1inch (1INCH) is a decentralized exchange aggregator (DEX aggregator) and automated market maker (AMM) that operates on the Ethereum blockchain and other blockchain networks.
It is designed to help users find the best trading prices and execute decentralized trades across multiple DEXs with a single transaction. 1inch scans multiple decentralized exchanges (such as Uniswap, SushiSwap, and others) to find the best available prices for token swaps. Users can route their trades through 1inch to achieve better prices and lower fees.
1inch also offers liquidity provision services where users can provide liquidity to AMMs and earn fees in return. This liquidity is used to facilitate trades for other users.
The platform aims to optimize gas costs for users by routing transactions through the most cost-efficient paths on the Ethereum network.
The 1INCH token is the native cryptocurrency token of the 1inch platform.
1INCH token holders have governance rights, allowing them to participate in decision-making processes related to the protocol’s development and upgrades. Users can also stake 1INCH tokens to earn rewards, including a portion of the fees generated on the platform.
Disclaimer. This article is for informational purposes only and should not be viewed as an endorsement by CoinIdol. They are not a recommendation to buy or sell cryptocurrency. Readers should do their research before investing in funds.
Source: https://coinidol.com/1inch-1inch-token/