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Information about 1inch (1INCH)
1inch is an intermediary exchange that allows users to split their transactions between various 1inch-affiliated exchanges in order to obtain the best available price for the intended transaction and reduce slippage. The 1inch protocol includes Mooniswap, Oasis, Kyber Network, Uniswap, 0x Relays, and others.
Users can swap and make limit orders for a wide variety of tokens at 1inch Exchange. The pricing and liquidity available from each platform are clearly displayed on the 1inch interface. This saves users both time and effort in choosing an exchange and avoids having to open multiple ones and evaluate orders.
The ecosystem of 1inch started with the product 1inch Exchange, which was launched in May 2019 at ETHGlobal Hackathon. With over 20,000 users, 1inch Exchange has been one of the indispensable elements of the DeFi community since its inception. 1inch proceeded to introduce Mooniswap, a market-making model similar to Uniswap, in August 2020.
1inch Token, also known as 1inch Network Token (1INCH), is a cryptocurrency used in the ecosystem of 1inch for many different purposes such as:
Furthermore, 1INCH is a cryptocurrency that represents the 1inch ecosystem, allowing community members to invest, hold, exchange, buy, and benefit from 1inch’s business activities.
News
1inch managed to recover most of the stolen 5 million USD after negotiations with the hacker, who retained a portion as a bug bounty. The breach was traced back to an outdated smart contract affecting a third-party market maker, sparing users from financial loss.
Following the incident, 1inch is boosting its security protocols by enforcing updated audit requirements and emphasizing the transition to Fusion v2 to mitigate future vulnerabilities in the DeFi space.
Security breach details: On December 9, 2023, 1INCH faced a security breach where attackers gained unauthorized access to the private key of the Resolver smart contract. This access enabled them to alter contract settings unlawfully, risking funds from the platform.
Response to breach: The 1INCH team acted quickly to revoke the compromised access and implemented additional security protocols. They assured users of the safety of their funds, as the non-custodial nature of the protocol protects assets effectively despite the breach.
Các giao dịch liên quan đến 15.69 triệu token: Trong ba ngày liên tiếp, nhóm phát triển 1INCH đã bán 15.69 triệu token. Tổng doanh thu từ các đợt bán này đạt khoảng 8.38 triệu USD, cho thấy hành động tích cực của các nhà phát triển trên thị trường.
Doanh thu từ các giao dịch ban đầu đạt 2.8 triệu USD: Doanh thu từ ngày đầu tiên bao gồm 5.2 triệu token 1INCH với khoảng 2.8 triệu USD ở mức giá trung bình 0.533 USD mỗi token. Điều này cho thấy dòng tiền đáng kể từ các giao dịch đầu tiên.
Giá hiện tại vẫn rất thấp: Mặc dù đạt mức cao nhất trong ngày là 0.57 USD, giá giao dịch hiện tại cho 1INCH là 0.534 USD. Cần lưu ý rằng token này vẫn thấp hơn 93% so với mức cao nhất mọi thời của nó là 7.87 USD.
Decentralized exchange (DEX) 1inch revealed a new feature that allows users to swap their digital assets cross-chain while retaining self-custody of the assets.
The “Fusion+” feature combines both onchain and offchain liquidity to deliver swaps. The DEX claims the feature has built-in protection against maximal extractable value (MEV) attacks.
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