Symbol	1INCH
Overview	The 1inch Network brings together decentralized protocols to enable profitable, fast, and secure DeFi operations. The first protocol is a DEX aggregator that searches deals across different liquidity sources, providing consumers with better rates than any single exchange.
Supported Networks/Chains	·  Ethereum Mainnet ·  Aurora ·  Arbitrum ·  Avalanche ·  BNB Chain ·  Fantom ·  Gnosis ·  Klaytn ·  Optimism ·  Polygon ·  zkSync Era
Technology	The 1inch Network uses the 1inch Aggregation Protocol, employing a routing and discovery algorithm to locate the best transactions across decentralized exchanges. It’s non-custodial, and all trades are made from a user’s wallet on supported blockchains and layer-2 networks in a single transaction.
Use of Native Tokens	The 1inch token (1INCH) serves as a governance token for the 1inch DAO and as a utility token in the 1inch Liquidity Protocol.
Core Contributor	22.5%
Small Backers	2.3%
Backers 1	18.5%
Community Incentive	30%
Network Growth Fund	14.5%
Backers 2	12.2%
Volume (as of 3rd April, 2022)	$227,309,959
Total Supply	1,500,000,000
Circulating Supply	413,776,772.51 1INCH
Crowd Sales	Throughout five rounds of investment, 1inch has raised a total of $189.8 million.
Funding	– 1/12/2021: Series B – $175M, – 2/12/2020: Series A – $12M, – 11/08/2020: Seed Round – $2.8M, – 6/07/2020: Seed Round – NA, – 21/02/2019: Venture Round – NA
Country	British Virgin Islands
Name of Organization	1inch Limited
Year Incorporated	2020
Registered Address	2nd Floor 116 Main Street ROAD TOWN, TORTOLA, VG1110 British Virgin Islands
Dispute Resolution and Governing Law	British Virgin Islands

Who Are the Founders of 1inch?

The origins of 1inch trace back to the May 2019 ETHGlobal hackathon held in New York, but the project’s roots extend further into the past.

In 2017, Russian programmers Sergej Kunz and Anton Bukov crossed paths. Both individuals shared a deep interest in blockchain technology, smart contracts, and cybersecurity. Bukov, who frequently appeared on Kunz’s Russian-language CryptoManiacs YouTube channel, eventually became a co-host.

Together, Kunz and Bukov specialized in conducting security audits for smart contracts, serving Russian companies in this capacity. Additionally, they indulged in friendly competition by participating in cryptocurrency hackathons worldwide. Remarkably, the CryptoManiacs team consistently performed well enough to offset their travel expenses, covering hotel and airfare costs for their participation.

While they didn’t secure any major prizes during the 2019 ETHGlobal competition, the duo returned from New York with a functioning DEX aggregator code. They continued refining and developing this code, leading to a significant milestone. In July 2020, CryptoManiacs transformed into 1inch Limited, a Spanish corporation, with Sergej Kunz as the CEO and Anton Bukov as the CTO. This transition marked the formalization of their journey from cryptocurrency enthusiasts and hackathon competitors to the founders of the 1inch Network.

Founding Team:

Name	Designation	Experience
Anton Bukov	Co-Founder	10 Yrs
Sergej Kunz	Co-Founder	12 Yrs

Links:

• Website
• Twitter
• Whitepaper

---

What is 1inch Network?

1inch operates as a decentralized exchange aggregator with the objective of offering traders the most favorable prices and minimal fees for their transactions.

Within the decentralized finance (DeFi) landscape, decentralized exchanges (DEXs) are instrumental platforms that enable crypto asset trading without the intervention of intermediaries to execute orders, safeguard funds, or oversee the transaction process. DEXs empower traders to retain control over their assets within their wallets, eliminating the requirement to disclose personal identifying information.

