1inch, a decentralized (or non-custodial) crypto exchange (DEX) aggregator with competitive prices, has introduced the second version of their software and platform.
As mentioned in a blog post by 1inch:
“The main highlights are Pathfinder, an API that contains a new discovery and routing algorithm, and an intuitive, user-friendly UI. The improvements ensure the best rates on swaps, while dramatically cutting response time.”
As confirmed in the announcement, swaps will be split across 21 different liquidity protocols, “using different ‘market depths’ within the same protocol.”
Swaps (in decentralized finance or DeFi) allow users to seamlessly exchange cryptocurrency tokens in hosted liquidity pools. They also offer yield farming rewards to liquidity providers (LPs).
The 1inch team further noted that their enhanced UI now comes with “an intuitive and user-friendly design.” They also claim that response times are “the fastest on the market for comparable complexity levels.”
1inch confirmed that all major DeFi protocols are supported by the latest version. 1inch’s new DEX aggregator includes support for Uniswap v1 and v2, Balancer, Curve, Kyber, SushiSwap, DODO, Oasis, Mooniswap, and several others.
The 1inch team also noted that the latest DEX aggregator can “pack, unpack and migrate collateral tokens from Aave and Compound as part of the swap path.” They claim that the probability or chances of failed transactions has been “dramatically reduced” because of “the partial and dynamic fill mechanism.”
As explained by the 1inch team, Aave and Compound are major DeFi lending protocols that are able to pack other crypto tokens into collateral coins, like Compound’s USD-pegged coin, cUSD. Users are able to hold collateral coins, however, when they want to “unpack” them or “pack back” into collateral coins as well as to migrate (or move) them to a different pool, they need to go to the original lending protocol that had issued them.
But with 1inch’s new DEX aggregator software, a user can perform all these tasks via the 1inch platform with just one simple transaction, “saving users both time and money.” 1inch users are also able to “easily swap collateral coins held in pools, with all packing/unpacking done automatically.”
(Note: for more details on how this works, check here.)
As reported in September 2020, 1inch had partnered with Hacken to improve platform security. Also in September, 1inch teamed up with TRON to integrate its trading protocol, JustSwap, and also made other enhancements.
In August 2020, 1inch secured $2.8 million in capital via a round led by Binance Labs.