Video Discription |
1inch is a decentralized exchange aggregator that aims to provide traders with the best price and lowest fees on their transactions. Decentralized exchanges are part of the decentralized finance (DeFi) ecosystem that allows traders to exchange crypto assets without an intermediary executing the order, custody funds or otherwise overseeing the transaction. DEXs allow traders to maintain custody over the funds in their wallets, without the need to share personal identifying information.
Decentralized exchanges are cryptocurrency exchanges that don't require a third party to govern it all. The clue’s in the name, after all: on a decentralized exchange, there is no single company maintaining the order books, custody funds, or calling the shots. (Hypothetically, in principle, and often with some major caveats).
Anyone can trade on a decentralized exchange; traders need only connect their, never giving up access to their funds or personal information to companies.
There are a few such exchanges, including Uniswap, SushiSwap, and PancakeSwap. But all of these exchanges, each of them relatively new and structured in different ways, sell cryptocurrencies for slightly different prices (incidentally, creating opportunities for arbitrage). So Ethereum might sell for a different amount on Uniswap than it does on 0x, not to mention that each platform may charge different fees.
According to how 1-inch works, It operates in a similar way to many popular travel booking websites. Just as these sites aggregate prices from hundreds of airline, hotel, and travel provider websites, 1inch compares cryptocurrency prices and trading fees across several decentralized exchanges.
1-inch uses an aggregated protocol to automatically route trades to the platforms with the best prices and lowest fees. allowing traders to use a single platform while comparing prices and executing trades across the entire DEX landscape.
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