In the world of decentralized exchanges, prices and transaction fees can fluctuate significantly at any given moment. Rather than requiring users to manually monitor and compare prices across multiple exchanges, 1inch efficiently gathers real-time pricing data from various DEXs. This approach enables traders to pinpoint the most advantageous market prices and seize trading opportunities, all through a single, user-friendly platform.

How Does 1inch work?

1inch operates in a manner similar to popular travel booking websites. Much like these platforms aggregate prices from a multitude of airline, hotel, and travel service providers, 1inch conducts a similar operation by comparing token prices and trading fees across various decentralized exchanges (DEXs).

Through its Aggregation Protocol, 1inch automates the process of routing trades to platforms offering the most favorable prices and lowest fees. This enables traders to utilize a single platform for the entirety of their trading needs, all while efficiently assessing token prices and executing trades across the extensive DEX landscape.

One of 1inch’s latest advancements, known as Pathfinder, goes a step further by identifying the optimal trading routes across diverse markets, while also considering gas fees. With Pathfinder, a single trade can be divided into smaller segments across multiple DEX platforms to achieve the most cost-effective outcome.

For instance, suppose a 1inch user intends to trade $100 worth of the ABC token for XYZ token on the 1inch platform. In this scenario, 1inch might determine that the user would incur the lowest fees by initially converting ABC token into a different stablecoin, such as DEF token, and then exchanging DEF token for XYZ token.

Additionally, 1inch could discover that it’s most economically viable to exchange $30 worth of ABC token for XYZ token using the 0x exchange and $70 worth of ABC token for XYZ token using the Balancer exchange. Importantly, 1inch traders can execute all these complex operations seamlessly without the need to delve into the intricate discovery and routing processes happening behind the scenes.

Why Use 1inch? What Are The Benefits?

The 1inch Network offers a compelling set of services through a unified and user-friendly interface, making it an attractive choice for various DeFi participants. Here are the key reasons why users might choose to utilize the 1inch Network:

1. 1inch Aggregation Protocol: Users can leverage the 1inch Aggregation Protocol, which is a widely used feature of the network. It empowers users to discover and execute efficient transactions across decentralized exchanges (DEXs). This means better prices and lower fees when trading cryptocurrencies.
2. 1inch Crypto Liquidity Protocol: The 1inch Liquidity Protocol functions as a next-generation automated market maker (AMM). It not only safeguards users from front-running attacks but also enhances capital efficiency for liquidity providers. This feature allows traders to buy and sell ERC-20 tokens with minimal slippage, making it a valuable resource in the Ethereum ecosystem.
3. 1inch DAO (Decentralized Autonomous Organization): The 1inch DAO enables members of the 1inch crypto community, particularly 1INCH token stakers, to participate in the governance of the network. They can vote on crucial protocol parameters and changes, ensuring a genuinely decentralized governance system that reflects the community’s interests.
4. 1inch Labs: 1inch Labs plays a pivotal role in the long-term development of the 1inch Network. It comprises a decentralized group of software developers who actively contribute to various open-source protocols. The governance of these protocols is overseen by users through the 1inch DAO, fostering a collaborative and community-driven development environment.
5. 1inch Foundation: The 1inch Foundation is a non-profit organization responsible for issuing the 1INCH token. Its primary focus is on nurturing the 1inch Network and supporting initiatives that benefit the network’s community. The foundation encourages contributions through grants and other mechanisms, fostering innovation within the ecosystem.
6. The 1INCH Token: The presence of the 1INCH token significantly enhances liquidity on the 1inch DEX Network AMM. Users can utilize this token to earn rewards by providing liquidity to the pools, thereby improving the overall liquidity of the network. Liquidity providers not only benefit from rewards generated by pool trades but also gain access to governance and utility tokens, further incentivizing their participation. Additionally, partner projects may introduce their tokens, attracting interest from users of 1inch and other related platforms.

How Is the 1inch Network Secured?

