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1inch

From Wikipedia, the free encyclopedia
1inch
TypePrivate
IndustryDecentralized finance (DeFi), blockchain
FoundedMay 19, 2019; 7 years ago (2019-05-19)
FoundersSergej Kunz; Anton Bukov
Area served
Global
ParentDegensoft Ltd.
Website1inch.com

1inch is a decentralized finance (DeFi) ecosystem that provides crypto token swap services and liquidity aggregation across multiple blockchain networks.[1][2][3][4][5] The platform was developed as a decentralized exchange (DEX) aggregator, combining liquidity from decentralized exchanges and market makers.[6][7][8]

History

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1inch was founded in May 2019 when Sergej Kunz and Anton Bukov developed a DEX aggregation prototype at the ETHGlobal hackathon in New York City.[9][6] Degensoft Ltd was formally established the following year to support its development.[10][11] On August 11, 2020, 1inch completed its first private token sale, raising US$2.8 million, led by Binance Labs.[12] A second private token sale was held on December 2, 2020, securing an additional US$12 million from investors, including Pantera Capital.[13][14] Later in December 2020, the 1INCH token was launched on public exchanges, and the 1inch DAO was established.[14] On April 22, 2021, 1inch released the 1inch Wallet, a non-custodial mobile wallet for managing digital assets and performing swaps. On December 1, 2021, a third private token sale raised US$175 million at a US$2.25 billion valuation, led by Amber Group and including institutional investors such as Jane Street, VanEck, Fenbushi Capital, and Alameda Research.[2][9][15][16]

On December 25, 2022, the 1inch Fusion Protocol was released to enable more efficient routing and liquidity aggregation across protocols through intent-based execution.[3][17]

On April 29, 2025, 1inch expanded to the Solana blockchain, followed by cross-chain swaps between Solana and other networks on August 19, 2025.

Technology

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The 1inch Aggregation Protocol is a smart-contract-based system that optimizes trade execution by splitting orders across multiple decentralized exchanges to achieve better pricing and lower gas costs.[18][3][19][20][21]

The Limit Order Protocol enables the creation of gas-efficient limit orders and programmable conditional orders. Orders are created off-chain and settled on-chain, supporting Request for Quote (RFQ)-style execution models.[22][3]

Launched in December 2022, Fusion is an intent-based swap protocol built on the Limit Order Protocol.[17] It enables gasless, front-running-resistant swaps through a competitive resolver network that uses Dutch auction-style mechanisms to execute trades.[23][24]

The 1inch Network is governed by a decentralized autonomous organization (DAO), where token holders collectively make decisions about protocol parameters and development.[14][25]

