Definition of 1inch
1inch is a decentralized exchange (DEX) aggregator that searches multiple decentralized exchanges and liquidity sources to find competitive routes for cryptocurrency swaps. Its Pathfinder algorithm evaluates different trading paths and can split a transaction across multiple liquidity pools to help improve execution prices and reduce price impact.
Founded by Sergej Kunz and Anton Bukov in 2019, 1inch has expanded beyond swap aggregation to offer additional 分散式金融（DeFi） services, including limit orders, Fusion swaps, and cross-chain trading through Fusion+.
The platform’s Fusion feature uses a network of professional market participants called resolvers to compete to execute eligible swap orders. The 1INCH token supports governance and certain staking-related functions within the ecosystem, but users do not generally need to hold it to make ordinary swaps.
Although 1inch aims to find competitive trading routes, it does not guarantee the best price on every transaction. Actual results depend on liquidity, network fees, market conditions, and the routes available when the swap is executed.
Origin and History of 1inch
- 五月2019： Sergej Kunz and Anton Bukov develop the first 1inch aggregation-protocol prototype at the ETHGlobal hackathon in New York.
- 2020年： 1inch develops its aggregation technology and expands its protocol functionality.
- 八月2020： 1inch announces a $2.8 million funding round led by Binance Labs.
- 月2020： The 1INCH token launches, accompanied by an airdrop for eligible early users and the introduction of token-based governance.
- 2021年： 1inch raises $175 million in a Series B funding round and continues expanding its products and supported networks.
- 2022年： 1inch introduces Fusion, an intent-based swap mechanism that uses resolvers and a Dutch auction to execute eligible orders.
- 2024年： 1inch continues developing cross-chain trading functionality, including Fusion+.
- 现在： 1inch provides swap aggregation and related DeFi services across multiple supported blockchain networks. Supported networks and features may change over time.
另请阅读：女巫抵抗机制的身份、共识和权衡取舍
How 1inch Works
| 特性 | 功能 | 潜在益处 |
|---|---|---|
| 开创者 | Searches supported liquidity sources and possible swap routes. | May identify competitive execution prices. |
| 拆分路由 | Divides a trade across multiple pools or routes when appropriate. | May reduce price impact on larger trades. |
| 聚变 | Allows resolvers to compete to execute signed swap orders. | Can cover on-chain execution gas for users and reduce exposure to certain MEV attacks. |
| 融合+ | Supports cross-chain swaps through coordinated execution mechanisms. | Enables compatible swaps across supported networks. |
| 限价单协议 | Allows users to create orders with specified conditions. | Provides greater control over trade execution. |
| 1INCH代币 | Supports governance and certain staking-related functions. | Enables participation in aspects of protocol governance. |
| 多链支持 | Provides access to supported liquidity and trading services across multiple networks. | Allows users to trade within different blockchain ecosystems. |
简单来说
1. Comparing token prices
Think of 1inch as a travel comparison website. Instead of comparing airline tickets, it evaluates token-swap routes across supported decentralized exchanges. It then identifies a route or combination of routes that may offer a competitive result.
2. Split routing
A large trade can significantly affect the price in a single liquidity pool. Pathfinder may split the transaction across several pools to reduce this effect.
For example, a trader swapping a large amount of USDC for ETH might receive a better execution result by using several liquidity sources instead of relying on one pool. The actual improvement depends on liquidity, fees, and market conditions.
3. Fusion swaps
Fusion allows users to sign swap orders that resolvers compete to execute through a Dutch auction mechanism. For eligible orders, the resolver pays the on-chain transaction gas rather than requiring the user to pay that execution fee directly.
Fusion is designed to reduce exposure to common forms of maximal extractable value (MEV), including sandwich attacks. However, it does not eliminate every trading risk, and an order may expire without being filled.
4. The 1INCH token
The 1INCH token is associated with governance and certain staking-related functions in the 1inch ecosystem. Users can generally use the aggregator to swap tokens without holding 1INCH.
5. Limit orders
Limit orders allow users to specify conditions under which a trade can execute. For example, someone may create an order to buy a token only when the execution price reaches a specified level.
The order is not guaranteed to fill. Execution depends on market conditions, the order’s requirements, and the availability of a suitable execution route.
另请参阅： Relay Chain How Polkadot Connects and Secures Multiple Blockchains
Real-World Examples of 1inch Usage
Finding a route for a large swap
场景： A trader wants to exchange a substantial amount of USDC for ETH.
实施： Pathfinder evaluates available liquidity sources and may split the trade across multiple routes.
结果： The trader may experience less price impact than when using a single pool, although a better execution price is not guaranteed.
Using Fusion for a swap
场景： A user wants to swap tokens without directly paying the transaction’s on-chain execution gas fee in the network’s native token.
实施： The user signs a Fusion order, and eligible resolvers compete to execute it.
结果： The resolver pays the on-chain gas cost for the execution. The order can still expire or fail to fill, and its final execution price depends on the order conditions and market environment.
Creating a limit order
场景： A user wants to buy ETH only when a specified price condition is met.
实施： The user creates a limit order through the supported 1inch interface.
