DEX Aggregator 1inch Secures $2.8M Funding While its AMM Mooniswap Locks $5.5M

Binance Labs lead the funding round with its investors including Galaxy Digital, FTX, and others. 1inch’s latest release Mooniswap which aims to increase LPs’ profits by 200% than Uniswap V2 is already gaining traction.

DEX aggregator 1inch has secured $2.8 million in an external seed funding round led by Binance Labs. Other investors included Galaxy Digital, FTX, Dragonfly Capital, Greenfield One, Libertus Capital, IOSG, Divergence Ventures, and LAUNCHub Ventures along with Kyber Network founder Loi Luu and NEAR protocol founder Illia Polosukhin. Binance CEO Changpeng Zhao (CZ) said,

“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.”

Launched last year at the ETHGlobal hackathon, 1inch is a liquidator aggregator that connects multiple DEXs to help execute trades at better prices. The firm is founded by the CEO Sergey Kuntz, a software engineer at Porsche and CTO Anton Bukov, former smart contract developer at NEAR blockchain.

Providing swaps between ERC20 tokens, the platform pulls liquidity from DEXs like Uniswap, Bancor, and Kyber.

Currently, it is facilitating about $65 million in daily trades, as per CoinGecko, and has recorded a total of more than $1 billion. It also has 17,700 wallets registered on its website with more than 1,200 daily active in July.

Just this week, the DEX aggregator launched its own automated market maker (AMM) called Mooniswap. AMMs are liquidity pools that allow users to switch between tokens.

Some AMM models, however, cause high slippage resulting in losses for liquidity providers and traders. 1inch plans to lower these impermanent losses with Mooniswap by introducing a 5-minute time delay for arbitrageurs. 1inch expected this to result in 50% to 200% more profits for LPs than Uniswap V2.

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AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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