Guides and Reviews28 November 2022

Overview of 1inch token in 2023: cost, how to buy, where to follow the price - monitalks

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We deal with 1inch token: how did it appear, how much it costs now and where to buy it

Today we'll tell you where and how to follow the price of a 1INCH token, how to buy it, and why you need it.

      Hello, Gem City Resident! We want to tell you about the 1inch platform, which has brought simplicity and convenience to us for many years. 

Btw, 1inch has its own token, which is called 1INCH. What makes it so cool? How to track it, and where to find it? Relax; we'll tell you about all this (and a little more).

A brief 1inch history

The full name of the project is 1inch Network. It is a platform that was developed in 2019. It was created by two developers, Sergej Kuntz and Anton Bukov. So 1INCH, the native token, was launched in 2020. 

The 1inch Network itself is a DEX (Decentralized Exchange). It is like Binance, but the functionality is more comprehensive, so it has more possibilities. But the most important is that nobody controls your crypto, not even 1inch. How is it possible?

The thing is that 1inch doesn't store your crypto; it only connects you to the proper pools for token exchange. It does this by using the Pathfinder algorithm to find the best prices from more than 60 liquidity sources on Ethereum and more than 30 sources on Binance, Polygon, Optimism and Arbitrum. The list is regularly updated. 

     1inch is designed to find the best options by price; we can consider it an aggregator. It is also essential that the platform is known for its security because the level of security audits guarantees that the platform conducts. 

The platform's benefits can be listed for hours, so we immediately go on.

Why does 1inch need a token?

It is a unique tool to get feedback from users who care about the platform's fate or want to see new projects on 1inch.

A native 1INCH network token allows users to participate in the development of the 1inch ecosystem by voting. Changing the parameters of new products to be launched is also possible. 

The weight of each user's vote depends on how many 1INCH tokens they have locked into their account.

Is 1INCH token as good as it is painted?

It's better to look at the ATH of this token, which was reached at $7.87 per one 1INCH. It happened on May 8, 2021. But soon, the price dropped to about two dollars and broke through $5.50 per token again. 

     Token prices are actively changing, which shows the community's interest in it and the project itself. At the time of writing, the token price is about $0.62 due to the general collapse of the crypto market, as well as the collapse of LUNA and its stablecoin called UST.

Also, you can't ignore that 1inch has been holding regular airdrops (i.e., token giveaways) since its creation, the first in 2020 and the second in 2021. Getting them was easy enough - you just had to use the platform! 

For the first time, 55 million tokens were distributed to 15,000 wallets, about 3,700 tokens each. The second time, nearly 9 million tokens were allocated to airdrop.

You get a pretty good amount if you calculate how much that is in dollars, even at today's token rate! We guess you didn't get the airdrop, so let's find out where to buy 1INCH

How to buy a 1inch token?

The most canonical and comfortable way is to buy the token on the platform - app.1inch.io. 

Getting on the site, we can immediately exchange our tokens by choosing the trading pair you are interested in. But first, you must connect the wallet you want by clicking the button on the right above.

Then you may enter in the lower part of the exchange window 1inch, and in the upper part token for which you want to buy 1INCH.

And then, make the transaction, confirming the transaction in the wallet. Thanks to scripts and many bridges on the platform, 1inch will do it as quickly as possible and at the best rate for you.

But if you need a complete guide on how to use bridges, using Aurora Bridge as an example: from creating a wallet to making the first transaction, you can check this guide.

Where to follow the rate of 1INCH token?

The best solution is to include it in your cryptocurrency portfolio in our Moni app. 

     It only takes a few clicks to do so:

1) Go to getmoni.io;

2) Click at the top left on "market";

3) Enter 1inch in the search box and select the desired token;

4) Voila, 1inch is right in front of you;

Or make it even more convenient, download Moni on Android or iOS and keep a portfolio in your pocket. 

Psst... our digests go out there, too :D

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