1inch is a decentralized exchange aggregator that allows users to trade cryptocurrencies across multiple decentralized exchanges. The platform was launched in 2020 and has since become one of the most popular decentralized exchange aggregators in the cryptocurrency industry. But how did 1inch get started? Let's take a closer look at the prototype of the 1inch DEX aggregator.
The Early Days of 1inch
The prototype of the 1inch DEX aggregator was created by Sergej Kunz and Anton Bukov in August 2019. The two co-founders were frustrated with the inefficiencies of decentralized exchanges and wanted to create a platform that would allow users to find the best prices and routes for their trades across multiple exchanges.
The prototype was developed in just two weeks and was initially called Mooniswap. The platform was based on a new type of automated market maker (AMM) that was designed to reduce price slippage and improve liquidity for traders.
Launching the 1inch DEX Aggregator
After the success of the Mooniswap prototype, the team behind 1inch decided to expand the platform to include a decentralized exchange aggregator. The 1inch DEX aggregator was launched in May 2020 and quickly gained popularity among cryptocurrency traders.
The platform was designed to find the best prices and routes for trades across multiple decentralized exchanges, including Uniswap, SushiSwap, Balancer, Curve, Bancor, and others. The 1inch DEX aggregator uses a combination of smart contract technology and off-chain algorithms to find the best prices and routes for trades in real-time.
The Future of 1inch
Since its launch, 1inch has continued to grow and expand its platform. The team behind 1inch has added new features, such as limit orders and gas optimization, to improve the user experience and make trading on the platform more efficient.
In December 2020, 1inch launched its own governance token, 1INCH, which is used to govern the platform and incentivize liquidity providers. The launch of the 1INCH token has helped to increase adoption of the platform and has allowed users to earn rewards for providing liquidity to the 1inch network.
Conclusion
The prototype of the 1inch DEX aggregator was created in August 2019 and was based on a new type of automated market maker called Mooniswap. The 1inch DEX aggregator was launched in May 2020 and has since become one of the most popular decentralized exchange aggregators in the cryptocurrency industry. The platform continues to grow and expand, with new features and the launch of the 1INCH governance token. If you're interested in trading cryptocurrencies on a decentralized exchange aggregator, 1inch is definitely worth considering.