References

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  1. ↑ "The race to power the DeFi ecosystem is on". The Economist. 15 January 2022. ISSN 0013-0613. Retrieved 27 June 2026.
  2. 1 2 Dillet, Romain (1 December 2021). "Decentralized exchange aggregator 1inch grabs $175 million in token sale". TechCrunch. Retrieved 27 June 2026.
  3. 1 2 3 4 Auer, Raphael; Haslhofer, Bernhard; Kitzler, Stefan; Saggese, Pietro; Victor, Friedhelm (January 2023). The Technology of Decentralized Finance (DeFi) (PDF) (Report). BIS Working Papers. Bank for International Settlements. Retrieved 27 June 2026.
  4. ↑ European Securities and Markets Authority; European Banking Authority (January 2025). Joint Report on recent developments in crypto-assets (Article 142 MiCAR) (PDF) (Report). Retrieved 27 June 2026.
  5. ↑ OECD (April 2024). The Concentration of DeFi's Liquidity (PDF) (Report). OECD Working Papers on Finance, Insurance and Private Pensions. OECD Publishing. Retrieved 27 June 2026.
  6. 1 2 "Check out the 9-slide pitch deck that helped crypto-exchange startup 1inch Network land $175 million from investors including Sam Bankman-Fried". Business Insider. November 2021. Retrieved 27 June 2026.
  7. ↑ Al-Fil, Gérard (2 October 2025). "Krypto-Börse 1inch: Sergej Kunz will endlich raus aus der Nerd-Ecke". finews.ch (in German). Retrieved 27 June 2026.
  8. ↑ Popa, Alin (15 April 2024). "1inch unveils Web3 debit card with Mastercard". The Paypers. Retrieved 27 June 2026.
  9. 1 2 Bambysheva, Nina (1 December 2021). "1inch Network Raises $175 Million At $2.25 Billion Valuation To Bring Traditional Financial Institutions Into DeFi". Forbes. Retrieved 27 June 2026.
  10. ↑ "Form D – 1inch Ltd". U.S. Securities and Exchange Commission. 29 October 2020. CIK 0001830516. Retrieved 27 June 2026.
  11. ↑ "Trademark "1inch" (Degensoft Ltd)". United States Patent and Trademark Office. Serial No. 99333632. Retrieved 27 June 2026.
  12. ↑ Hunter, John Stanley (11 August 2020). "Millionen für DeFi-Startup 1inch". FinanceFWD (in German). Retrieved 27 June 2026.
  13. ↑ "Pantera Capital Leads $12 Million Investment Round For 1inch, A Non-Custodial Crypto Exchange Aggregator". Crowdfund Insider. 2 December 2020. Retrieved 27 June 2026.
  14. 1 2 3 Fang, Lucius; Azmi, Erina; Hor, Benjamin; Win Win, Khor (2021). How to DeFi: Advanced. CoinGecko. Retrieved 27 June 2026.
  15. ↑ Souček, Ondřej (2 December 2021). "Fond Rockaway Blockchain poprvé investuje přes sto milionů. Vsadil na amerického jednorožce". E15 (in Czech). Retrieved 27 June 2026.
  16. ↑ Sadykov, Airat (4 December 2021). Ещё один сервис доставки и зарядки для электрокаров: кому дали денег на этой неделе [Another delivery and EV-charging service: who got money this week]. Forbes (in Russian). Forbes Russia. Retrieved 27 June 2026.
  17. 1 2 Capponi, Agostino; Iyengar, Garud; Sethuraman, Jay (2023). "Decentralized Finance: Protocols, Risks, and Governance". Foundations and Trends in Privacy and Security. 5 (3): 144–188. doi:10.1561/3300000038. Retrieved 27 June 2026.
  18. ↑ Kitzler, Stefan; Victor, Friedhelm; Saggese, Pietro; Haslhofer, Bernhard (2022). "Disentangling Decentralized Finance (DeFi) Compositions". ACM Transactions on the Web. 16 (4): 1–26. doi:10.1145/3532857. Retrieved 27 June 2026.
  19. ↑ Xu, Jiahua; Paruch, Krzysztof; Cousaert, Simon; Feng, Yebo (2023). "SoK: Decentralized Exchanges (DEX) with Automated Market Maker (AMM) Protocols". ACM Computing Surveys. 55 (11): 1–50. doi:10.1145/3570639. Retrieved 27 June 2026.
  20. ↑ Beelen, Dennis (2025). An Analysis of DeFi Aggregators with a Focus on Swapping Functionalities (PDF) (MSc thesis). Central European University. Retrieved 27 June 2026.
  21. ↑ OECD (2023). DeFi Liquidations (PDF) (Report). OECD Working Papers on Finance, Insurance and Private Pensions. OECD Publishing. Retrieved 27 June 2026.
  22. ↑ OpenZeppelin (16 December 2021). "1inch Limit Order Protocol Audit". OpenZeppelin. Retrieved 27 June 2026.
  23. ↑ Bachu, Brad; Wan, Xin; Moallemi, Ciamac C. (2024). "Quantifying Price Improvement in Order Flow Auctions". arXiv:2405.00537 [q-fin.TR].
  24. ↑ Yuminaga, Yuki; Chen, Dex; Sui, Danning (2025). "Execution Welfare Across Solver-based DEXes". arXiv:2503.00738 [q-fin.TR].
  25. ↑ European Systemic Risk Board (May 2023). Crypto-assets and decentralised finance: systemic implications and policy options (PDF) (Report). Retrieved 27 June 2026.
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