The 1inch began its journey in 2019 and has become one of the most recognizable products in the DeFi market. Every DeFi geek knows about this product, as it has greatly influenced the market and its growth.
In 2020, 1inch attracted significant attention in the DeFi sector because of its innovative approach to token swaps. It quickly became one of DeFi leading platforms, processing millions of dollars in trades every day. December 2020, 1inch launched its governance token, allowing users to participate in the management of the platform and receive a share of the commissions. This was an important step in 1inch development as a fully decentralized organization.
In 2021, 1inch continued to expand, adding support for new blockchains such as Binance Smart Chain and Polygon, which allowed it to attract even more users.
Overall, the success of 1inch can be attributed to several key factors:
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Innovative approach to token swaps
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Active community engagement through management tokens, and strategic expansion into new blockchains
This shows that 1inch understands its users well and is able to adapt quickly to changing market conditions.
1inch will continue to improve its algorithm to provide the best price and minimize slippage. This may include the introduction of new technologies and optimization techniques.
Given current trends in the DeFi sector, I am confident that 1inch will actively participate in the development of DeFi 2.0, including the introduction of new features and services that will improve the security, efficiency and availability of DeFi.
For example, proposals [1IP-30] 1inch Hardware Wallet production completion
The 1inch hardware wallet will be integrated into the 1inch, expanding the 1inch Mobile Wallet ecosystem. It will provide the safest option for storing and managing private keys in a simple, easy, and offline way. Moreover, by launching the hardware wallet under the 1inch branding, we aim to increase brand awareness and establish an additional touchpoint with the DeFi community.
This proposal will receive $2 million from 1inch DAO
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I would also like to mention the work with local communities in different countries. 1inch launched a separate Twitter account for Spanish-speaking community members
This will promote the product in Spain and Latin America and attract more and more new users to the community.
List@ para dejar de perder dinero y tiempo en cada swap que haces?
Tenemos una herramienta que te permite ahorrar comisiones, conseguir el mejor precio de cambio y ahorrar tiempo. Te la contamos en 5 tweet para que te sumes a los 3.4M de usuarios que lo probaron
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One of the important things to gather in 2023 was the adoption of the 1inch DAO [1IP-28] Discontinue Swap Surplus Collection!
What exactly is a swap surplus?
It is the result of positive slippage, a unique market phenomenon. When the token swap rate changes in your favor between the transaction's sub-submit and confirmation, you get extra tokens (surplus).
Previously, collecting the swap surplus required additional data and calculations for all swaps, resulting in additional gas costs for all users.
But now these gas costs no longer apply per 1inch, making swaps more cost-effective for everyone!
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The number of unique wallets that use @1inch has crossed the over 1 million mark. i would like to remind you that at the peak in 2021, it failed to cross that mark.
You can see the graph here. I indicated the peak in 2021 (the number of wallets) and in 2023.
Even though the market is in a bear market, 1inch makes sure that every user has the best conditions for swaps tokens, feeling safe and confident that their assets are safe.
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I asked DeFi analysts and bloggers what they thought of 1inch:
Charles :
1inch has been one of the best products on the DeFi market for years, constantly adapting to new challenges and giving a lot of attention to its community. Every year it increases the number of active wallets that use their product.
To build, help and protect!
Thanks for reading!