guide to the 1inch decentralized exchange and start trading 1INCH on Bitstamp by Robinhood – the original crypto exchange. ",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_is_1inch_png_34bd5a797c_2c02da0820.png","image/png",".png",1920,1080,"What_is_1inch_png_34bd5a797c.png","",[],[20,23,26],{"pathname":21,"locale":22},"/learn/cryptocurrency-guide/what-is-1inch-1inch/","en",{"pathname":24,"locale":25},"/es/learn/cryptocurrency-guide/what-is-1inch-1inch/","es",{"pathname":27,"locale":28},"/en-gb/learn/cryptocurrency-guide/what-is-1inch-1inch/","en-GB",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/cryptocurrency-guide/","Cryptocurrency guide",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-1inch-1inch",false,"\u003Cp>1inch is a decentralized exchange (DEX) aggregator that allows users to swap tokens at optimal prices by accessing liquidity from multiple sources.\u003C/p>\n",{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},[40],{"component":41,"props":42,"content":43,"secondaryContent":47,"ctas":48,"secondaryCtas":49,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":44,"width":45,"align":46},"\u003Cp>1inch is a decentralized exchange (DEX) aggregator that allows users to swap tokens at optimal prices by accessing liquidity from multiple sources.\u003C/p>\n\u003Cp>The ability to swap among various tokens in the \u003Ca href=\"/en-gb/learn/web3/what-is-decentralized-finance-defi/\">decentralized finance (DeFi)\u003C/a> space requires \u003Ca href=\"/en-gb/learn/crypto-trading/what-is-liquidity/\">\u003Cstrong>liquidity\u003C/strong>\u003C/a>. Essentially, the “deeper” the liquidity—or the more assets that are accessible to traders—the easier swapping becomes, and at the most optimal prices. Put another way, deep liquidity is necessary for highly efficient markets. This benefits market participants who wish to trade assets without significantly moving their prices.\u003C/p>\n\u003Cp>However, DeFi is fragmented into multiple smaller markets. If a DeFi user wants to swap one token for another, they may go to \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-uniswap-uni/\">Uniswap\u003C/a>, \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-sushiswap-sushi/\">SushiSwap\u003C/a>, \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-curve-finance-crv/\">Curve\u003C/a>, or any number of other \u003Ca href=\"/en-gb/learn/web3/what-is-a-decentralized-exchange-dex/\">\u003Cstrong>decentralized exchanges (DEXes)\u003C/strong>\u003C/a>. To ensure they are swapping their tokens at the best possible price, users must compare prices at each of these DEXes before choosing where to execute the trade.\u003C/p>\n\u003Cp>To solve this problem, 1inch aims to aggregate liquidity by providing users visibility and access to multiple DEXes on multiple blockchains simultaneously. The goal is to make the process of token swapping smoother while also improving the efficiency of the overall market. 1inch has also built additional functionality for placing limit orders, reducing the cost of network gas fees, and reducing exposure to various DeFi risks.\u003C/p>\n\u003Cp>Although 1inch was not the first \u003Cstrong>DEX aggregator\u003C/strong>, it has become one of the most popular options for DeFi users. Other similar projects include Slingshot, ParaSwap, and SushiSwap (which announced it was adding aggregator functionality in 2023).\u003C/p>\n\u003Cp>The 1INCH token is a tool for participating in 1inch’s \u003Ca href=\"/en-gb/learn/crypto-101/what-are-decentralized-autonomous-organizations-dao/\">decentralized autonomous organization (DAO)\u003C/a> and providing utility to the ecosystem like aiding with gas-preserving swap execution.\u003C/p>\n\u003Ch2>How was 1inch developed?\u003C/h2>\n\u003Cp>Sergej Kunz and Anton Bukov introduced 1inch at the ETHGlobal New York hackathon in May 2019 and have since led the project’s development. Kunz is software engineer based in Stuttgart, Germany who previously worked in cybersecurity for Porche and hosted the CryptoManiacs YouTube channel. Bukov was a smart contract developer for \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-near-protocol-near/\">NEAR Protocol\u003C/a> before co-founding 1inch.\u003C/p>\n\u003Cp>1inch raised $2.8 million in a 2020 funding round led by Binance Labs, closely followed by a second funding round raising $12 million led by venture capital firm Pantera Capital. In 2021, it raised another $175 million through multiple institutional investors.\u003C/p>\n\u003Cp>1inch’s funding clearly demonstrated an interest in development of its DEX aggregator. This was echoed in its enthusiastic adoption by the crypto community; within its first year, 1inch passed over $1 billion in total volume. As its popularity has grown, it has expanded into multiple blockchain networks including the Binance Smart Chain (later the BNB Chain) and \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-polygon-matic/\">Polygon\u003C/a> in 2021, \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-fantom-ftm/\">Fantom\u003C/a> in 2022, and zkSync Era in 2023, among many others.\u003C/p>\n\u003Cp>The 1INCH token is issued by the non-profit 1inch Foundation, which directs its capital through grants and other funding mechanisms. Meanwhile, 1inch Labs is a collective of developers who contribute the most to the development of 1inch’s back-end software. The project is governed by a DAO comprising holders of the 1INCH token.