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1inch Exchange Development Services

With the eruption and frenzy that followed the advent of the DeFi space, projects like Decentralized Exchanges emerged, with a string of benefits for users that were quite hard to say no to. These DEX platforms were protected from third-party integration, and users had full control over their funds. Supported by Smart Contracts, these exchanges are much faster and levied little to no transaction fees. Examples include Uniswap, Kyber Network. This was followed by an even better protocol, the object of our mutual interest - 1inch DEX aggregator.

To give users the best of swap rates, the 1inch exchange connects different exchanges into one platform. This will remove the strenuous process of manually checking every exchange to find the best swap price.

At Blockchain App Factory, we can provide your business with a protocol like the 1inch exchange, built-in with all the features and functionalities that make it a dynamic DEX aggregator.

Decentralized Exchanges and DEX aggregators

Decentralized exchanges (DEX) took the cryptocurrency landscape by surprise when it was introduced. These exchanges facilitate peer-to-peer trading, with its entire operation distributed through a series of nodes. Users will not have to worry about KYC and AML norms, and the entire exchange does not run the risk of server downtime. With such a prodigious and beneficial platform in place, there was only one drawback users faced, a first-world problem that required a simple solution in the form of DEX aggregators.

DEX Aggregation was an idea that occurred to the founders of the 1inch protocol, who were also ironically the first users of it. They found it difficult to keep switching between a multitude of DEXs to find the best platform to initiate token swaps. Manually checking every exchange for the best swap rates proved to be a laborious task. Therefore they came up with DEX algorithms, which made easy this tiring ordeal. And the workflow was straightforward. DEX aggregators offer users a slew of benefits like the ability to optimize slippage, swap tokens and coins for a better rate, and reduce the probability of failed transactions. One such distinguished platform is the 1inch exchange.

1inch Exchange Platform and why it is radical in the DeFi Space

Possessing all the traits of any DEX aggregator, the 1inch exchange connects many exchanges into one platform, bringing a level of efficiency never before seen in the DeFi ecosystem. And how does it do this? By sourcing liquidity from several other DEXs, the 1inch protocol splits a single trade transaction across multiple DEXs. At the time of writing, the 1inch platform has raised over $12 million in funding and has surpassed $4.5B in overall volume.

Other remarkable traits about the 1inch protocol are that it is non-custodial, and all the trades carried out happen within one transaction on the Ethereum based wallet of the user. Slippage is also drastically minimized on this platform. These benefits and conveniences this platform offers make the 1inch DEX aggregation platform a desirable protocol for users in the crypto space. Therefore finding the right developers who offer robust solutions like ours is most lucrative for your DeFi business venture.

Bonus Protocols within the 1inch exchange that set it apart from other DEXs


Liquidity Pools

With the 1inch exchange, your users can create and run liquidity pools and actually earn an income. The process has been made easy with our 1inch protocol. Users can supply liquidity to these pools, which are utilized in exchange transactions. The pool owner and the liquidity providers can make an earning from the fees traders pay for transactions carried out in the protocol. The parameters of the pool are monitored and regulated by predetermined liquidity protocol formulas.

Governance

Holders of the 1 INCH token are awarded certain rights when it comes to the up-gradation of the 1inch protocol. Token holders can participate, benefit, and vote within the 1inch network for the 1inch governance aggregation protocol and 1inch liquidity protocol governance modules. Liquidity providers, who are rewarded with the tokens, have the right to vote for parameter values. The core parameters of the 1inch protocol can also be altered. Users who decide to stake their 1inch tokens can vote on several protocol parameters within 1inch - pool governance, factory governance, swap fee, decay period, price impact fee, governance reward, and referral reward.

Farming

The yield farming protocol of the 1inch network has brought farming in DeFi back to the spotlight. Governance tokens are distributed to users who are providing liquidity (farming) to the various pools in the DeFi protocol, and it doesn’t stop there. The 1inch protocol has come up with new yield farming programs that improve governance procedures. Under these newly updated programs, liquidity providers can benefit from 1% of 1inch tokens that are now being distributed to the new pools. Farming in the 1inch protocol can be seen as a profitable move for your users, considering how 1inch farming programs made an average annual yield of 300% to the farmers.

