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1INCH Exchange Review & Tutorial

1inch Exchange Review & Tutorial 2021

Written by LouiseElizabeth

26th December 2020

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In this review, I take you through the DEX aggregator 1inch Exchange. If you want to find the best crypto trading prices on the DeFi market, 1inch Exchange will help you to find the best prices available. 1inch offers cheap trades and low slippages across nearly every kind of ERC20 tokens. They do this by splitting orders among multiple DEXes in a single transaction. Burning gas tokens to help to reduce gas fees by half.

1inch Exchange was created during the ETH New York Hackathon in June 2019. Both co-founders are veteran software engineers with 30 years of combined experience. The company has most recently secured 2.8 million dollar funding from top investors with exciting plans to bring out their own governance token soon.

The exchange itself is non-custodial, with all trades being performed within a single transaction from a user’s Ethereum-based

Chi Gas Token

As you’re most likely aware by now, every transaction on the Ethereum network requires a processing fee, called “gas”. These fees can fluctuate with network usage, often getting really expensive when the network is running close to maximum capacity.

1inch saves on transaction costs by around 40% by utilizing the Chi GasToken. This is an ERC20 token which stabilizes the price of gas (similar to how a stablecoin works) and is meant to be used on 1inch exchange to pay transaction costs. The idea is similar to the GasToken token concept but it has some improvements. Chi is pegged to the Ethereum network’s gas price. When the gas price is low, the Chi price is also low, and the opposite. Just like GasToken, Chi is tokenized gas on the Ethereum network. The only difference is that Chi is used on 1inch and Curve, while GasToken is used across the entire Ethereum network.

Chi Gas Token $CHI

How to Mint CHI Tokens

If you want to get hold of some Chi tokens, you can easily mint these on the 1inch exchange. Please note that before you go ahead the maximum minting amount is 140 CHI, which equals to half of a block. An attempt to mint a larger amount would increase the execution time.

Step 1: Select ETH/CHI

When you are on the “Swap” tab at the top of the screen, select ETH from the “From” dropdown and CHI from the “To” field.

Step 2: Deactivate all DEXes

From the list of DEXes, deactivate all of these except for the CHI Minter so that its states 100%.

mint chi gas tokens chi minter

Step 3: Confirm and Swap

Confirm the transactions and swap using a fast gas time from your connected Ethereum wallet and perform the swap.

how to reduce ethereum gas fees

1inch Token

1inch exchange released its own governance and utility token (1INCH) on December 25th 2020. There is a circulating supply of 73 million coins and a max supply of 1.5 billion tokens.

Users who stake their 1INCH tokens, as well as liquidity providers in the 1inch Liquidity Protocol, can vote directly on major protocol parameters. Such as the “price impact fee”, “swap fee, “governance reward”, “referral reward, and the “decay period”.

The token is available to trade on exchanges such as Binance, 1inch and Uniswap and can also be claimed via their recent airdrop.

1inch Token Airdrop

1inch users who interacted with the platform prior to December 2020, may be eligible for free 1INCH tokens. As part of the launch of their governance and utility token the platform has airdropped 90 million 1inch tokens to users who previously traded on exchange.

1INCH airdrop Free tokens

Eligible users can get these tokens for free, as long as they’ve made at least 1 trade before September 15 2020, or at least 4 trades in total or trades for a total of at least $20.

Plus liquidity providers to the 1inch Liquidity Protocol (Mooniswap) will also receive their 1INCH tokens based on the liquidity mining program’s stages 1 and 2, announced earlier this year.

This drop will apply to every qualifying account or wallet thats been connected and traded with on 1inch, which is great as means you could be eligible for more than 1 claim too!

How to Claim your Free 1INCH Tokens

In this video, I show you how to claim your free 1INCH tokens as part of the platform’s 90 million token airdrops. Users must have interacted with the platform BEFORE December 24th 2020 and made at least 1 trade before September 15 2020, or at least 4 trades in total, or trades for a total of at least $20.

Plus liquidity providers to the protocol can also receive their 1INCH tokens based stages released last fall.

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2 Comments

  1. Angelo

    Hey, I provided pool liquidity on 1inch (1103$ US). Now when I go to farming (did the unlock), and select my balance (201 or about 1094$ US) and click deposit, I get asked to confirm a transaction with 2.6467 ETH gas fee (about 1874$ US). Is that normal? This is my first time trying to Farm on 1inch.

    Reply
    • LouiseElizabeth

      Unfortunately, gas fees are extremely high at the moment you can check these at ethgasstation which will indicate the amount you will need to pay.
      You can use the likes of Zerion which can do this process for you within 1 transaction. You can also adjust the gas fee on this as well.

      Reply

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