CryptoBUY: 1INCH

Last year, December 2020 to be exact I bought 1INCH when it was newly launched at Binance. I didn't gain buying it because I was just following what is the trend at that time as I am addicted to doing Futures Trading, but I also bought it in my spot account, and as a noob trader I followed the rules buy high sell lower lol. I keep talking about and now I decided to add it to my “CryptoBUY” blog topic.

What Is 1inch (1INCH)?

1inch is a decentralized exchange (DEX) aggregator that connects several DEXes into one platform and allows its users in finding the most efficient swapping routes across all platforms. To make the user finds the best price for a swap, they need to check at every exchange — DEX aggregators eradicate the need for manual checking, giving efficient swapping on DEXs.

DEX aggregators help by sourcing liquidity from different DExs, which means that they can offer users better token swap rates compare to finding it on any single DEX, in the fastest way.

1inch was launched last August 2020 after it was funded with a total of $2.8 million that was raised from Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, and Divergence Ventures.

1inch raised another $12 million in Series of funding which was led by Pantera Capital, including ParaFi Capital, Blockchain Capital, Nima Capital, and Spartan Group in last December 2020. The funding raise was conducted via SAFT sale (simple agreement for future tokens). Powered by its automated market maker (AMM), Mooniswap in winter 2020.

Also, in December 2020 it launches its governance token 1INCH and its network begins to be governed with a decentralized autonomous organization (DAO).

Who Are the Makers of 1inch?

1inch was founded by Sergej Kunz and Anton Bukov with the course of the ETHNewYork hackathon last 2019. The two had met earlier during a live stream of Kunz’s YouTube channel (CryptoManiacs), and begin to enter hackathons together, they won a prize at a hackathon in Singapore, including two major awards from Ethereum Global.

Kunz - recently worked as a senior developer in product price aggregator Commerce Connector, coded in communication agency Herzog, led projects at Mimacom consultancy, and worked full time at Porsche in both DevOps and cybersecurity before founding 1inch.

Bukov - as the current CTO of 1inch, recently worked at software development since 2002, also worked in decentralized finance (Defi) since 2017 on products including gDAI.io and NEAR Protocol.

What Makes 1inch Unique from others?

1inch is unique in the way that it can provide instant governance for its users. These features allowing 1inch users in voting for specific protocol settings in the decentralized autonomous organization (DAO) model.

Current Price of 1INCH

1inch price today is USD 5.36 that has a 24-hour trading volume of USD 411,804,212 at the time of writing this article. 1inch was down 5.12% in the last 24 hours. The current CoinMarketCap rank is #66, with a market cap of $579,561,574 USD. With a circulating supply of 108,214,382 1INCH coins and the max. supply is not yet available. The total supply of 1INCH is currently at 1.5 billion tokens.

The top exchanges that trading 1inch are currently Binance, Houbie Global, OKEx, HBTC, and CoinTiger. You can find others listed on our crypto exchanges page.

How Is 1inch Network Secured?

1inch is non-custodial, and all trades will take place within one transaction from a user’s Ethereum-based wallet. Oasis, Kyber Network, Uniswap, 0x Relays, and others are integrated into 1inch’s protocol, as of December 2020.

My Spot Trade-in 1INCH at Binance

I first bought 1inch last Dec.25, 2020, with a price of $2.4943 with a total of $32.94, I cannot remember anymore why I sold it earlier at $2.63 that has a total of $34.87 so I only gain $1.93. Then bought it again at $2.802 with a total capital of $44.74, maybe I got hyped at this moment, doing trades without proper executes and plans. Then, suddenly 1inch started to dump big time, it was my worst trade on the spot because I got stressed seeing the negative P&L.

Then, after seeing how 1inch price drops I decided to sell at $0.9195 saving $14.68 only. I lost $30.06, a friend told me not to sell it because they believe it will pump later because it is a Dex aggregator project, the price just dump because the platform is still new but as a hard-headed noob, I did not listen.

Seeing the price of 1inch now made me want to slap my face because they always say, in spot trading, you will never lose unless you sell at the lower price. 1inch did even reached $6 yesterday, but I already moved on at least from that experience I learned that hodl is the best with a lot of patience.

Want to read more about 1inch? Click the link below.

https://coinmarketcap.com/currencies/1inch/

CrytoBUY: This is a blog in which I will tackle the coins I bought, whether it's a good coin or a shitcoin. This is for educational purposes for those who want to learn about other crypto coins. I just wanted also to tell you what coin/shitcoin I bought and tell you my experience on trading it. So, this is not financial advice, always remember to invest at your own risk and more on DYOR.

P.S don't mind the amounts on my trades, I am still a novice trader practicing with small amounts.

Yours Truly,

@Eybyoung