\u003C/p>\n\u003Ch2>How does 1inch work?\u003C/h2>\n\u003Cp>1inch is primarily a DEX aggregator and built out other functions both to support its aggregation efforts and to aid in other interactions with the DeFi space for its users.\u003C/p>\n\u003Ch3>Decentralized exchange aggregator\u003C/h3>\n\u003Cp>The aggregation protocol uses the \u003Cstrong>Pathfinder\u003C/strong> algorithm to determine the best exchange rates for token swaps and route user trades appropriately. Pathfinder tests many possible swaps through one or multiple DEXes to achieve the best price. This might stingy splitting a swap into smaller trades in different protocols or even testing “market depths” in the same protocol to further optimize swaps.\u003C/p>\n\u003Cp>Pathfinder then determines the parameters for the swap by specifying the environment (i.e., the chain), checking token allowances (so tokens can be withdrawn from users’ wallets), and making the swap according to certain details like sending/receiving addresses and slippage allowance.\u003C/p>\n\u003Cp>The underlying software supports multiple chains including Ethereum and its scaling solutions (e.g., Optimism, Arbitrum, Polygon), \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-avalanche-avax/\">Avalanche\u003C/a>, BNB Chain, and zkSync Era, and more.\u003C/p>\n\u003Ch3>Fusion\u003C/h3>\n\u003Cp>In 2022, 1inch announced the release of \u003Cstrong>Fusion\u003C/strong>, a way to further improve swaps for users of its platform.\u003C/p>\n\u003Cp>The purpose of Fusion is to eliminate \u003Cstrong>gas fees\u003C/strong> and reduce the risk of \u003Cstrong>front-running\u003C/strong>. The former of these is especially important for users of Ethereum’s mainnet, as network congestion has historically caused unaffordable run-ups in the cost of transactions. Front-running occurs when trading bots leverage knowledge of future transactions, such as proposed transactions which haven’t yet been included in a block on the blockchain, to gain an edge and make a profit—to the detriment of users of DEXes.\u003C/p>\n\u003Cp>Although Fusion swaps might look like regular swaps to end-users, they are processed differently behind the scenes. Fusion swaps are limit orders, rather than market orders like conventional swaps, that go through a Dutch auction process using third party traders called \u003Cstrong>resolvers\u003C/strong>, who act as market makers. In a Dutch auction, the price of the swap is set high and slowly decreases over time until a resolver bids on it. Resolvers pay the gas fees while profiting from arbitrage trading and platform incentives for their work.\u003C/p>\n\u003Ch3>Other products\u003C/h3>\n\u003Cp>Besides the DEX aggregator and Fusion’s contributions to its use, 1inch has other offerings that bolster its ecosystem. These include:\u003C/p>\n\u003Cul>\n\u003Cli>\u003Cp>\u003Cstrong>Limit order protocol\u003C/strong> – allows 1inch users to set an acceptable price for their swap, rather than using the spot market price.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>\u003Cstrong>RabbitHole\u003C/strong> – a feature that reduces the risk of \u003Cstrong>front-running\u003C/strong> by routing swaps through third party validators rather than directly to the blockchain.\u003C/p>\n\u003C/li>\n\u003C/ul>\n\u003Ch2>How is the 1INCH token used?\u003C/h2>\n\u003Cp>The 1INCH token is available on multiple smart contract chains. It was released in December 2020, at which time 6% of tokens were unlocked.\u003C/p>\n\u003Cp>1INCH is used as both a utility token and a governance token. In Fusion mode, 1INCH is staked by resolvers and deposited into a “feebank” contract to become eligible for processing swap transactions. Holders of 1INCH also have voting rights in 1inch’s DAO, allowing them to choose future directions for the platform.\u003C/p>\n\u003Ch3>Token distribution\u003C/h3>\n\u003Cp>Of the maximum supply of 1.5 billion 1INCH tokens, 33% were allocated to backers/investors, 30% have been dedicated to community incentives, 22.5% to core contributors, and 14.5% to the network growth fund. All tokens were scheduled to have been distributed by the end of 2024.\u003C/p>\n\u003Ch2>1inch essentials\u003C/h2>\n\u003Cul>\n\u003Cli>\u003Cp>1inch is a decentralized exchange aggregator that offers deep liquidity and optimal swapping rates for its users.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>Through Pathfinder and Fusion, 1inch chooses the best prices by comparing multiple DEXes and liquidity pools and splitting swaps into smaller transactions when necessary, while also reducing gas fees and minimizing the risk of front-running.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>The 1INCH token is used by parties called “resolvers” to power the back-end of Fusion mode, and it also is used to govern the platform through 1inch’s decentralized autonomous organization.