结果： The order may execute if its conditions are satisfied and a suitable execution route is available. Otherwise, it may remain unfilled.
Swapping across blockchains
场景： A user wants to exchange assets held on two different blockchain networks.
实施： The user checks whether the relevant assets and networks are supported by Fusion+ or another available cross-chain route.
结果： A supported route may allow the swap to be completed without the user manually performing separate transactions on each network. Availability and execution depend on the assets, networks, and protocol conditions.
Advantages of Using 1inch
| 企业优势 | Detail |
|---|---|
| Access to multiple liquidity sources | Aggregation can help users compare trading routes without manually checking every supported DEX. |
| 拆分路由 | Dividing a trade across pools may reduce price impact and improve execution. |
| Fusion execution | Eligible resolvers pay the on-chain execution gas, and Fusion is designed to reduce exposure to certain MEV attacks. |
| 限价订单 | Users can specify trading conditions instead of always making immediate swaps. |
| 跨链功能 | Fusion+ supports compatible swaps across different blockchain networks. |
| Self-custodial interaction | Users generally interact through their own wallets rather than depositing funds into a conventional custodial exchange account. |
Disadvantages and Risks of 1inch
| 风险 | Detail |
|---|---|
| 智能合约风险 | Vulnerabilities in 1inch contracts or connected protocols can result in losses. Audits cannot guarantee complete security. |
| Token approval risk | Token allowances may give contracts permission to spend approved assets. Unnecessary or excessive permissions can increase exposure. |
| Execution uncertainty | Prices can change before a transaction executes, and the final result may differ from the initial quote. |
| Fusion order expiry | Resolvers may not fill an order within its specified price and time conditions. |
| Cross-chain complexity | Cross-chain swaps involve additional technical dependencies and risks compared with transactions on a single network. |
| 网络费用 | Ordinary swaps generally require users to pay network gas. Fusion may cover eligible execution gas, but other costs or conditions can apply. |
| No guaranteed best price | Another DEX or trading route may sometimes offer a better result, depending on the transaction and market conditions. |
风险管理技巧
审核代币审批
Check which contracts have permission to spend your tokens. Tools such as 撤销现金 can help you inspect and manage approvals. Always verify the network and contract before changing permissions.
Compare Swap Quotes
For significant trades, compare the estimated output, price impact, and network fees with other reputable platforms. Do not assume that an aggregator will always provide the lowest cost.
验证交易详情
Before signing, confirm the token contract, network, swap amount, recipient, and minimum expected output. Be cautious of fake websites and malicious tokens.
Understand Fusion Conditions
Review an order’s price limits and expiry conditions. Gasless execution does not guarantee a successful fill or the best possible market price.
Be Careful With Cross-Chain Swaps
Confirm that both networks and tokens are supported. Understand the transaction’s completion requirements and any refund or recovery conditions before proceeding.
Do Not Rely on Audits Alone
Audits and a protocol’s operating history can provide useful information, but they do not eliminate 智能合约 vulnerabilities, phishing, market volatility, or user error.
Frequently Asked Questions About 1inch
Q: Is 1inch always the best price?
No. 1inch searches supported liquidity sources for competitive routes, but the result depends on liquidity, trade size, network fees, market movements, and the sources available at the time. Comparing quotes is advisable for significant trades.
Q: What is 1inch Fusion?
Fusion is an intent-based swap protocol that allows users to sign orders which resolvers compete to execute through a Dutch auction. For eligible Fusion swaps, resolvers pay the on-chain execution gas. The mechanism is designed to reduce exposure to common front-running and sandwich attacks, but it does not eliminate all trading risks.
Q: Do I need to hold 1INCH to use the platform?
Generally, no. Users can make ordinary swaps through 1inch without holding the 1INCH token. Certain governance, staking, or resolver-related activities may have additional requirements.
Q: How does 1inch make money?
The 1inch ecosystem includes several protocols and products with different fee structures and economic arrangements. Fees can vary by product, integration, and order type. It is inaccurate to assume that every swap generates revenue for 1inch through positive slippage. Check the current interface and official documentation for the applicable transaction terms.
Q: Is 1inch safe to use?
1inch is a widely used DeFi network, but no decentralized finance protocol is completely risk-free. Smart-contract vulnerabilities, malicious tokens, unsafe approvals, phishing, market volatility, and cross-chain failures can result in losses. Use official interfaces, verify transactions, and only risk funds you can afford to lose.
Q: What is the difference between 1inch and a decentralized exchange?
A decentralized exchange typically provides its own liquidity pools or trading mechanism. A DEX aggregator such as 1inch searches multiple supported liquidity sources and routes a swap through one or more of them. The 1inch ecosystem also offers additional products, including limit orders and Fusion swaps.
结语
1inch helps users find token-swap routes across multiple decentralized liquidity sources. Its Pathfinder algorithm, Fusion execution, limit-order functionality, and cross-chain services provide different ways to trade within supported blockchain ecosystems.
However, aggregation does not guarantee the best price, and Fusion does not eliminate every trading or technical risk. Users should compare quotes, understand transaction conditions, and review token approvals before making swaps.
This article is for educational purposes only and is not financial advice. Cryptocurrency trading involves substantial risk.
