1inch – the leading DEX aggregator – has closed a $2.8M seed round.

Lead by Binance Labs, the 1inch round included participation from Galaxy DigitalGreenfield OneLibertus CapitalDragonfly CapitalFTXIOSGLAUNCHub VenturesDivergence Ventures, Loi Luu, the Founder of Kyber Network, and Illia Polosukhin, the Co-Founder of NEAR Protocol.

As one of the most competitive rounds in closed DeFi circles, many are gearing up 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.

Since it’s launch at ETHNY in 2019, 1inch has routed over $1B in cumulative volume through it’s leading DEX aggregations platform. As a quick overview, 1inch plugs in with leading DEXs like Uniswap, Balancer, Bancor and Kyber to offer traders the best price on any given trade. While 1inch is certainly not the only DEX aggregator, it’s capturing upwards of 95% of the aggregation market with no signs of slowing down anytime soon.

Why 1inch?

Outside of their aggregator, the 1inch team has a long-standing relationship of being some of the most talented developers in the space. Their creation of the CHI gas token -used to subsidize transaction costs – has seen exponential demand in recent weeks as gas price soar.

This comes in tandem with their new AMM – Mooniswap – a DEX designed specifically to mitigate front-running, an issue which has long been one of Uniswap’s biggest problems for orders of large volume or those in rapidly changing market conditions. More on it’s design here.

“Mooniswap is the next generation of an automated market maker with virtual balances — enabling liquidity providers to capture profits otherwise captured by arbitrageurs”

By using a spin on “virtual quantities’ Mooniswap’s design mitigates front-running by improving exchange rates for arbitrage traders slowly, over 5-minute intervals. Mooniswap is said to give LP’s anywhere from 50% to 200% more income than Uniswap V2 thanks to the redirection of price slippage profits.

If it goes over your head, just know that LPs earn more for the liquidity they provide.

Further, 1inch’s continual innovation in the rapidly growing DEX landscape has earned it a strong reputation among DeFi traders. Now, this funding route is set to take the project to the next level, changing it from a hobbyist hackathon project to a full-fledged behemoth in the wake of a growing bull market.

If you’ve yet to use 1inch, check it out here.

To stay up with the project, follow them on Twitter!

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