Decentralized Exchange Aggregator
Think of 1inch like the travel site Kayak but for crypto trading. It aggregates information from across decentralized exchanges—financial markets without any central authority that are run on blockchains—to provide traders with the best possible prices, minimal fees, and low slippage. Slippage is when a price changes between the time of an order and the execution of a trade. It operates across the Ethereum Blockchain, Binance Smart Chain, and Polygon network.
1inch has a governance token called 1INCH that allows you to take partial ownership of the protocol and vote on decisions that will change the platform. You can also deposit 1INCH into platform and earn interest back in the form of more 1INCH tokens, through a process known as staking.
For traders, 1inch is meant to provide better pricing and lower fees than accessing any decentralized exchange individually. It can even route or split trades through paths across networks to score the best returns. 1inch also has its own gas token, Chi, that can save money on the fees required to execute trades on both the Ethereum and Binance Smart Chain blockchains.