OneInch

1inch is a decentralized exchange aggregator and liquidity protocol in the blockchain space. It aggregates liquidity from multiple decentralized exchanges to provide users with the best possible price for token swaps across supported networks.

The project was founded by Sergej Kunz and Anton Bukov and launched in 2020. The 1INCH token, a governance and utility token, followed in December 2020.

The core product, the 1inch Exchange Aggregator, uses a Router contract and a PathFinder algorithm to assemble optimal trade routes. It can split orders across multiple DEXs to improve price and reduce slippage, querying liquidity from various venues and using gas-optimizing techniques such as the Chi gas token on Ethereum.

Networks and products: While initially on Ethereum, 1inch expanded to multiple networks including BNB Chain, Polygon, Optimism, Arbitrum, Avalanche, and others. In addition to the aggregator, 1inch has introduced the Liquidity Protocol to facilitate liquidity provision with aggregated routes, and 1inch Bridge for cross-chain transfers.

Governance and ecosystem: 1INCH token holders participate in governance through the 1inch DAO; the project has pursued decentralization through community governance and protocol upgrades.

Impact and reception: It is one of the leading DeFi tools for token swaps, widely used by traders and liquidity providers, and competes with other aggregators such as Matcha and Paraswap.