1inch Network

1inch offers decentralized protocols that are governed by the 1inch DAO that uses the native 1INCH token to vote for key protocol parameters. 1inch’s protocol offerings include 1) 1inch Aggregation Protocol, which sources liquidity from a number of exchanges and can ensure better rates on trades by splitting a single transaction across multiple DEXes; 2) the 1inch Liquidity Protocol, which enables users to earn rewards and incentives by providing liquidity to pools and for participating in liquidity mining programs; and 3) 1inch Limit Order Protocol, a protocol for users to trade using limit orders that are programmed by smart contracts without the need to pay fees.

In December 2022, the company launched “Fusion,” a new upgrade to its swap engine that enables users to perform secure noncustodial swaps, using a decentralized order-matching approach based on the Dutch auction model.

Additionally, the platform also offers a DeFi wallet in the form of a smartphone application for storing a number of digital assets. As of April 2024, the platform served over 12.5 million wallets, with a total transaction volume of more than USD 428 billion. In July 2023, the company launched the beta version of “1inch Labs,” a developer portal that provides APIs for building cloud-based dApps.

Key customers and partnerships

The company has also powered token swaps across several exchanges and wallet providers via integration partnerships. These include Wirex, Kucoin, and Aurora, all of which integrated with 1inch in August 2022.

In October 2022, the company partnered with Unstoppable Domains, a domain name solutions provider, to enable its users to leverage the latter’s naming service to enter domain names instead of alphanumeric keys when sending crypto payments.

Funding and financials

In December 2021, the 1inch Network raised USD 175 million in Series B funding led by Amber Group with participation from over 50 additional investors at a valuation of USD 2.25 billion. The fundraising was carried out via a sale of 1INCH tokens at a flat rate from the project’s ecosystem development fund. 1inch also announced plans to release a protocol insurance product in 2022 as well as begin a series of trials offering DeFi services to legacy financial institutions.