\u003C/p>\n\u003C/li>\n\u003C/ul>\n","full","left",{"text":17},[],[],"July 29th, 2024",{},{"title":32,"url":31,"geofencings":53},{"geofencing-uk":33},{"previous":55,"next":56},"/en-gb/learn/cryptocurrency-guide/what-is-0x-zrx/","/en-gb/learn/cryptocurrency-guide/what-is-aave/",{"description":7,"ogDescription":7,"ogImage":58,"twitterImage":58,"twitterSite":59,"twitterCreator":59,"twitterCard":60,"twitterTitle":6,"twitterDescription":7,"titleTemplate":61},"https://assets.bitstamp.net/msc/_ipx/enlarge_true&f_png&fit_cover&q_85&s_1200x630/bitstampImageUrl/What_is_1inch_png_34bd5a797c_2c02da0820.png","@Bitstamp","summary_large_image","%s",{"ready":33,"sections":63,"disclaimer":233,"copyright":234},[64,102,115,138,175,194],{"title":65,"content":17,"items":66},"About",[67,72,77,82,87,92,97],{"noFollow":33,"isExternal":36,"name":68,"value":69,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":70,"geofencings":71},"Who We 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Pulse","/crypto-pulse/",{},{},{"title":176,"content":17,"items":177},"Address",[178,182,186,190],{"noFollow":36,"isExternal":36,"name":179,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":180,"geofencings":181},"Bitstamp Ltd",{},{},{"noFollow":36,"isExternal":36,"name":183,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":184,"geofencings":185},"5 New Street Square",{},{},{"noFollow":36,"isExternal":36,"name":187,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":188,"geofencings":189},"London, EC4A 3TW",{},{},{"noFollow":36,"isExternal":36,"name":191,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":192,"geofencings":193},"United Kingdom",{},{},{"title":195,"content":17,"items":196},"Contact",[197,202,206,210,214,218,223,228],{"noFollow":36,"isExternal":36,"name":198,"value":199,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":200,"geofencings":201},"Customer support","/customer-support/",{},{},{"noFollow":36,"isExternal":36,"name":203,"value":203,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":204,"geofencings":205},"info@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":207,"value":207,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":208,"geofencings":209},"press@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":211,"value":211,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":212,"geofencings":213},"support@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":215,"value":215,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":216,"geofencings":217},"complaints@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":219,"value":220,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":221,"geofencings":222},"+44 20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":224,"value":225,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":226,"geofencings":227},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":229,"value":230,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":231,"geofencings":232},"+352 20 88 10 96","+35220881096",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"items":236,"ready":33,"platformButtonText":281,"backButtonText":282,"logInButtonText":283,"signUpButtonText":284},[237,242,247,250,254,259,264,267,272,277],{"headerName":238,"sidemenuName":119,"url":239,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":240,"submenu":241,"tag":17},"Institutions","/en-gb/institutional-trading/",{},[],{"headerName":243,"sidemenuName":243,"url":244,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":245,"submenu":246,"tag":17},"Derivatives","/perpetual-futures/",{},[],{"headerName":134,"sidemenuName":134,"url":135,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":248,"submenu":249,"tag":17},{},[],{"headerName":251,"sidemenuName":251,"url":107,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":252,"submenu":253,"tag":17},"Mobile App",{},[],{"headerName":255,"sidemenuName":255,"url":256,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":257,"submenu":258,"tag":17},"Markets","/markets/",{},[],{"headerName":260,"sidemenuName":260,"url":261,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":262,"submenu":263,"tag":17},"Earn Stake","/en-gb/crypto-staking/",{},[],{"headerName":111,"sidemenuName":111,"url":112,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":265,"submenu":266,"tag":17},{},[],{"headerName":268,"sidemenuName":268,"url":269,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":270,"submenu":271,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":273,"sidemenuName":273,"url":274,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":275,"submenu":276,"tag":17},"Learn","/learn/",{},[],{"headerName":278,"sidemenuName":278,"url":107,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":279,"submenu":280,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[286,290,294,298,302,306,309,313,317,321],{"title":287,"url":288,"geofencings":289},"Blockchain technology","/en-gb/learn/blockchain/",{},{"title":291,"url":292,"geofencings":293},"Company profiles","/en-gb/learn/company-profiles/",{},{"title":295,"url":296,"geofencings":297},"Crypto 101","/en-gb/learn/crypto-101/",{},{"title":299,"url":300,"geofencings":301},"Crypto definitions","/en-gb/learn/crypto-definitions/",{},{"title":303,"url":304,"geofencings":305},"Crypto trading","/en-gb/learn/crypto-trading/",{},{"title":32,"url":307,"geofencings":308},"/en-gb/learn/cryptocurrency-guide/",{},{"title":310,"url":311,"geofencings":312},"People profiles","/en-gb/learn/people-profiles/",{},{"title":314,"url":315,"geofencings":316},"Security","/en-gb/learn/security/",{},{"title":318,"url":319,"geofencings":320},"Tutorials","/en-gb/learn/bitstamp-tutorials/",{},{"title":322,"url":323,"geofencings":324},"Web3","/en-gb/learn/web3/",{},1773313069604]