About 1inch Network (1Inch)
1inch Network is a decentralized finance (DeFi) platform that enabled users to swap Ethereum blockchain-based cryptocurrencies when it first launched. The platform has since expanded to include other networks — today, 1inch users can swap or trade digital assets on BNB Smart Chain, Polygon, and more.
The swapping function used on 1inch is known as an aggregator mechanism, which enables trading by engaging in a detailed process to select the most suitable decentralized exchange (DEX) on which to execute a crypto swap.
1inch chooses from as many as five DEXs on its Ethereum platform — and a host of others on supported blockchains — in order to provide each user with the most financially efficient option to execute their desired swap.
In December 2020, 1inch launched its eponymous native cryptocurrency, 1INCH, an ERC-20 governance and utility token. 1INCH price is updated and available in real time on Binance.