What is 1INCH?
1INCH is the governance token of the 1inch Network. 1inch was launched In December 2020, and is governed by a decentralized autonomous organization (DAO). Ranked #22 among cryptocurrencies, hit its ATH of $7.87 on May 8, 2021. At the time of writing, 1INCH is trading on Coinhako for $3.09 USD.
How does the 1inch work?
1inch is a decentralized exchange (DEX) aggregator which connects several DEXes into one platform, allowing its users to find the most efficient swapping routes across all platforms.
They also work by sourcing liquidity from different DEXs. As such they are able to offer users better token swap rates than they could find on any single DEX — eliminating the need for manual checking.
1inch was founded by Sergej Kunz and Anton Bukov over the course of the ETHNewYork hackathon in 2019.
Prior to 1inch, Kunz worked full time at Porsche in both DevOps and cybersecurity. Bukov worked in software development since 2002, and worked in decentralized finance (DeFi) since 2017 on products like gDAI.io and NEAR Protocol.
What makes 1INCH Token different?
The 1INCH token is much more than an ERC-20 utility token for the 1inch Exchange.
As a governance token, it allows 1inch users to vote for specific protocol settings in the decentralized autonomous organization (DAO) model.
Holders of the token are able to use their voting power to decide on various parameters of the 1inch protocol, regardless of the amount they hold.
1INCH token holders have control over:
- The governance reward,
- swap fee for the liquidity protocol,
- price impact fee, and
- the decay time for the exchange.
The total supply of 1INCH tokens has been set to 1.5 billion, with 30% of that allocated to the 1inch community. This is distributed to the community via airdrops. The total supply is planned to be distributed over a period of 4 years.
What’s New with 1inch on Coinhako?
1. 1INCH/ SGD Pairings on Coinhako: Trade 1inch (1INCH) in Singapore Dollars (SGD) 🇸🇬
With 1INCH/SGD trading pairs available on Coinhako, our Singapore users will be able to buy & sell 1INCH in Singapore Dollars (SGD) when they fund their accounts with SGD.
2. 1INCH/VND Pairings on Coinhako: Trade 1inch (1INCH) Vietnamese Dong Trading (VNDT) 🇻🇳
With 1INCH/VND trading pairs available on Coinhako, our Vietnam users will be able to buy & sell 1INCH when they fund their accounts with VND.
3. 1INCH/USD Pairings on Coinhako: Trade 1inch (1INCH) directly with US Dollars (USD) 🇺🇸
The 1INCH/USD trading pair prices against the United States Dollar (USD), and our Singapore users will be able to buy & sell 1INCH when they fund their accounts with USD.
4. 1INCH swaps (Crypto-to-crypto trading)
Coinhako users will also be able to trade 1inch with other cryptocurrencies that are supported in their countries, with our Swap function.
5. Get the latest 1INCH price news on Coinhako 🚨
As with every other supported token on Coinhako, we endeavour to update our users on key news about each project through our various channels.
The Coinhako platform also features a News Feed section where you will be able to receive all the latest updates on 1INCH Token, alongside on the other top crypto projects, like uniswap, polkadot, band protocol.
5. 1INCH wallet for all (COMING SOON )
With the wallet feature, Coinhako users can securely send (withdraw), receive (deposit), and store 1INCH.
6. Buy 1INCH instantly with debit and credit card
Beat the deposit queue and buy 1INCH instantly when you pay by card.
📩 Sign-up to Subscribe to our mailing list to have them delivered straight to your inbox!
👉Join our Telegram community
Coinhako is available in these countries!
All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.