In our chat passed an AMA with the team 1inch.exchange… We have prepared a text version for you, and at the end we will announce 10 winners who will receive $ 50 in 1inch tokens from the guys.
Thank you guys for your time and for donating $ 500 in 1inch tokens for the top 10 question writers. Go!
Let’s start, as they say, from the beginning: How did you get the idea to create 1inch? What difficulties did you encounter on the way and why did the unicorn become a symbol after all?)
Sergey: Hello everyone! This is Crypto Mania … but no 🙂 it’s Sergey and Anton – founders of 1inch 🦄
Anton: Hello everyone 👋
In fact, it’s cool when you raise millions of rounds, but in your heart you are still the same simple guy, a cryptomaniac, who communicates in a chat with the community
Anton: Regarding the question – I remember in 2019 there were 3 dexes in use: uniswop, bankor and kyber. And in order to sell tokens, all 3 sites had to be checked. For amounts of about $ 200, the difference in the exchange rate could reach tens of dollars.
At the ETHNewYork hackathon, first of all, they made the display of all rates on one page, and then the aggregation of swaps in one transaction. Our aggregator is as effective as Bruce Lee’s one-inch punch, plus we fit everything in one transaction
Is this the same hackathon where that photo was taken, which was then posted on all news resources in any news about 1inch, rounds, updates, etc.?
Sergey: it’s in Osaka at the DevCon Ethereum
By the way, about one-inch strike and chi energy: We know that you have a mechanism to reduce the cost of transactions due to the Chi Gas token. Tell us how it works and are there any other solutions in mind that could potentially be implemented in 1inch to reduce transaction costs?
Anton: Yes, the CHI token uses the EVM gas refund technology, which provides for the refund of up to half of the gas spent within the transaction for cleaning up the stock. First, someone prints this token by filling the store and paying for this gas. Then, for example, someone buys a token from him and burns it – to clear the stock and get a discount
Thus, a transaction worth 1m of gas can be burned for an additional 100k of gas and give a final discount for example 500k. Gas limit will be 1.1m, and used gas will be 600k
In principle, if you reread this answer a couple of times, it becomes clear, but what about Layer2 or the idea of using bridges to interact with other blockchains besides ether (BSC, Huobi, Avax, Matic and others)?
Anton: In general, L2 is much safer and easier to bridges to other blockchains and sidechains. The decentralized bridge has been seen so far only at Near as far as I’m aware.
Finally, this year, L2 appeared that not just 1 smart wound, but allow you to deploy smarts there. By the summer, I think Optimism will work with Aave, Synthetics and Uniswop v3.
That is, if I understood correctly: is your priority more on Layer 2 than on bridges?
Anton: Well, in fact, we can have our services on any networks, and the forwarding of money between networks is the third question where and how users will do it. We see it like this: you connect the BSC wallet – we show you tokens and dex from BSC. You connect the throne – you see the throne. And so on about all networks and L2.
Well, I agree, let’s go further: Now the DAMM concept is gaining popularity, where, on the basis of Balancer AMM, you can create a custom pool that can operate with strategies pre-defined in the contract, for example, it will allow you to hold growing projects and not buy out falling prices. Do you plan to use DAMM for your own purposes?
Anton: Oh yeah, PowerIndex was the first to do it based on the balancer code. And now the balancer borrows this idea and includes it in balancer 2.0. And the most interesting thing is that the guys from PowerIndex came to us with the fact that they wanted to change and swap weights, and we advised them to make a smooth change in weights over time and rely on affiliates 😁
The balancer itself is essentially a contract that keeps the portfolio in balance despite price changes. I consider it exactly as a portfolio instrument. Did I mention that Alan Lu from gnosis suggested the formula for balancer and uniswop in early 2017? 🤔
I just said)
Anton: So it was, we did a uniswop in a year and in 3 years we made a balancer in the end. If you count from the moment a specific formula appeared.
How do you select projects to start mining liquidity in 1inch pools?
Anton: We are actually checking a lot there. And whitepaper and smarts and audits and tokenomics and investors. To build really worthwhile projects on the 1inch Liquidity Protocol. Now, in order to trade these cool things like Opium, Lido, Tornado, Vesper – traders go for 1inch, because there is the greatest liquidity. A swap on any other dex will cost a few percent of the price drawdown 🤷♂️
In terms of volumes and users (wallets), 1 inch is now in the top three with uniswap and sushyswap. And our task is to explain to traders why they should not use separate dex – but go to the aggregator.
By the way, about the top three and ratings in general: If you had a choice: overtake Uniswap in popularity or spar with Scott Lewis (founder of DEFI PULSE), how many ounce gloves would you choose? Tell us about your cut with DefiPulse) Who is right, who is wrong and how does this affect the Defi ecosystem as a whole?
Anton: * resets the screen from https://debank.com/ranking/dex
Ahaha. Well, in fact, initially it was not about the defipulse, but about dex.ag – which launched a couple of years before 1inch, but always only showed prices on the page and did not really know how to do anything.
When we released the aggregator in May, they had successfully copied our contract by September and launched their integration. We asked them to mention us on social media that their solution is based on our code. In response, they all began to deny that they had not seen the code, and so on. Well, in fact, there is a terrible copy-paste with minor edits.
