DEX Aggregator 1inch Raises $2.8M From Binance Labs, Galaxy Digital and More

Launched by software engineers from Porsche and NEAR Protocol, 1inch has raised $2.8 million in a funding round led by Binance Labs.The platform was launched at the ETHGlobal hackathon last year as a liquidity aggregator connecting multiple decentralized exchanges.

Loi Luu, founder of Kyber Network, and Illia Polosukhin, co-founder of NEAR Protocol, also participated.

1inch provides swaps between ERC-20 tokens, pulling liquidity from exchanges including Uniswap, Kyber, Bancor, Mooniswap and others.

"First, we created a website showing the best prices, but then figured out we need to split orders between different DEXs to get better prices than each one of those DEXs offered."

According to market data provider CoinGecko, 1inch is currently facilitating over $20 million in trades daily.

There are currently about 17,700 wallets registered on 1inch, according to the startup.

The newly announced investment will fuel 1inch's team expansion, new products development and marketing.

In the coming months, 1inch is planning to release its own token and provide liquidity mining, or yield farming, on Mooniswap.

"DEX aggregation is a critical building block that co-enabled the most recent DeFi boom. It allows executing large order sizes at low slippage rates. 1inch has become the de facto interface for trade execution in DeFi, with aggregate volumes surpassing $1 billion," Binance CEO Changpeng Zhao said in a statement for 1inch press release.

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