1inch Exchange is a decentralized exchange (DEX) aggregator that combines multiple DEXs into one platform to allow its users to find the most efficient exchange routes across all platforms. In order for a user to find the best price for a swap, they need to look at each exchange – DEX aggregators eliminate the need for manual verification, increasing the efficiency of DEX exchanges.
DEX aggregators work by obtaining liquidity from different DEXes, which means they can offer users better token exchange rates than they would find on any individual DEX, in the shortest possible time.
1inch was founded by Sergey Kunz and Anton Bukov during the ETHNewYork hackathon in 2019.
1inch was launched in August 2020 after raising $2.8 million in funding from Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures and Divergence Ventures.