The 1INCH token

1INCH is the governance and utility token of the 1inch DEX aggregator, which was released by the 1inch foundation. The main objective of this token, like all governance tokens, is to govern all 1inch protocols and introduce a new system of governance into decentralized finance. The 1inch network was quick to note and understand the fact that most governance models are not designed to carry out decisions and changes made towards the up-gradation of a protocol. As a countermeasure, the 1inch protocol introduced various measures that highlight the good fortune of owning a 1INCH token. These advantages include

  • Instant governance - voting for specific changes under the DAO model, which proved to be efficient and user friendly.
  • Aggregation protocol governance - this model allows the token holders and stakers to vote on Spread Surplus settings.
  • Liquidity protocol governance - the vital feature here is that the liquidity providers and token stakers earn bonus points on volatility.
  • All 1INCH token holders and the liquidity providers can directly vote towards important parameters on the protocol such as swap fee, governance reward, decay period, and the price impact fee.
  • Liquidity providers of the various pools within the 1inch protocol will receive 1INCH tokens for their provision.

Trading on the 1inch protocol - An easy feat

The 1inch exchange protocol has been widely known as the perfect place to start crypto trading, especially for amateurs and those making their debut in the crypto market. So launching a DEX Aggregator like 1inch will prove profitable for your venture. This is substantiated by the fact that trading tokens on the 1inch exchange are a streamlined and coherent process. It goes something like this

  • Once within the protocol, users can begin trading once their wallets have been connected. They can do so by choosing which wallet they want to integrate with the protocol. An example - Metamask.
  • After the connection of the wallet, users will be able to view their transaction details, Ethereum address and even disconnect their wallets.
  • Swapping begins as soon as the user selects which coin they have and which one they’d like to swap it with.
  • Users can also utilize the two options available before swapping - Maximum returns and lowest gas fees. If chosen, the protocol will use complex algorithms and routes to find the best rates and lowest fees.
  • Advanced settings found in the 1inch protocol grants users various alternatives like setting slippage tolerance, partial fill option, view comparison tables and charts between the various DEXs, to name a few.
  • Once the user has set their preferred settings, the swapping can be done to earn maximum returns.

Our 1inch DEX aggregator will be able to provide you and your protocol users the same efficiency and finesse when it comes to trading and swapping with our robust development tools.

Reasons for 1inch DEX aggregator’s progress in DeFi

The 1inch protocol has taken off due to a myriad of functionalities and perks never before seen within the DeFi space. A summary of the benefits the 1inch DEX offers will include the following

  • 1inch DEX has an interactive and intuitive user interface.
  • Complete non-custodial exchange meaning the cryptocurrencies are not detained within the protocol.
  • On a single platform, the 1inch exchange offers liquidity and rates of multiple DEXs in Decentralized Exchanges.
  • The protocol does not hold any of the user’s funds. Crypto wallets, mostly ERC-20 wallets, hold all funds. Users have full custody of their tokens and decide when to trade.
  • KYC regulations have been made redundant on this platform.
  • Hackers and breaches within the protocol are not possible since the fund stockpile is not within the protocol.
  • Fees for withdrawal and other payments associated with 1inch is absent. However, only gas fees are levied.
  • A list of ERC-20 wallets is compatible with the 1inch DEX, making the platform accessible to users all over the globe. Some of them are Metamask, Trust Wallet, Torus, and Formatic.
  • It’s a Comparatively safe and secure platform, easy to use for beginners in the DeFi ecosystem.

Blockchain App Factory’s 1inch DEX Aggregator Protocol Development

One of the major concerns in Decentralized Finance that most DeFi enthusiasts are yet to admit is the lack of liquidity. And the 1inch protocol offers a viable solution by separating orders through various exchanges instead of dumping them all in one exchange. At Blockchain App Factory, we enjoy finding modern solutions to contemporary problems, and our 1inch protocol is an excellent solution for the drawbacks in the exchanges found in DeFi today.

Having developed and launched several DeFi projects for many years, we are confident that our services will bring you recognition among crypto users. All our products are 100% customizable and scalable according to your business needs. We are a group of dexterous blockchain engineers and crypto fanatics who excel in producing quality services that warrant user engagement and return on investment for your venture.

Schedule a call with us now to talk with our experts on how to kickstart your own 1inch exchange protocol.

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