AMA Recap: CRYPTO MINERS X 1INCH

1inch is a decentralized exchange aggregator that aims to provide traders with the best price and lowest fees on their transaction. The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest, and protected operations in the DeFi space. Decentralized exchanges (DEXs) are part of the decentralized finance (DeFi) ecosystem that allow traders to exchange crypto assets without an intermediary executing the order, custodying funds or otherwise overseeing the transaction. DEXs allow traders to maintain custody over their funds in their wallets, without the need to share personal identifying information. The 1inch Network’s first protocol is a decentralized exchange (DEX) aggregator solution that searches deals across multiple liquidity sources, offering users better rates than any individual exchange. The 1inch Aggregation Protocol incorporates the Pathfinder algorithm for finding the best paths across over 240+ liquidity sources on Ethereum, BNB Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, Fantom and Gnosis Chain. In just over two years the 1inch DEX aggregator has reached 1M users and surpassed $150B in overall volume on the Ethereum network alone. The 1inch Liquidity Protocol is a next-generation automated market maker (AMM) that protects users from front-running attacks and offers attractive opportunities to liquidity providers. 1inch operates in a similar way to many popular travel booking websites. Just as these sites aggregate prices from hundreds of airline, hotel and travel provider websites, 1inch compares cryptocurrency prices and trading fees across several decentralized exchanges. 1inch automatically routes trades to the platforms with the best prices and lowest fees, allowing traders to use a single platform while comparing prices and executing trades across the entire DEX landscape. The 1inch Limit Order Protocol facilitates the most innovative and flexible limit order swap opportunities in DeFi. The protocol’s features, such as dynamic pricing, conditional orders, and extra RFQ support, power various implementations, including stop-loss and trailing stop orders, as well as auctions. The 1inch Wallet is a multichain mobile platform that provides an easy-to-navigate interface with secure storing, transaction, and staking capabilities. This versatile wallet was built from the ground up to streamline interacting with 1inch’s features. The 1inch Network’s governance token 1INCH is used to vote on protocol parameters under the decentralized autonomous organization (DAO) model.

We hosted an AMA session with 1inch on 10th August.

Mr. Ramsy was the host from Crypto Miners and Mr. Nick was the guest. He shared delightful knowledge and unique features of 1inch.
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Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to the Crypto Miners #Special AMA session With 1inch

To help us learn more about 1inch, We are lucky to be joined By the SMM of 1inch, Mr. Nick

Hello Nick 👋

Nick 🦄 | 1inch:
Hello everyone, nice to meet you and glad to be here! 👋

Ramsy | Crypto Miners:
Welcome here Mate ❤️

Thanks for joining with us today

How are you doing today mate?

Nick 🦄 | 1inch:
Thanks, I’m great 👍 Have a pretty busy day, but I like it. How about you?

Ramsy | Crypto Miners:
Doing well 👍

I’m pretty sure that our Community is Waiting for learn more about 1inch ✌️

So without wasting any time let’s get started if you’re ready!! @nick1inch

Nick 🦄 | 1inch:
Sure, let’s go! 🚀

Ramsy | Crypto Miners:
First of all Please make a concise and brief introduction to 1inch in Lyman words. How 1inch is contributing its role in DeFi world?

Nick 🦄 | 1inch:
1inch is a network of decentralized protocols designed to provide the most lucrative, fastest and secure operations in the DeFi space.

1inch collects the real time data from hundreds of DEXes to allow traders to identify the best prices and lowest fees across the market. 1inch supports 9 blockchain networks: Ethereum, BNB Chain, Avalanche, Polygon, Optimism, Arbitrum, Gnosis, Fantom and Klaytn.

Ramsy | Crypto Miners:
Thanks Nick for this great start about 1inch 👍

Now let’s see our second question from this segment

2. What are the features of 1inch that makes it superior and special as compared to its competitors?

Nick 🦄 | 1inch:
1inch is a unique collection of decentralized protocols such as the 1inch Aggregation Protocol, the 1inch Limit Order Protocol and the 1inch Liquidity Protocol, which are deployed on each of the supported blockchains.

