Cryptocurrency Q&A
What is 1 inch in blockchain?
What is 1 inch in blockchain?
DaeguDivaDanceQueenElegance
Thu Jun 27 2024
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5 answers
1409
Excuse me, I'm a bit curious about the terminology I've been hearing in the blockchain community. Could you please elaborate on what is meant by "1 inch" in blockchain? Is it a measurement unit related to the length or complexity of transactions? Does it have any specific significance in terms of smart contracts, tokens, or other blockchain-related concepts? I'm trying to understand this reference as it seems to be frequently used but without a clear explanation. Any clarification you can provide would be greatly appreciated.
5 answers
EthereumLegend
Sat Jun 29 2024
But it also facilitates liquidity mining, a process where users stake their tokens to earn rewards and contribute to the liquidity pools of decentralized exchanges.
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BlockchainWizard
Sat Jun 29 2024
Through liquidity mining, 1inch encourages users to actively participate in maintaining the health and efficiency of its platform, creating a virtuous cycle that benefits all stakeholders.
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Bianca
Sat Jun 29 2024
1inch serves as an exchange aggregator, diligently scanning various decentralized exchanges to provide traders with the most competitive cryptocurrency prices.
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CoinPrince
Sat Jun 29 2024
This aggregation service is powered by the 1INCH utility and governance token, which plays a pivotal role in the platform's operations.
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JejuSunshine
Sat Jun 29 2024
The 1INCH token not only fuels the decentralized "instant governance" model of 1inch, enabling swift decision-making and adjustments to meet the evolving needs of the crypto community.
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