COMPANY PROFILE

1inch Network

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Distributed network for decentralized protocols enabling the most lucrative, fastest and protected operations in DeFi

Road Town, British Virgin IslandsFounded 2020Fintech

Valuation $1–2.5B Last recorded · 2021

Revenue $1–10M Latest reported FY

Headcount 100–500 Current team size

Total funding $100–500M Disclosed equity funding

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About 1inch Network

1inch Network operates as a decentralized finance (DeFi) ecosystem, providing a suite of tools for crypto operations across multiple blockchains. The company was co-founded by Sergej Kunz and Anton Bukov, who developed the initial prototype at the ETHGlobal New York hackathon in May 2019. Kunz, the current CEO, has a background in software engineering and cybersecurity, with experience at companies like Porsche. Bukov, the CTO, has been in software development since 2002 and has experience with other DeFi projects. Their journey began with a shared passion for blockchain, leading them to host a YouTube channel called CryptoManiacs where they conducted live security audits of smart contracts, which is how they met.

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The core of the business is a decentralized exchange (DEX) aggregator that scours numerous DEXs to find the best trading rates and lowest fees for users. It serves cryptocurrency traders, from beginners to seasoned veterans, by providing a single interface to access a fragmented market. The platform's primary product, the Aggregation Protocol, utilizes a routing algorithm called Pathfinder. This algorithm splits a single trade across multiple liquidity sources to secure the most favorable terms for the user, factoring in price, liquidity, and slippage. The network operates on several blockchains, including Ethereum, BNB Chain, and Polygon.

1inch Network's ecosystem also includes a Liquidity Protocol, where users can provide liquidity and earn passive income, and a Limit Order Protocol that enables more advanced order types. For governance, the network uses a Decentralized Autonomous Organization (DAO), where holders of the 1INCH token can vote on protocol parameters. The company's revenue model is not based on direct trading fees for users. Instead, revenue for the 1inch DAO Treasury is generated from what is called a "Swap Surplus," which is the positive difference between the expected and executed price of a trade. Additionally, the 1inch Foundation, a non-profit entity, supports the network's growth and community initiatives.

Source: Dealroom company data