The 1inch Aggregation Protocol offers cheaper token swaps than other DEX aggregators and even other DEXes directly. Today, 1inch incorporates over 250 integrations of liquidity sources among all supported blockchains.

Ramsy | Crypto Miners:
That’s cool

Nick 🦄 | 1inch:
The 1inch Limit Order Protocol allows traders to place more advanced, conditional orders beyond standard swap orders. 1inch traders are able to place orders such as stop-loss orders and trailing stop orders.

1inch Liquidity Protocol slows down price changes to prevent arbitrage traders from earning up to 100% of swap slippages.

Ramsy | Crypto Miners:
Moving on…

3. Can you tell us about Pathfinder algorithm which 1inch is using? What are its benefits? Also tell us that how is the 1inch Network secured?

Nick 🦄 | 1inch:
Sure!

Pathfinder is a complex search algorithm for swapping routes. Utilizing the 1inch APl, it finds the best trading paths within less than a second.

With Pathfinder, single trades can be splitted into smaller portions across multiple DEX platforms, in order to deliver the most price efficient option.

As an example, say a 1inch user wants to trade $100 worth of the DAI stablecoin for Ether on the 1inch platform.

1inch may find that the users will pay the lowest fees if the DAI is first converted to a different stablecoin such as USDC, before USDC is then exchanged for ETH.

As another example, consider a 1inch user is going to swap 1 million USDT for Ether.

Thanks to Pathfinder, the swap will be splitted across several DEXes and liquidity sources. Generally, the result is the most convenient swap in terms of exchange rates and gas fees available at that time.

Ramsy | Crypto Miners:
Impressive 👌

Nick 🦄 | 1inch:
That’s all about Pathfinder, hope you found this information useful 👌

Now let’s talk about our security.

Ramsy | Crypto Miners:
Go ahead 👍

Nick 🦄 | 1inch:
The 1inch Network maintains a strict focus on the prevention of security issues, ensuring all 🛡 users’ funds and transactions are safe.

1inch is the most audited project in DeFi.

Most smart contract audits are publicly available, you can see a list here: https://github.com/1inch/1inch-audits.

In addition to protocol audits, 1inch Network is also ✅ 100% non-custodial, meaning that user’s funds are not held by the protocol or platform.

Ramsy | Crypto Miners:
Alright 👍

4. What about the team behind the great achievements of 1inch?

Nick 🦄 | 1inch:
1inch was founded by Sergej Kunz and Anton Bukov during an ETHGlobal hackathon in May 2019.

Kunz previously worked as a software engineer for Porsche, while Bukov was a developer who previously worked on the NEAR Protocol.

👥 Right now 1inch has more than 100 core contributors distributed all over the world, and we haven’t fired anyone in the last months.

We strongly believe in collaborations and team synergy and are always on the lookout for the most talented people eager to work with us towards a better, decentralized future.

Ramsy | Crypto Miners:
Let’s hear our last question from this segment 😃

5. What updates and developments we’ll get in coming months and years in longer term?

Nick 🦄 | 1inch:
We do not announce future developments, as we prefer to do first and then talk.

For example, yesterday we announced the support of Klaytn, a dominant blockchain in Asia.

All the latest news you can find here:

🐦 Twitter: https://twitter.com/1inch

📨 Telegram: https://t.me/OneInchNetworkNews

Ramsy | Crypto Miners:
Apriciate the work spirit 👏

Nick 🦄 | 1inch:
Follow our socials to get the last 1inch updates!

Ramsy | Crypto Miners:
Thanks Nick for this well detailed introduction about 1inch:)

And that’s the wrap up of our the first part of the AMA session ✅

Nick 🦄 | 1inch:
Thanks for such interesting questions!

