Born at a 2019 hackathon, 1inch rose to prominence during the 2020 DeFi Summer under the leadership of Russian developers Sergej Kunz and Anton Bukov. By offering efficient, low-cost trading, it steadily became a leader among DeFi aggregators.
Recent Dune Analytics data shows that over 1 million unique wallets have used 1inch this month—surpassing its 2021 peak. As 1INCH surged past $0.50, the team launched a beta version of their Developer Portal, a Web3 SaaS platform providing APIs for trading, spot prices, token data, and more.
Meanwhile, DeFi's other unicorn, Uniswap, has been aggressive. On June 13, Uniswap unveiled V4, introducing "Hooks" and "The Singleton." Hooks, seen by many as a game-changer, allow custom logic at various pool actions. At ETHCC, UniswapX was announced, targeting liquidity aggregation—prompting some to declare, "Abandon DEXs, embrace Hooks."
Last week, BlockBeats interviewed 1inch co-founder Anton Bukov at ETHCC Paris, discussing 1inch’s journey, DeFi innovation, and competing with Uniswap.
The Philosophy Behind 1inch’s Innovation
The name "1inch" draws from Bruce Lee’s "One Inch Punch," symbolizing precision and impact. Before diving into smart contracts, Bukov was a C++ engineer and iOS developer. Smart contracts captivated him with their novel coding paradigms.
In 2019, Bukov and Kunz met at a hackathon, creating the DEX aggregator that became 1inch. Their focus? Simplifying code while maximizing audits: "500 lines audited 10 times beats 5,000 lines audited once."
Key Insights from Anton Bukov:
- Accounting Innovations Matter: Bukov highlights undervalued breakthroughs in DeFi accounting, like Compound’s interest accrual model. "These innovations aren’t flashy but are foundational."
- Efficiency Over Complexity: 1inch’s contracts prioritize gas efficiency and security. "We avoid bloat—every line must justify its cost."
- Developer Portal’s Role: Their new APIs let builders skip 80% of backend work, focusing on UI/UX. "Hackathon speed meets production quality."
Uniswap’s Moves: Threat or Validation?
UniswapX’s resemblance to 1inch Fusion amused Bukov: "Imitation confirms we’re ahead." While Uniswap’s brand amplifies its updates, Bukov notes that aggregation democratizes liquidity. "New AMMs can still thrive if they offer better rates—aggregators will adopt them."
FAQ Section
Q: How does 1inch handle Uniswap’s dominance?
A: By staying innovative—like launching Fusion before UniswapX and open-sourcing code (MIT License) to foster ecosystem growth.
Q: What’s next for 1inch?
A: Beyond aggregation, exploring hooks-compatible tools and cross-chain solutions. "We’re prototyping 3+ ideas now."
Q: Can new DEXs compete?
A: Yes, if they innovate. "A genius AMM with 10% better rates will attract LPs via aggregators."
The Future of DeFi
Bukov envisions a multi-chain DeFi where sub-markets (e.g., regulated stablecoins) coexist with permissionless protocols. "True DeFi can’t be ‘regulated’—only paralleled by compliant forks."
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