What Is 1inch Exchange & How To Buy 1INCH Tokens?
1inch is a decentralized exchange aggregator. This means that rather than working as an exchange, 1inch analyzes various decentralized exchanges for the best prices, allowing traders to compare prices and get themselves the cheapest price in the market. Using 1inch exchange users can determine the price impact fee, fee for swapping liquidity protocol, and governance reward.
1inch had also launched its own native governance token, 1INCH, in December 2020. A governance token can be used to vote on the way the 1inch platform operates. There are three ways one could obtain the 1INCH tokens:
- Contributing money to 1inch’s liquidity protocol (formerly known as Mooniswap)
- Airdrop (December 2020)
- Used the platform before December 24, 2020
Let’s learn more about what 1inch exchange is and the easiest way to buy 1INCH tokens.
Connecting Your 1inch Account To ZenLedger
- To import your transactions, log in to a 1inch exchange and copy your receiving address.
- Paste the receiving address you copied from a 1inch exchange into the wallet address field in ZenLedger.
- Select the proper coin from the dropdown list.
- Select if the wallet is based in the USA or not.
- Then hit add a coin.
How To Generate 1inch Exchange Crypto Tax Forms?
After you’ve connected your Balancer account, completed your import, and confirmed that your transaction information and tax liabilities are correct, simply click to download your forms!
How To Use 1inch Exchange To Buy 1INCH Token?
1. Create An Account
Firstly, you need to create an account with an exchange that allows the trading of 1INCH tokens. 1INCH tokens can be availed from several exchanges, but the bad news is that they won't sell them for fiat currency. Thus it is important to have other cryptos for purchasing 1INCH tokens.
It is recommended to choose an exchange based on liquidity and ease of use.
2. Add Your Wallet
To keep swapping tokens on your own, it is recommended to connect your account with an Ethereum wallet. You can choose from a wide range of cryptocurrency wallets that are available on the market.
3. Stake Order
Once you've created an account and connected your wallet, go to 'DAO' and then click on 'governance'. Now you can enter the amount of 1INCH that you would like to stake and finally unlock your token using the 'unlock' or 'infinity unlock' as per your choice.
Advantages Of 1inch Exchange
The 1inch liquidity protocol offers many benefits to its users and liquidity providers:
- Create free-limit orders
- Earn interest by lending crypto and supplying liquidity to liquidity pools
- Earn governance rewards consisting of the swap fee and the price impact fee
- Employ self-executing smart contracts to match and carry out transactions between buyers and sellers using the non-custodial infrastructure
The Bottom Line: Why Choose 1inch Exchange?
1inch's future will depend on the future of decentralized finance. What set's 1inch apart from others is that 1inch helps you find the most inexpensive trading option from all exchanges and facilitates trade using liquidity protocols.
Some other reasons for choosing 1inch liquidity protocol are:
- No security breaches or hacks
- User-friendly interface
- No deposit, trading, or withdrawal fees
- Ensures high liquidity and premium rates by aggregating DEX order books
- CHI Gas Tokens can lower transaction costs even further
- Allows for yield farming