Surely you have already heard about it on Twitter and other social platforms recently, the DEX we are about to introduce today: 1Inch.Exchange. This amazing team has been very helpful in the recent recovery of funds stolen with a hack from the lendf.me (dForceNet) platform. Although 1inch.exchange applies a strict privacy policy towards users’ private data, they were happy to help Singapore police to �?scare’ the hacker into returning all the stolen funds. Before arriving at these drastic measures, the team also contacted the hacker directly with an Ethereum transaction, trying to convince him to end it all quietly. Here’s their message to the hacker:
“Our statement to the hacker: Pay back what is not yours and sleep well, instead to be a thief. White hacking makes more fun and helps people instead of destroying their lives”.
1Inch.Exchange: Your favourite DEX aggregator
But besides that, 1Inch Exchange is best known for being a great aggregator of decentralized exchanges (DEX), i.e. a website that manages to pool the liquidity of all major DEXs to simplify the use of DeFi to the general public!
1inch.exchange is able to support many DEXs, among which there are already well known and well-established names in the field of decentralized finance such as Bancor, Uniswap, Kyber, AAve, Compound, MakerDao (Oasis), Curve and so on (also Fulcrum in the past).
Being non-custodial too, 1inch allows making trades of any kind using only an Ethereum wallet. This is the real strength of all the DEXs in circulation, but this is also the biggest cause of the lack of liquidity in individual DEXs. Moreover, the technology behind 1Inch always allows users to get the best exchange rates without wasting time with a slow and manual search.
In February 2020, the 1inch team informed us through their blog on Medium that they have further improved their platform by calculating also the gas costs of individual transactions and always choosing the cheapest way to carry out a swap. This was made possible by burning $GST2 token gas (gastoken.io). As a result, transaction costs have fallen by about 42%.
But how exactly does 1inch.exchange work?
First of all, it is necessary to access the 1inch.exchange website and have a wallet extension in your browser, such as MetaMask (the one we recommend, but there are many others). After connecting MetaMask to 1inch.exchange everything will become straightforward and transparent. The prices of the various DEXs and the gas required for the various trades can be seen in real-time.
The main screen shows all the available DEXs, but these can be removed with a click (perhaps those that are not to your liking or those that at that time do not have the necessary liquidity to make swaps). Finally, after choosing what to swap and through which DEX to do it, just proceed by clicking on Swap Now, then Verify and finally Confirm the transaction on the integrated wallet, i.e. MetaMask in our example. Everything is incredibly simple compared to centralized exchanges. We are sure that DEXs will become more and more popular in the years to come, the only problem that will have to be solved in time is liquidity.
It may sound trivial, but the web design of the website is available in two variations; black and white. It’s a small thing that makes the website even more attractive, at least to me and to all those people who have problems with their eyes and prefer black backgrounds so as not to tire them too much. It’s these little things that make a website/product better. Hopefully, competitors will take notice too!
The team
But who hides behind such a big and ambitious project? The founders have decided to be transparent with their audience, showing their names and faces. They are Russian developers who have previously participated in other projects in the sector: Sergej Kunz (Twitter Profile) and Anton Bukov (Twitter Profile). By clicking on the links you can visit their GitHub profiles. The first one calls himself a crypto maniac, while the second has been in DeFi since 2017 and has been programming for 18 years. Anton is very active on GitHub and is also working on another DeFi project we will talk about in the future: gDai.io.
Returning to 1Inch.exchange website, for those who want to know more, here are their social accounts (always very active): Twitter, Telegram and Medium. Follow them to always know the latest news and new features.