1inch places a strong emphasis on security and has taken comprehensive measures to ensure the safety and integrity of its code and protocols. Here are some key security-related aspects of 1inch:

1. Multiple Security Audits: 1inch has subjected its code to rigorous security audits by renowned blockchain security firms and experts. These include teams from OpenZeppelin, ConsenSys Diligence, SlowMist, Haechi Labs, CoinFabrik, CertiK, Hacken, Scott Bigelow, MixBytes, and Chainsulting. Audit results are available on the 1inch website and GitHub page for public inspection. These audits are ongoing, demonstrating a commitment to continuous security evaluation.
2. Liquidity Protocol Audits: When 1inch released its liquidity protocol, it engaged eight independent agencies to audit the code. This reflects the meticulous approach to security, ensuring that critical components of the platform undergo thorough scrutiny to identify and mitigate potential vulnerabilities.
3. Protection Against Front-Runner Attacks: 1inch has implemented technical provisions within its liquidity solution to safeguard against front-runner attacks. These attacks involve malicious observers who exploit information about an intended trade to disrupt or profit from it before it is finalized. By addressing this vulnerability, 1inch enhances the security of its users’ transactions, providing a more secure trading environment.

What is 1inch’s Fusion mode?

The introduction of 1inch Fusion brings significant changes to the 1inch Network, enhancing the trading experience for both users and resolvers. Here’s a detailed breakdown of the key features and how to use them:

1. Fusion Mode and 1inch Swap Engine:

• Fusion Mode allows users to swap tokens without needing native assets for gas fees, providing a cost-effective and secure trading experience.
• It prevents front-running (MEV) attacks, ensuring user protection.
• The 1inch Swap Engine is a complete overhaul of the existing Limit order and aggregation protocols, offering a revamped trading experience.

2. Who Is a Resolver?

• A resolver is an approved address that stakes 1INCH tokens and is registered to fill 1inch Network Fusion orders.
• Resolvers compete in a Dutch auction to fill user orders, starting with a high rate and moving lower until a resolver takes the order or the order expires.

3. Why Use Fusion Mode? For Users:

• Swap without using native assets (within a specific price and time range).
• Protection against MEV attacks.
• No price impact.
• No cost for failed transactions.
• Fast execution.

For Resolvers:

• Earn stake rewards.
• Earn resolver fees.
• Participate in the 1inch Network Gas refund program.
• Gain 1inch DAO governance voting power.

4. How to Swap in Fusion Mode:

• Options include Auto, Fast, Fair, and Custom.
• “Auto” is recommended for a smooth user experience.
• Users can customize auction time and rate range in “Custom” mode.

5. What Happens If a Swap Expires:

• If a swap expires, it needs to be resubmitted, but no gas fees are incurred in Fusion Mode.

6. How to Stake 1INCH Tokens:

• Staking 1INCH tokens allows users to earn rewards and Unicorn power.
• Tokens cannot be unstaked without penalty until the designated lock period expires.
• The default lock period is 2 years.
• The penalty for unstaking decreases over time.
• Longer lock periods result in more Unicorn power.

7. How to Delegate Unicorn Power:

• Stakers can delegate their Unicorn power to resolvers and governance participants.
• Delegating to Fusion resolvers deploys extra tokens for each resolver that registers as a delegate.
• Delegators receive resolver-specific tokens representing shares of users who delegated their voting power to the resolver.

8. How to Become a Resolver:

• To become a resolver, one must hold staked 1INCH (st1INCH) tokens.
• Top-tier resolvers have priority for filling Fusion swaps and must stake a sufficient amount of 1INCH tokens.
• Users can lock 1INCH tokens for various lock periods, with longer periods providing more voting power.
• Holding staked 1INCH (st1INCH) grants users Unicorn power, which can be used for farming and other activities.

In summary, the 1inch Network offers a comprehensive suite of services that streamline decentralized finance activities, promote secure and efficient trading, empower community governance, and incentivize active participation through its native token. These features make it a valuable ecosystem for DeFi enthusiasts and traders looking for optimal trading solutions.