- Anton spoke about this decision as part of the Incrypted Conference 2023 online marathon.
- The solution is available on the basis of the MIT license to anyone.
- It has significant advantages and a wide range of applications.
We continue our online marathon as part of the Incrypted Conference 2023. If you have just joined us, we remind you that a large-scale broadcast about Web3 with the participation of representatives of large businesses. The next speaker is 1inch Network co-founder Anton Bukov, who will talk about the limit order protocol.
As a reminder, 1inch is a DEX aggregator. You will find a description of the protocol and its detailed review in this material. Recently, 1inch Network has integrated into the zkSync Era network.
“At some point, we came up with the idea of creating our project. 1inch allows traders to easily and quickly select the optimal price, taking into account all hidden factors, and minimize slippage,” Bukov said at the beginning of his speech.
Anton also emphasized that 1inch positions itself not only as an aggregator. The developer offers several products at once.
What is the Limit Order Protocol and what are its benefits?
According to Bukov, this tool allows literally anyone to create a DeFi application, even without a smart contract. It covers most popular networks and is available with zero fees.
Other benefits can be described as follows:
- MIT license. Anyone can use the source code of the protocol;
- setting up the commission model from the position of the developer;
- the protocol is significantly cheaper in terms of gas fees than any competitive solution;
- unique “chips”. This, among other things, support for ERC721, ERC1155, EIP-1271 and much more.
The scope of the protocol is quite extensive. These are auctions at a decreasing price, stop-loss orders to limit losses, custom trading strategies, etc.
“DeFi is a space of opportunities,” Anton emphasized. You can read more about this protocol at 1inch official website. Note that the solution is really interesting and has significant potential.