It has only been two years since its inception, but the 1-inch Decentralized Exchange Protocol (DEX) network has surpassed $85.8 billion in total trading volume. At the May 2019 Hackathon in New York, co-founders Anton Bokov and Sergey Koons developed a prototype of the DEX complex, which became the backbone of the network. DEX Pools are platforms that extract liquidity from multiple DEXs and thus provide better token exchange rates with less slippage.

The network occupies 57.40% of the DEX aggregator market and has more than 820,000 users. According to CoinMarketCap, the 1inch exchange is the eighth largest DEX in the world with $277 million traded in the last 24 hours.

On Monday, Bukov joined the Cointelegraph Markets Pro community for an exclusive Ask-Me-Anything Discord session.

Cointelegraph Markets Pro: Do ​​you think DEX will serve the majority of cryptocurrencies, or will this sector be dominated by algae and bot trading?

Anton Bokov: I think the DeFi industry is going to grow exponentially in the next three to five years. It is already growing rapidly, but the benefits of peer-to-peer technology could and will become better known.

Of course, for DEX to dominate CEX (central exchanges), certain conditions must be met in the future. DEX and blockchain protocols should be 100 times faster than they are now. Users need to understand the basic concept of the technology. The user path should be shortened and made more suitable for beginners.

1inch Network is a suite of powerful, buildable DeFi tools that enables both veterans and new DeFi users to maximize Web3 financial opportunities with a clean user experience and secure contracts.

CT Markets Pro: What makes 1 inch stand out from the crowd?

AB: 1 inch is important to take full advantage of the DeFi space. We are working hard and fast to achieve our mission. We aim to bring traders and liquidity providers together and facilitate mutually beneficial transactions. The main function of 1inch is to collect data from various decentralized exchanges and combine the best prices for all orders and the necessary liquidity. In April 2021, we launched the 1-inch iOS Wallet, a multi-chain mobile platform that provides an easy-to-use interface with secure storage, transaction and publishing features. This versatile wallet has been designed from the ground up to facilitate interaction with 1-inch features.

CT Markets Pro User: As a DEX aggregator, are there any plans to reduce the amount of fees currently charged across the network? What are 1inch’s plans for the future?

AB: Of course, Fund 1 “recently created a single-user gas fee payment program.”

AB: Higher profits are usually associated with higher risks. Users deposit multiple currencies; This is guaranteed to reduce their profits.

CT Markets Pro: Binance has a significant ownership stake of 1INCH, which represents 44% of the voting rights. How does 1inc intend to beat it?

AB: Binance bids on behalf of its users; Binance has not and will not vote, AFAIK.

CT Markets Pro: How does 1inch solve the challenges of the best robots?

AB: The 1-inch liquidity protocol has a unique feature that helps protect users from this type of attack and ensures users get the most out of every trade. To discourage leaders from this kind of attack, the 1-inch liquidity protocol actually contains “virtual bets”; You can check this article for details.

CT Markets Pro: How difficult is it to migrate an inch to Eth2? Will each liquidity provider be required to change its position?

AB: DeFi developers do not have to wait or prepare for ETH 2.0. DeFi scaling will occur through L2; The fragmented ETH 2.0 environment means nothing to DeFi.

I consider ZK Rollups a real scaling solution because the difficulty of checking a ZK transaction is constant and does not depend on the complexity of the transaction itself. It looks like magic, but it’s ^^.

CT Markets Pro User: Planning to trade/multi-chain transactions? brothers, etc.

AB: I recently had an interesting tweet about the future of the 1-inch cross-chain; Please take a look:

CT Markets Pro User: What do you think of Uniswap v3?

AB: It significantly increases the capital efficiency of its complexes. It is an ideal solution for Liquidity Providers (LP). But I see traders have very bad exchange rates and huge failures at Uniswap. I’m going to create a DuneAnalytics dashboard around this. Using aggregators should be easy for everyone, because 1inch has integrated more than 80 sources into the Ethereum mainnet alone.

CT Markets Pro user: excluding 1 inch. Are you involved in other projects?

AB: I give advice/advice on some projects only. But working full time with the next big thing is 1 inch.

Source: CoinTelegraph