Simplified: What Is 1inch Network (1INCH)?
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Decentralized exchanges (DEXs) are a major component of the DeFi world, opening up a ton of opportunities for crypto traders and investors. With DEXs, you can put your idle crypto assets to work and earn consistent passive income. Since decentralized exchanges aren’t governed by a third party, information such as their order books and their inflow/outflow of funds remains private.
Although many decentralized exchanges like SushiSwap, Raydium and Uniswap are reliable, no two DEXs share the exact fee structure or sell cryptocurrencies at the same prices. For instance, the price of Bitcoin isn’t always the same on Uniswap as it is on SushiSwap. In fact, this concept of trading price differences has a name — it’s known as arbitrage trading.
Due to price differences, finding the best exchange rates for your crypto tokens can be challenging since time and effort are required to manually compare rates across DEXs. Failing to find the right DEX could cost you in potential returns as well.
What if a platform were to offer the best possible price on your tokens by taking into consideration data from the top DEXs? In this article, we’ll discuss the 1inch Network — a DeFi aggregation platform that tackles this issue.