This is just the beginning 😉

Ramsy | Crypto Miners:
Let’s now proceed to our Twitter Questions section

i hope you’re ready for that!!

Nick 🦄 | 1inch:
Yes, I am! 😎

Ramsy | Crypto Miners:
So let’s roll

Segment 2️⃣: Twitter Questions

1)Can you tell us some of the latest achievements made by the 1inch ? Can you describe in details the current development efforts, such as market expansion plans, expected applications & new upcoming program of events?

Nick 🦄 | 1inch:
In August, our last achievements on the Ethereum 🔹 network were $200B in total trading volume and 1.4M in total users count.

On August 5, we also reached 1M users on the Polygon 🟣 network.

🔝 On May 12, 1inch exceeded $2.2 bln in 24h trading volume on the Ethereum network.

That day we overtook the largest DeFi dApp — Uniswap. The latter’s performance was only $650 mln.

We continue to increase the number of supported blockchain networks to make it at least two digits 🚀

thanks for such an interesting question

Ramsy | Crypto Miners:
2)Staking is a indispensable part of DeFi’s inflation management. I would love to stake $1INCH tokens. How does staking work? What’s the minimum amount of $1INCH I need to stake, the prospective annual returns and more information I need to know?

Nick 🦄 | 1inch:
Staking 1inch tokens is a great way to participate in the 1inch Network Instant and DAO governance process.

Once you stake any amount into a pool, you become a liquidity provider.

1inch Earn offers liquidity providers attractive APYs through efficient use of capital.

1inch Earn is also available on Polygon.

🔗 More info about 1inch Earn is here — https://app.1inch.io/#/1/earn/strategies

Ramsy | Crypto Miners:
3)I read that the 1inch Network expands to Klaytn. Can you first introduce to us Klaytn? What will be the positive result of of the expansion with Klaytn? What protocol will available via 1inch on Klaytn?

Nick 🦄 | 1inch:
💬 “Klaytn is a dominant blockchain in Asia and beyond, built to support metaverse use cases and enable a flourishing virtual economy,” says Sergej Kunz, 1inch Network co-founder.

“The 1inch launch on Klaytn will offer users instant transaction speed and more diversity in the blockchains choice.”

Klaytn is Ethereum-equivalent since the Klaytn Virtual Machine derives from the EVM. It supports P2E games, AAA games and NFTs as well as a common feature set similar to Ethereum.

1inch users 🦄 will take advantage of the Klaytn transaction speed since actual processing time takes only about 1 second with no additional confirmations required.

🚀 The blockchain stands out for its ability to handle up to 4,000 transactions per second (TPS).

📃 If you want to know more about 1inch x Klaytn, read this blog post:

https://blog.1inch.io/the-1inch-network-expands-to-klaytn-fa4f6c52b4fa

Ramsy | Crypto Miners:
4)Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration?

Nick 🦄 | 1inch:
Sure, because we love our community ❤️

If you are a 1INCH holder, you can stake your tokens on the 1inch protocol to participate in the 1inch network’s Instant Governance, DAO governance, and 1inch Network Treasury management.

By voting on major protocol parameters, stakers can make changes to the 1inch Aggregation and Liquidity protocols in real-time.

📊 The 1inch Network governance process allows anyone to create a proposal (1IP), or vote on existing 1inch proposals, which can be funded by the 1inch Network Treasury and implemented by a 3rd party team.

By the way, two major proposals were recently implemented in the 1inch DAO Treasury:

✅ [1IP-08] Simple diversification mechanism for 1inch DAO Treasury
✅ [1IP-09] Collect 1inch DAO Treasury Revenue in 1INCH Token in Addition to USDC

Ramsy | Crypto Miners:
5)Could you please tell us the story behind the name 1INCH? How did you get the inspiration to build your? How will this name effect people in your opinion?

