1inch(1INCH)

What Is a 1INCH Token?

The 1INCH token is the native cryptocurrency of the 1inch Network, a decentralized exchange (DEX) aggregator platform. It operates as an ERC-20 token on the Ethereum blockchain, making it easily accessible to many users in the DeFi space.

The primary purpose of the 1inch token is to incentivize participation in the 1inch Network and to align the interests of all stakeholders. Token holders can participate in governance decisions, stake their tokens to earn rewards, and access premium features within the 1inch ecosystem.

One of the unique aspects of the 1inch coin is its deflationary nature. This means that the value of the token increases while its supply constantly decreases. The token's supply is capped at 1.5 billion, with a portion of tokens burned regularly based on the network's usage.

According to the platform's website, over 16.5 million different wallets have been used, 99 million or more trades have been made, and over $500bn in transactions have passed through the network. 

Who Is the Founder of 1inch Coin?

Sergej Kunz and Anton Bukov co-founded the 1inch Network and, by extension, the 1inch coin. These two talented individuals bring a wealth of experience and expertise to the project, having worked for many years in the blockchain and software development industries.

Sergej Kunz, the Chief Executive Officer (CEO) of 1inch Network, has a background in software engineering and cybersecurity. Before co-founding 1inch, Kunz worked as a smart contract developer and security auditor, giving him insights into blockchain technology and decentralized systems.

Anton Bukov, the Chief Technology Officer (CTO) of 1inch Network, is a seasoned software engineer with a particular focus on blockchain development. Bukov's experience includes working on various crypto projects and contributing to the Ethereum ecosystem. His technical expertise has been instrumental in developing sophisticated algorithms that power the 1inch platform.

Kunz and Bukov identified a noteworthy problem in the DeFi space: liquidity fragmentation across multiple decentralized exchanges. This realization led to the creation of the 1inch Network, with the 1inch coin recreating a central role in their vision for a more efficient and user-friendly DeFi ecosystem.

When Was 1inch Token Launched?

The token launch came after the 1inch Network established itself as a leading DEX aggregator. It was founded in May 2019 during the ETHNewYork hackathon.

The decision to launch a native token was driven by the desire to decentralize governance and create a more robust ecosystem around the 1inch Network.

The initial distribution of 1inch tokens was carried out through a combination of methods, including an airdrop to early platform users, liquidity mining programs, and strategic partnerships.

On December 25, 2020, the 1inch Foundation announced the launch of the 1inch token, surprising the community with a Christmas Day airdrop. Eligible users who had previously interacted with the 1inch platform received tokens based on their activity levels, with some receiving substantial amounts of 1inch coins.

Since its launch, the 1inch coin has undergone several developments and upgrades, including introducing new use cases and integrating with additional blockchain networks beyond Ethereum.

How Does the 1inch Token Power Its Ecosystem?

The 1inch coin serves its network in many ways. Users who own the token can vote on changes to the network, making it genuinely run by its community. People can also lock up their tokens to earn more, which helps keep the network safe.

Holding 1inch tokens gives users perks like lower trading fees. Users can also periodically earn more tokens by adding money to liquidity pools. The token also allows people to use special features on the platform.

As 1inch grows to work with different blockchains, the token helps connect them all. There's also a deflationary mechanism in place to slowly reduce the number of tokens, making the token more valuable over time.

All these services make the 1inch coin very important. It helps the whole 1inch system grow and stay strong, making it stand out from other similar projects.

What is the Highest Price of 1INCH?

The highest price for 1inch coin was $8.65, recorded on October 27, 2021, three years ago. This peak occurred during a broader bull run in the cryptocurrency market, with many DeFi tokens experiencing substantial gains.

It's vital to keep in mind that, like many other cryptocurrencies, the price of 1inch coin had a large fall after reaching its all-time high. The fall may be due to various factors, including market conditions, platform developments, and broader trends in the DeFi space.

As of August 2024, the asset's price had not yet reached its highest value. For the most recent information, always refer to the market data in COIN360.

Is 1INCH Worth Investing In?

It's hard to say. For the past six months, the token has been negatively impacted by market fluctuations, and it is difficult to see how it will recover or stand out in the crowded decentralized exchange market.

But, you may take into consideration these pros and cons below to offer a broad viewpoint on the coin and its network:

How do I buy 1inch Coins?

You can purchase the tokens by selecting a cryptocurrency exchange that lists the token, such as Binance, Coinbase, KuCoin, or Uniswap. Once you have chosen an exchange, the process generally involves:

1. Setting up an account on the chosen platform.

2. Completing any necessary identity verification steps.

3. Adding funds to your account using fiat currency or another cryptocurrency.

Once your account is funded, locate the 1INCH trading pair (often 1INCH/USDT or 1INCH/ETH) and place your order. You can usually choose between market orders for immediate purchase at the current price, or limit orders to set your desired buy price.

After buying 1INCH tokens, it's advisable to transfer them to a personal wallet for better security. You can also acquire 1INCH by participating in the platform's liquidity mining programs or any decentralized exchanges that offer the coin.