1inch Eyes DeFi Expansion as it Evolves to 1inch Network
In less than two years, what emerged as an MVP at a hackathon in New York City has turned into the 1inch Network.
Nearly two years have passed since an MVP for a DEX aggregation protocol was developed at the ETHGlobal New York hackathon in May 2019. Since then, that MVP has evolved into an ecosystem of synergistic decentralized protocols that are enabling the most lucrative, efficient, and secure operations in the DeFi space– the 1inch Network.
The 1inch Network is a collection of strong and composable DeFi instruments, which together enable both veteran and new DeFi users to maximize the financial opportunity of Web3 with clean UX and secure contracts.
Most of the 1inch users are familiar with our DEX aggregation protocol and the 1inch Liquidity Protocol; while the rest of the 1inch Network is a variety of protocols, DAOs, and teams that facilitate the continued evolution of the 1inch technology ecosystem.
The 1inch Network consists of five distinct yet interoperable components:
- The 1inch Aggregation Protocol facilitates cost-efficient and secure atomic transactions by utilizing a wide range of protocols and performing argument validation and execution verification. Users leverage the Aggregation Protocol anytime they interact with 1inch in order to find and execute the most efficient transactions across DEXes.
- The 1inch Liquidity Protocol is a next-generation automated market maker that protects users from front-running attacks and offers capital efficiency to liquidity providers.
- The 1inch Network is governed by the 1inch DAO, a decentralized autonomous organization that enables 1INCH stakers to vote for key protocol parameters and take part in the network’s governance.
- A key contributor to the 1inch Network is 1inch Labs, a decentralized group of software builders that develop a range of open-source protocols governed by users through the 1inch DAO.
- The 1inch Foundation is a non-profit organization that issued the 1INCH token and is dedicated to fostering the 1inch Network and initiatives that benefit the network’s community. The 1inch Foundation incentivizes contributions through grants and other capital deployment vehicles.
“1inch has one of the sharpest and best-executing teams I’ve ever had the pleasure of meeting,” says Calvin Liu, Strategy Lead at Compound Labs. “Today 1inch is already a hugely important player in DeFi market infrastructure; so I’m pretty excited to see them continue to develop game-changing new products and unite them into the 1inch Network. This shift should definitely push forward not only the project itself, but the entire DeFi industry!”
Check out the new landing page and learn more about the 1inch Network at 1inch.io!