1inch is a decentralized exchange (DEX) aggregator that uses its proprietary Pathfinder algorithm to find the best prices across multiple DEXes for token swaps. It splits orders and routes them through various exchanges to achieve optimal rates, potentially involving multiple hops or liquidity sources. The platform supports multiple blockchain networks, including Ethereum, Binance Smart Chain, and Polygon, among others.
Is 1inch a secure platform?
1inch employs smart contracts that have undergone security audits to ensure the safety of user funds and transactions. The platform is non-custodial, meaning users retain control of their assets throughout the trading process. Additionally, 1inch has implemented features like the Fusion mode to protect users from front-running attacks and reduce exposure to various DeFi risks, but users should still exercise caution toward the DeFi inherent risks.
How to use 1inch?
To use 1inch, users connect Web3 wallet (such as MetaMask) to the platform's website or mobile app. They can then select the tokens they want to swap, enter the amount, and the platform will automatically find the best exchange rate across multiple DEXes. Review the transaction details, including gas fees, and confirm the swap to execute the trade.
What services does 1inch offer?
1inch offers a suite of DeFi products, including its core DEX aggregation service for optimal token swaps. The platform also provides limit order functionality, a wallet application for asset management, and a Fusion mode for gas-efficient swaps. Additionally, 1inch features yield farming opportunities through liquidity provision and governance participation via the 1INCH token.
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