DeHive Integrates 1Inch 💫

Bees, we are glad to share the news about the upcoming 1Inch integration!🔥🐝 Get to know more about this cooperation and 1Inch technology from this post.

Published in

DeHive

5 min readJun 22, 2021

Except for the asset management tools we’ve covered in a previous post, there is such a thing as DEX aggregators. They help you track token prices on different exchanges and go for the one that offers maximum profit. The one we’ll be talking about today is 1inch.

What is 1inch?

1inch is a decentralized exchange, a wallet, and a token. But most importantly, it is a DeFi/DEX aggregation protocol that makes traders’ life so much easier by collecting offers from other exchanges. With such a tool, users no longer need to create several accounts on different popular DEXes and spend hours comparing token prices.

The platform is pretty popular among traders, counting 240K+ active users.

*Source* *(Information as of June 2021)*

So what is all the hype about? Can’t we just use one convenient exchange for all the crypto?

The thing is that different exchanges have different selling prices of the same currency due to their internal structures and terms of use. So to save trader’s funds and reduce transaction slippage, 1inch aggregates data and sends transactions to multiple other platforms.

For now, 1inch supports Uniswap, Kyber, Aave, Curve.fi, Airswap, mStable, Balancer, dForce Swap, 0x API, and its own transaction platform — Mooniswap.

What is so special about 1inch technology?

1inch Network unites several decentralized protocols that altogether make it one of the fastest and safest platforms in a DeFi universe.

The most prominent Aggregation Protocol sources liquidity from various exchanges and, if needed, may split a single transaction across multiple DEXes to ensure the best rates.

The core part of the Aggregation Protocol is the 1inch v3 smart contract that performs runtime verification of transaction execution and guarantees high security of the service. Thus, even such an unfortunate thing as an unsafe liquidity source will not lead to the loss of funds. And as a result, the protocol can be used in various aggregation information services.

One of such services is Pathfinder, developed by 1inch. It is an aggregation information service that finds the most efficient trading paths across various markets within less than a second. And the most exciting part is that it also considers gas fees so that the trader can see the whole picture.

Pathfinder operates on Ethereum and Binance Smart Chain (BSC), supporting a gas token, Chi, which enables users to save up to 40% on gas fees.

Apart from the Aggregation Protocol we’ve mentioned before, the 1inch team has also developed the Liquidity and Limit Order Protocols, as well as their own DAO.

What about the 1inch Limit Order Protocol?

In June 2021, 1inch released a new unique protocol — the Limit Order Protocol. It is an innovative one-of-a-kind technology that helps users to buy or sell crypto assets at a specific price.

Hasn’t this been implemented before, you might think?

The answer is yes, but the limit order option used in the 1inch dApp before was based on the 0x protocol. The new solution will replace it, offering much more efficient and flexible limit order swap opportunities.

Here’s a brief sneak peek into what the Limit Order Protocol offers.

No fees. In contrast to legacy protocols, 1inch Limit Order Protocol charges no fees, making it highly efficient in terms of gas. For instance, filling a simple order will cost 90k of gas, and an RFQ order will cost 70k of gas.
High speed. The orders are executed much faster, which is especially noticeable for small limit orders.
Dynamic pricing. 1inch smart contracts calculate all the prices based on the current demand and supply. Such a feature also enables a custom price function on separate smart contracts based on the particular properties set by a user.
Conditional orders. Now, users can indicate specific conditions for order execution to maximize their profit.
Extra RFQ support. With the new protocol, 1inch dApp can fulfill requests for quotations (RFQs) — orders for a specific amount of cryptocurrency to buy or sell.
Multichain. The protocol is currently available on Ethereum, Binance Smart Chain, and Polygon, but more chains will eventually be connected to 1inch. As for now, the network supports ERC20/BEP20, ERC721, and ERC1155 tokens. Other token standards can be supported via external extensions.

1inch Protocol and DeHive🐝

Having compared different DEX and DeFi aggregators that have been developed so far, we came to a conclusion that 1inch Network is one of the best. They have done a great job developing and running their protocols in recent years and, what’s even more important, keep working on their services and improving them day-to-day.

That’s why the DeHive team is going to integrate 1inch technologies into our Protocol in the near future. There are a number of reasons for that.

First, 1inch provides the most efficient trading paths and aggregates token prices from multiple exchanges, allowing users to see the lowest prices for a chosen cryptocurrency. As we offer a service that helps users maximize their profit, such functionality will definitely come in handy.

Second, 1inch technology integration will allow us to track and purchase assets for our own index tokens at the most beneficial conditions. This will directly influence DeHive crypto indexes prices as well, helping our users save funds and make the most out of the tokens they purchase.

We believe that such a collaboration will make DeHive one of the most efficient crypto index protocols in the market.

We’ll give more details in the upcoming articles, so become a part of the Hive and stay tuned!

🐝Check official media channels for more info💥