Decentralized Exchange Aggregator 1INCH raised $2.8 millions in seed development fund led by BINANCE Labs also with participation from FTX Galaxy Digital, Kyber Network, NEAR Protocol among many others who took part on the investment round.
1inch is an Aggregator of Decentralized Exchanges launched in May of 2019, who englobe liquidity from many DEX trading Firms, helping users to decide which exchange is better to execute negotiations with, the platform reduce the slippage rates.
Slippage rates is the difference between the expected price and the execution price of a trade.
The involvement of big companies backing up the project of 1inch is a clear attempt to stay on the game and be more active on the DeFi Boom season, this kind of ecosystem have been conquering enthusiasts with many project on the decentralized finances showing up innovations on smart contract executions and growing day after day.
??The Decentralized Exchange market have beating records one after another, with July surpassing the marks of $4B in transaction volumes (with Uniswap securing the most transaction in 40% market share) more Dex will be entering the game to secure their portion of the market.
The value locked on smart contracts protocols on DeFi ecosystem have gone wild, with more than $4.6B with MakerDAO taking the wheel. The 1inch aggregator has more than 17 thousand wallets with more than 1200 wallets being active daily in July, and this funding round seed development will unite more Traders and liquidity providers and will facilitate negotiations that are profitable to both sides.
1inch recently launched an Automated market maker dubbed Mooniswap and also have plans to launch their own asset in the future.
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