1inch exchange is a hackathon project which was presented at ETHNewYork in 2019\. The project was created and developed by Sergej Kunz (co-founder & CEO) and Anton Bukov (co-founder & CTO). 1inch exchange is a DEX aggregator that executes a swap of tokens at the best price in one single transaction. It is a commonplace that a core problem of all DEXes (decentralized exchanges) is lack of liquidity due to the fact that DEXes is a relatively new concept. First of all, 1inch DEX aggregator is addressing the liquidity problem thus facilitating mass adoption. The optimizing algorithm splits up the trade across different exchanges. This allows you to have the most efficient way to exercise a transaction. 1inch protocol sources liquidity from a broad range of DEXes which truly makes it a single entry point to DeFi (decentralized finance) trading and creates an ecosystem experience. Chi Gastoken (CHI) is the native Ethereum-based (ERC20) cryptocurrency of the 1inch exchange, facilitating transactions on the Ethereum blockchain.