Nick 🦄 | 1inch:
One of my favorite questions 😃

The name was inspired by Bruce Lee’s 👊 ‘one-inch punch’ as a metaphor for the protocol’s efficiency in DeFi.

This name is easy to remember and demonstates our strength 😎

Ramsy | Crypto Miners:
Sounds good 😃

That’s the wind up of our twitter segment

Now Moving on to our last segment — Live Q&A

So Nick, are you ready for our most excited segment?

Nick 🦄 | 1inch:
I love the Twitter audience, it’s always interesting and exciting for me there 🔥
Thank you for interesting and relevant questions.

Sure, let’s go!

Ramsy | Crypto Miners:
lets go then

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1) Lexie Bosco:
I still haven’t found a market exchange that trades 1INCH token, or 1INCH token sale, how do we get 1INCH token / coin?

Nick 🦄 | 1inch:
📈 1INCH token is traded on many exchanges, you can see the list here:

https://www.coingecko.com/en/coins/1inch#markets

2) S M Ronju vai:
Security is the most important thing to consider want starting up a project, how secured is this project for users and investors 📌📌📌

Nick 🦄 | 1inch:
🛡 As security is one of the most urgent concerns in the DeFi space, we at 1inch have always paid special attention to it.

👨‍💻⤵️ Learn more on how 1inch protects users’ assets against any security breaches: https://blog.1inch.io/how-1inch-ensures-the-security-of-users-funds-2581bee97d8e

3) Pushpa Raj:
Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners?

Nick 🦄 | 1inch:
Sure, we want to expand 1inch worldwide, and Klaytn blockchain integration is a big step for DeFi popularization in South Korea, for example 👍

4) SCC:
What measures did the team take against poor market conditions. How do you plan to protect the investor?

Nick 🦄 | 1inch:
1inch is used by millions of users in any market condition — 🐻 or 🐃.

As you can see, we keep reaching more and more milestones in terms of user count and trading volume 🔥

5) Prashant:
There is a program known as 1Inch grant program in 1Inch Network, Could you elaborate more on this grant program and How can we be a part of this program? also How can we contribute in 1Inch Grant Program?

Nick 🦄 | 1inch:
🏆 The 1inch Foundation Grant Program fosters growth and expansion of the 1inch Network and incentivizes contributions through grants and resources.

You can read more about grants and apply for it here — https://1inch.io/foundation-grant-program/

By the way, recently The 1inch Foundation released $308,000 to grantees!

🔗 https://blog.1inch.io/the-1inch-foundation-releases-308-000-to-grantees-582e98271ac6

*This segment ends here*

Ramsy | Crypto Miners:
Thankyou so much Nick For your valuable answers and information about 1inch 🦄

It Was Pleasure Hosting An Ama With You

Time To Conclude Our AMA Section

Is there anything else you would like to share or you want us to know?

Nick 🦄 | 1inch:
Thanks for the invitation, Ramsy! 🤝

I liked it very much.

Yes, please 🙂

Ramsy | Crypto Miners:
Go ahead 😃

Nick 🦄 | 1inch:
Thank you all for participating! 🦄

We are open for you, so if you have any unanswered questions or want to know more about 1inch — feel free to contact us!

See you soon! 🚀 ❤️

Ramsy | Crypto Miners:
We Wish all the very best for 1inch And The Entire team behind the project❤️🤝

Nick 🦄 | 1inch:
Thank you, Crypto Miners team 😎 Was nice to have an AMA with you!

Ramsy | Crypto Miners:
Have a nice day Mate 👍

Learn more about 1inch here:

Website: https://1inch.io/
Twitter: https://twitter.com/1inch
Telegram: https://t.me/OneInchNetwork
Discord: https://discord.com/invite/1inch
Reddit: https://www.reddit.com/r/1inch/
YouTube: https://www.youtube.com/channel/UCk0nvK4bHpteQXZKv7lkq5w
Medium: 1inch Network