1inch Wallet

What is 1Inch Wallet?

The wallet allows users to store, trade, and send cryptocurrency. Which ones, though? The Ethereum and Binance Smart Chain networks are currently supported by the 1Inch wallet. It's worth emphasizing that this ecosystem contains over 70 protocols and $19 billion in cash.

How does 1Inch Wallet work?

You link your wallet, select the currencies you'd like to trade, and it finds the best rate for you. It's a decentralized exchange aggregator, which means it works with a number of different exchanges to find the best price. Fees and gas expenditures are also taken into account.

1inch is a non-custodial exchange, as we mentioned earlier. This means that in order to access its services, you'll need your own wallet. Before you begin, double-check that your wallet is 1inch compliant.

When you start digging further, 1inch becomes more difficult to understand. If you want to use features like generating interest and providing liquidity, you may need to conduct further study.

What is the 1Inch Token?

For the 1INCH exchange, 1inch Token is referred to as an Ethereum token. 1NCH is powered by a native token. The 1INCH token is more valuable than the DAO's standard ERC-20 'utility' token. It's a governance token that helps the decentralized exchange aggregator and LPs run smoothly (Liquidity Pools).

The team behind the 1INCH project raised publicity for the token's introduction on December 25, 2020. The second airdrop took place on February 12th, 2021. Both airdrops released tokens under similar terms to allow users who missed out on the first round to get tokens.

A total of 6,000,000 1INCH tokens were issued to a few Uniswap traders during the February airdrop. The airdrop condition is that holders can use their voting power to decide on the exchange's settings. The liquidity swap cost, governance reward, decay or exchange theta time, and 'price effect' fee are among them.

These parameters can be found under the 'DAO' page on the 1INCH website. Users can go there to vote on recent proposals and participate in the voting process. The 1INCH foundation enables token holders to swap tokens without the necessity of a middleman. The initiative works as a price aggregator across DEXs, looking for the best deal for its users.

The total supply of 1INCH tokens is set at 1.5 billion. 30% of this is set aside for the community and will be delivered via airdrops. The 1INCH foundation planned to disperse the entire supply over the course of four years.

The remaining 14.5 percent of the token supply will go toward community development, with the remaining 55.5 percent going to team members and early investors.

Website

Visit the official wallet website, which contains detailed valuable information about it. You'll also find here answers to frequently asked questions, various support tools, or interesting news and articles.