1inch Network is a DEX aggregator designed to scrape through a handful of decentralized exchanges in search of the most profitable platforms for liquidity providers. It offers its users access to 116 sources available on the Ethereum ecosystem, Binance Smart Chain, and the Polygon Network.
1inch Network is the brainchild of Russian developers, named Sergej Kunz and Anton Bukov. They are skilled in smart contract auditing and, therefore, they partnered together to create the 1inch Network blueprint. Being avid DeFi enthusiasts, both Kunz and Bukov started off by experimenting with arbitrage bots creating the first medium viable product during the ETHNewYork hackathon in 2019.
The platform has since raised about $15 million in funding and is now governed by the 1inch Network Foundation, a non-profit organization that launched the 1INCH token back in December 2020.
This is the original 1inch Network aggregation protocol. With Classic mode, users must pay gas fees for every swap, however they can execute the transaction almost immediately and at (or near) the quoted rate.