UX-oriented Crypto Wallet Series (1) 1inch Wallet
Disclaimer: I don’t represent any company or foundation’s profit
About 1inch
1inch is an EVM-based DeX Aggregator. It provides the best swap path on AMM(Automatic Market Maker)-based DeXes. You can think of 1inch as the “stockbroker” in DeFi industry.
About 1inch Wallet
However, this popular DeX Aggregator has its own mobile wallet called “1inch wallet”. This wallet provides many user-friendly features like iCloud backup, CeX-Like trading experience (Limit order, etc), and more.
What’s the target pain point to be solved?
In decentralized exchanges, slippage is the biggest pain point due to lack of liquidity, decentralization & fractionalized various exchange protocols, and more various liquidity pools. So 1inch developed a liquidity aggregator for DeFi to offer the best exchange experience.
And to offer seamless exchange experience, 1inch also developed a wallet called 1inch wallet, A DeX Aggregator integrated crypto wallet. This offers a more seamless & comfortable exchange experience for clients.
Impression & Competitors
I think this wallet offers the best exchange experience in DeFi, like a crypto exchange app like Binance, Huobi… etc. So I consider 1inch wallet as a non-custodial, decentralized version of Binance on Ethereum.
Pain Points
Exchange, and what? HODL? 1inch wallet doesn’t have any in-app “earning” features like connect to AAVE, Compound, etc. So it’s uncomfortable because we have to connect to an external site to earn on these swapped coins.
Even centralized exchanges like Binance offers some earning/staking features in-app, so to expand 1inch wallet’s users, I think some earning feature integration would be a good roadmap.
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