1inch Exchange Tutorial
In this tutorial, 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.
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.
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%.
Step 3: Confirm and Swap Confirm the transactions and swap using a fast gas time from your connected Ethereum wallet and perform the swap.
1inch Governance Token 1inch is currently getting ready for the launch of a 1inch governance token set to give users access to what many are calling one of the hottest DeFi token launches of the year.