What Is 1inch (1INCH)?

1inch is a decentralized exchange (DEX) aggregator that brings multiple DEXs together in a single interface, helping users locate the most cost-effective swap paths across platforms. To get the best swap rate, users would otherwise need to review every exchange; DEX aggregators remove the need for that manual comparison, improving how efficiently swaps happen on DEXs.

DEX aggregators function by pulling liquidity from various DExs, which enables them to provide better token swap rates than a user might obtain from any one DEX, while also targeting fast execution.

1inch debuted in August 2020 following a $2.8 million funding round from Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures and Divergence Ventures.

Then in December 2020, 1inch completed an additional $12 million Series A funding round led by Pantera Capital, with participation from ParaFi Capital, Blockchain Capital, Nima Capital and Spartan Group. This round used a SAFT sale (simple agreement for future tokens).