About the 1inch Network
The 1inch Network seamlessly unites multiple decentralized protocols, empowering users to perform efficient, user-friendly and secure operations in the Web3 space.
The 1inch Network provides access to hundreds of liquidity sources across multiple blockchains. Its main components are the 1inch Aggregation Protocol, the 1inch Liquidity Protocol, the 1inch Limit Order Protocol and the 1inch Wallet – a fast and secure mobile application for storing, receiving, sending and swapping crypto assets.
The 1inch Swap Engine, built on top of 1inch’s Aggregation Protocol and Limit Order Protocol, is a decentralized trading and matching system that connects DEX users with practically limitless liquidity. The 1inch Swap Engine executes trade orders using the Dutch auction model, providing more efficiency, flexibility and tunability than regular swaps or limit orders.
Powered by the 1inch Swap Engine, Fusion mode enables users to swap tokens without paying any network fees and at the most favorable rates. In addition, Fusion mode offers users extra MEV protection. All swaps in Fusion mode are executed by resolvers – professional traders, who use the most sophisticated and efficient ways of protecting users’ swaps from MEV.
History of the 1inch Network
The history of the 1inch Network began at the ETHGlobal hackathon in New York in May 2019. Back then, multiple DEXes were already in operation, and, to find the best swap rates, users had to go to each of them and manually compare prices. Addressing this issue, Sergej Kunz and Anton Bukov decided to build a tool for automating the process of finding the best rates.
Over the course of 36 hours, Sergej and Anton developed a prototype of a DEX aggregator that became the backbone of the 1inch Network. As it turned out, they managed to solve a big problem in DeFi, offering a solution for aggregating all available liquidity distributed across multiple sources in an efficient and user-friendly way.
About the 1INCH token
The 1INCH token was released in December 2020 by the 1inch Foundation. It is the 1inch Network’s governance and utility token. 1INCH holders can stake their tokens to participate in the 1inch Network’s DAO governance. Following the Fusion upgrade in December 2022, users can stake 1INCH tokens to receive Unicorn Power (UP) and delegate their UP to any 1inch Fusion resolver in exchange for rewards.
co-founder of the 1inch Network
After graduating from secondary school, Sergej began studying to become a programmer. He has worked as a software engineer, full-stack developer, software architect and information security expert. While working for various companies, in his spare time, he built an SMS aggregation system that allowed users to send text messages at the cheapest rates.
Sergej's first introduction to the crypto space dates back to 2011, when he attempted to mine Litecoin. In late 2016, he built his first mining farm for Ethereum. After mining Ethereum for a couple of years, he launched a YouTube channel called CryptoManiac, on which he conducted live security audits of smart contracts. During one of the live streams, Anton Bukov, who would later become the co-founder of 1inch, joined in. The two developers hit it off and, for the next six months, Anton became the co-host of the channel, now renamed to CryptoManiacs. Together, they participated in 17 hackathons around the globe. Later, at a hackathon in New York in May 2019, they developed an aggregator MVP for decentralized exchanges.
co-founder of the 1inch Network
Anton Bukov started programming at the age of 12 by attending evening university classes for secondary school students. Anton took further programming classes in Turbo Pascal and C++ at a high school specializing in mathematics and computer science, and then studied cryptography at university.
Anton worked as a C++ developer and iOS developer and later contributed to various crypto projects, including MultiToken, NEAR Protocol and Synthetix. Anton also co-hosted, with Sergej Kunz, the YouTube show CryptoManiacs. The two developers’ collaboration culminated in New York in May 2019, when Anton and Sergej built a DEX aggregator solution – essentially an MVP for the future 1inch Aggregation Protocol. Ironically, it turned out to be one of the least successful hackathons for them in terms of awards.
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