Quick Summary
- 1inch decentralized exchange aggregator introduced P2P possibilities through their dApp. Their P2P solution gives trustless swaps backed by smart contracts supporting complete decentralization.
The decentralized exchange aggregator 1inch Network introduced peer-to-peer (P2P) order capabilities within the 1inch decentralized application (dApp). According to the company’s website, this “opens the door to a whole new world” of potential use cases, including transactions within NFT marketplaces, auctions, and reverse auctions.
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About 1inch
1inch Network is a decentralized exchange aggregator that scours a number of decentralized exchanges for the most profitable platforms for liquidity providers. It gives users access to 116 sources in the Ethereum (ETH) ecosystem, the Binance Smart Chain (BSC), and the Polygon Network.
New Feature
According to 1inch, their P2P solution gives trustless swaps backed by smart contracts as well as complete decentralization. Users can place orders using URLs that bypass 1inch’s backend. They can submit them via email or to any messenger.
The company said in the Twitter thread that participants could set the swap amount to the current market rate or reduce and increase the rate by 5% intervals. Expiration dates can be specified anywhere from 10 minutes to 7 days.
P2P Orders
The most prevailing use cases for P2P orders are when a token’s liquidity is insufficient for a significant OTC transaction or when a token is in the presale stage. The P2P feature is based on the 1inch Limit Order Protocol and is supported by Ethereum, BNB Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, and Gnosis Chain.
P2P Limit Orders
1inch Peer-to-Peer limit order is a feature that allows any two people on the earth to connect and exchange any token on any of the 1inch supported chains. You can define a specified price and expiration period for a pair of tokens you’d like to swap, similar to how you do with standard on-chain limit orders. Instead of 1inch matching your order with a taker, you can choose who will fill the opposite side of the deal.
Crypto usage in Venezuela accelerated in 2021 as a result of peer-to-peer payments. Anton Bukov, the co-founder of 1inch Network, was recently interviewed, and he stated that ETH will most likely become the primary settlement layer for a multi-chain ecosystem.
Conclusion
This feature has provided convenience for the users. Users can now swap any token on 1inch supported networks without the need for an intermediary. This enables trustless and secure P2P crypto swaps among users. Through this step, 1inch network has “stepped in to fill the gap” in demand for this kind of service.
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sources: cointelegraph, blog.1inch
author: Rene Remsik, Hafiz Awaiw
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