Here’s an example, we posted it on Twitter. Here you can see that the code has been copied. And this little separate contract was the most interesting part of the smart contract architecture.
By the way, about the defipulse, we applied for it six months ago by mail. But they answered that they require projects to include backlink. Firstly, the statistics service cannot require something to be added to its statistics – they will have a hole in their stats without a complete list of projects. And secondly, we decided not to take risks with the backlink, because links to not very good projects can lower the site’s rank 1inch for search engines, etc. Naturally including a link to a bad site – lowers your site in Google search results
I heard the opinion that the defipulse is CoinMarketCap. And we remember that CoinGecko came and moved it. So DefiLlama.com came for the defipulse …
Tell us about https://twitter.com/1inchExchange/status/1362415475846709253 Here’s what just appeared on your Twitter ..
Anton: The MSTABLE project makes AMMs for stables, a competitor turns out to be. They have a new pool with cue ball stables, we added it to the aggregation. Now people can swap the cue ball at even steeper rates.
The more liquidity and different protocols collected, the better the rates for swaps will be.
Let’s talk about drops .. Quite a lot of noise was made by the first and second 1inch airdrops. Some users believe that they have been undeservedly deprived of attention, because they fall under the criteria for a drop. Tell us, what is the sacred meaning of “helicopter money” and why did they not reach everyone?
Anton: The first drop was to reward those who used the project. We were happy to share a piece of the project with all our users and also give them a Christmas / New Year present.
Some of the money was missed due to problems with the tools and some unforeseen circumstances. In the second drop, we tried to add to all those who were not given in the first drop. Well, uniswop users were given a gift who has never swapped for an inch – so that more uniswop users would know about 1inch
As a result of the second drop, we see a surge in the number of users and their activity, nevertheless, there are those who believe that they did not receive it undeservedly, we are now checking this information.
I can imagine how many thousands of deprived there are, the load on the support is apparently huge. By the way, how has your life changed after millions of rounds? Have you started sleeping at night? 😉
Anton: Yes, the support is poured, the support is trying to clean everything up. The money raised in the rounds is used for the growth of the company and we think we are dealing with it. There is little time to sleep, but we have been like this for several years. I sleep at 5: 30-6: 00 hours.
Tell us about your future plans: how will 1inch develop, are you planning to launch any side projects? Maybe there are some insights?)
Anton: We are planning a whole line of products for dip. And they are all cool and innovative. But we want to keep the bar and exceed expectations – therefore, we will not preannounce what we have in the development and development process.
Right now, we are developing 1 new protocol and at the same time looking for the most successful ways to expand the diphae ecosystem from Ethereum to other places 😏
Excellently waiting for announcements! Well, at the end, tell us about the unicorn. Why is it a unicorn, an idea not new, how is the story behind it?
Anton: At the very hackathon where we did the very first 1inch, we came up with a name in honor of the famous Bruce Lee kick. And maybe the name began with 1. We started looking for a unicorn. And they found the design of a maniac unicorn)). He suited us in style. We participated at that time as a team called CryptoManiacs https://cryptomaniacs.zone/about-us. Sergey immediately bought it on some site with paid logos. Yes, later our art director drew a new version.
Clear! Many thanks to the guys for their time and honest answers. We really appreciate your simplicity and availability in terms of communication. Good luck! We are waiting for announcements, updates and new features!
After the official AMA ended and we blurred the chat, people kept asking questions and Anton kept answering them.
@Tmuslim: Anton is an inconvenient question that you have already been asked in the community – will a drop of 1inch tokens be liquidated to Mooniswap providers? The last announcement was written that they were captured, but I asked about 5 people who held pools with you for a long time and did not receive any APY, but did not receive anything. Including us)
Anton: We are now checking why this happened and what we can do
@TimeOfMen: Hi guys! Please tell me if you are planning any specific global integrations of 1INCH with third-party products / services in the near future? Thank!
Anton: We support the integration of our API into any other service and always integrate new sources of liquidity as quickly as possible.
@Tparpal: Now there is an outflow from the air network to the BCS, because of the horse coma. Will 1inch work as an aggregator for many bts swap machines?
Anton: We are currently exploring this possibility.
@ FLORIAN1212: are you planning to join the polcadot?
Anton: Let’s see how they will do with dex and tokens and users. As they say, it would be what and for whom to aggregate.
@ichisen: Thanks a lot for the interesting answers. Do you have any vacancies for programmers, are you expanding your staff?
We are looking for a signor in solidity, but we lose hope that we will find one in this bullran))
Results of the $ 500 contest
We had 186 replies in the form. Moreover, there was rarely only 1 question per 1 replay. Usually 5-8 questions. Can you imagine the number of questions. We will hand over the google dock with questions to the team. And given the willingness of 1inch to listen and hear the community, there is a chance that many questions will be heard.
- @ Evgeniy3512 – about the idea of creating 1inch
- @alohadancetv – about the maniac unicorn logo
- @ Universe299 – about painful – about drops
- @quitsru – about bridges between blockchains
- @Getmegone – about DAMM
- @Bumbr – about Layer 2
- @BerniHUT – about CHI gas-token
- @TROLMAG – about the conflict with DeFiPuls
- @ichisen – about hiring developers
- @ Evgen7854250 – about future plans
Thanks to all participants for your activity and the 1inch team for honest answers! Wait for announcements, see you soon!