This is a guide on how to buy 1INCH token from the 1inch project. 1inch is an aggregator of decentralized exchanges, but is expanding beyond that into an ecosystem of DeFi products (such as Mooniswap, a DEX by itself). The team launched the 1INCH token on 24th December 2020 which will act as a governance token for the products they build.
The token has just launched is already over $1 billion fully diluted marketcap. This is because the 1inch DEX aggregator does insane volume and the product makes a lot of revenue and is already profitable. Combine that with a technical team that is known to ship top DeFi products, and you have a killer combination that people want.
1inch has become the go to place to buy DeFi tokens without KYC. It has more recently supported private market makers or PMM. This means someone could arbitrage from a centralized exchange but you never need to create an account and risk custody of funds – you just approve your metamask transactions and the trade happens.
How to Buy 1INCH token
First, connect your Metamask (or another Web3 wallet) to check if you already have any 1INCH tokens. This is because the team did an airdrop similar to Uniswap’s UNI. You can sell 1INCH tokens the same way as outlined below.
Buy on 1inch
If you want to buy 1INCH tokens via a DEX in a decentralized way, head over to the 1inch DEX aggregator. Here you can buy 1INCH token via any other token like ETH. Now that 1inch also has its own liquidity pools, this is the best way to buy 1INCH tokens instead of Uniswap.
Buy on Binance
Binance has immediately added support for 1INCH so you can buy and sell 1INCH token on Binance already.
The reason you may want to buy on Binance is because gas prices are pretty high on Ethereum right now, and trade costs can be anywhere from $10-$15 per transaction or higher (edit: now that gas prices for a single trade are hovering around $40-$50, this is unfortunately more of a case of switching to Binance) which is practically free on Binance. If you want to buy 1INCH token in small quantities, this may be your preferred option.
Update: Binance has enabled margin trading up to 5x on 1INCH/ETH pair, which is a nice feature for traders.
Yes, we see the irony in buying the token of a DEX aggregator on a CEX but if the amounts are not large, Binance really could be a more economical options. Just make sure you understand the tradeoffs between DEX and CEX in this case.
This is some more information on 1inch so far from the team:
