[1INCH] Collateral Onboarding Application

[1INCH] Collateral Onboarding Application

1. Who is the interested party for this collateral application?

This application is made by 1inch Foundation

2. Provide a brief high-level overview of the project, with a focus on applying collateral token.

1inch Network is a DEX aggregator and an automated market maker (AMM) that facilitates decentralized token swaps without the need for an order book at the most efficient rate. Anyone can quickly swap quickly among ETH and any other ERC-20 token, and anyone can earn fees by supplying any amount of liquidity into an existing pool or creating a new market. 1inch Liquidity Protocol algorithm allows profits that would otherwise be captured by arbitrageurs to be captured by liquidity providers.

Since the transition of the 1inch Liquidity Protocol to version 2 (an upgraded and rebranded version of Mooniswap AMM), TVL has risen significantly, from $100М to $1.5B (1,500% growth over a 2-month period). 1inch.exchange has achieved a great milestone of more than 1M in total swaps and the number of active wallets has continued to climb, reaching 170k.

Furthermore, 1inch Liquidity Protocol is blockchain agnostic. 1inch recently expanded to Binance Smart Chain. All features of the 1inch Liquidity Protocol are available to BSC users.

1INCH is an ERC-20 utility & governance token, and the 1inch Network is governed by a decentralized autonomous organization (DAO). 1inch is unique in that it provides instant governance for its users. This feature allows 1inch users to vote for specific protocol settings in the DAO model. The instant governance makes it easier for token holders to make changes to the protocol and circumnavigates many of the inefficiencies of many current DAO models.

Version 1.1 has improved the governance procedure on 1inch. Over the last 7 days, 1inch has collected more than $1M (237K 1INCH tokens) to be paid out as governance rewards to the community.

The circulating supply on 1inch as of its release day on Dec. 25, 2020, is 6% of the total issuance. The current total supply of 1INCH is 1.5 billion tokens.

Of the total token supply, 30% was allocated to community incentives, and they will be passed out over the next four years in order to create an incentive for community members to be involved in protocol governance.

Over a four-year period as well, 14.5% of the total supply will make up the protocol growth and development fund, used to issue grants, bring on developers and repay any users due to unforeseen circumstances.

3. Provide a brief history of the project.

Founded in May 2019, 1inch.exchange is the brainchild of engineers Sergej Kunz and Anton Bukov. Kunz and Bukov both have strong backgrounds in smart contract auditing.

The 1inch.exchange blueprint was created ahead of the ETHNewYork convention. During the event, the first medium viable product (MVP) was created for 1inch.exchange. This iteration aggregated liquidity from decentralized exchanges (DEXs) Bancor, Kyber and Uniswap.

4. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.



Dune Analytics


[Source Code]1inch Network · GitHub)

1INCH token

5. Link any available audits of the project. Both procedural and smart contract focused audits.

A collection of 1inch audits

A collection of liquidity protocol audits


Audit 1 [November 13, 2020]

Audit 2 [August 11, 2020]

Audit 3 [August 12, 2020]

6. Link to any active communities relating to your project.

1INCH has a flourishing community of over 200,000+ members across multiple online channels, as well as more than 170,000+ active wallets and 48,000+ token holders.


Governance forum






7. How is the applying collateral type currently used?

1INCH is an ERC-20 utility & governance token, and the 1inch Network is governed by a decentralized autonomous organization (DAO). 1inch is unique in that it provides instant governance for its users. This feature allows 1inch users to vote for specific protocol settings in the decentralized autonomous organization (DAO) model.

8. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?

The independent board of the 1inch Foundation from the Cayman Islands has released and issued 1INCH, governance and utility token. The 1inch Foundation intends to support the adoption of the 1INCH token via the permissionless and decentralized 1inch Network.

9. Where does exchange for the asset occur?

Binance, OKEx, Gate io, Huobi Global, DigiFinex, MXC, Uniswap (V2), KuCoin, Bilaxy, FTX, HitBTC, BitForex and more

24h volume fluctuates between $200M — $700M

10. (Optional) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.

Yes, we can share the U.S. and Cayman Islands legal opinion on the nature of the 1INCH token.

11. (Optional) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.


12. (Optional) List any possible oracle data sources for the proposed Collateral type.

Smart contract address: 0x72AFAECF99C9d9C8215fF44C77B94B99C28741e8

(Optional) List any parties interested in taking part in liquidations for the proposed Collateral type.



Love it! Let’s bring more unicorns to maker! :rocket:


One of the best project!!!

Bring it out. This will be exciting token. 1inch has been gathering more users now with cross chain. Its value attention to MakerDao, welcoming onboarding of 1inch.

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Lets try to avoid the obvious brigading hm? If you have concrete commentary on why the 1inch token is valuable for Maker to onboard I’d love for you to share it. Zero-content positive responses from newly created accounts don’t generally come across well here.


1inch is a colossal project like BTC ETH BNB UNI DOT ADA

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You just make incredible things in this decentralize world ! Thx !

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It’s an established top tier Dex so seems like a reasonable proposal.

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This seems concerning…

Edit: I do believe 1INCH is a legitimate token with usage – I have a ton of respect for the team and the product and believe it would probably work well as a Maker vault type! However, I think part of the onboarding process in this system comes down to intent. I believe this kind of behavior and its intent should be weighted accordingly.


Agree with LFW and Shane. A brigade of new accounts that look like they are using stock images and giving one-sentence platitudes for the project (“1inch rules, brah!”) don’t put the best foot forward here. That said, if possible, could the OP make PDFs or the text of 1inch’s legal opinions available to the community?


Seriously 1inch team?

Maker is a DAO that looks for quality. If 1inch is valuable, it will get onboarded, not because of oh many new users replying in the thread This is not the ethos of Maker

As a 1inch user in the past, truly disappointing, will switch to uniswap or others


Dear all,

1inch network would appreciate if comments are concrete and are facilitating the discussion of why 1inch would be valuable for Maker.


1inch v3. https://blog.1inch.exchange/introducing-the-1inch-aggregation-protocol-v3-b02890986547

Also interesting that they’ve been supporting swaps on both ETH and BSC.

Got a nice amount of 1INCH from their airdrop and also use them quite often for swaps.


Agreed – a nice product and tons of liquidity. Good team and solid delivery.


1inch Foundation is eager to share the latest updates with the MakerDAO community

As of last week, the 1INCH token has been listed on Coinbase, which is a huge milestone for the whole project.


Moreover, we introduced a 1inch Network which is an ecosystem of decentralized protocols and products whose synergy is enabling the most lucrative, efficient, and secure operations in the DeFi space.





most of 1inch supply, plus minting capability, is under control of 1inch 2/3 multisig (1 of the signers has never executed a transaction)

this creates a lot of risk of hacks (eg nexus mutual situation experienced recently). does 1inch team/community have any plans for mitigating this risk?