1Inch is a powerful decentralized exchange (DEX) aggregator built on the Ethereum blockchain. At its core, 1Inch pools liquidity from multiple decentralized exchanges to help users get the best possible prices when trading cryptocurrencies. Instead of manually checking various DEX platforms like Uniswap, SushiSwap, or PancakeSwap, 1Inch automatically splits your trade across several exchanges to maximize efficiency and minimize slippage.
Today, 1Inch supports over five major blockchain networks: Ethereum, Binance Smart Chain (BSC), Polygon, Optimism, and Arbitrum. This multi-chain support makes it easier for users to swap tokens across ecosystems without relying on centralized bridges or exchanges.
Beyond its core aggregation protocol, 1Inch has expanded into other DeFi services, including a lending and borrowing aggregator and tools for leveraged trading. These innovations position 1Inch as more than just a swap tool—it’s becoming a comprehensive gateway to decentralized finance.
Advantages and Limitations of the 1Inch Exchange
✅ Key Benefits
- Best Price Execution: 1Inch scans dozens of DEXs in real time to find optimal swap rates.
- Multi-Chain Support: Trade seamlessly across Ethereum, BSC, Polygon, Arbitrum, and Optimism.
- Low Slippage: By splitting trades across multiple platforms, 1Inch reduces price impact.
- Open Source & Audited: The platform's code is publicly available and regularly audited for security.
- No Registration Required: As a non-custodial service, you retain full control of your funds.
❌ Potential Drawbacks
- Gas Fees Depend on Network: High Ethereum gas fees during peak times can make small trades costly.
- Learning Curve: Beginners may find wallet setup and transaction signing confusing.
- Limited Customer Support: Being decentralized means no live chat or direct support team.
👉 Discover how top traders optimize their DeFi strategies with advanced tools.
What You Need to Trade on 1Inch
To use 1Inch, you don’t need an account—but you do need a compatible crypto wallet. The platform works with popular non-custodial wallets such as MetaMask, Trust Wallet, and Coin98 Wallet.
This guide will walk you through using Coin98 Wallet (mobile and browser extension) to interact with 1Inch.
Setting Up Coin98 Wallet
Mobile App: Download the Coin98 Mobile Wallet from the official site: coin98.com/wallet
Browser Extension: Install the Coin98 Extension Wallet for Chrome at: chrome.coin98.app
Once installed, follow the in-app instructions to create a new wallet and securely back up your recovery phrase.
Note: Since 1Inch operates across multiple blockchains (Ethereum, Polygon, BSC), ensure your wallet supports the network you plan to use. For convenience, consider setting up a multi-chain wallet that manages all three under one interface.
Preparing Gas Fees
Each blockchain requires its native token to pay transaction fees:
- Ethereum: ETH
- Binance Smart Chain: BNB
- Polygon: MATIC
Before trading, make sure your wallet holds enough of the relevant gas token. You can buy these on centralized exchanges like Binance or Coinbase and transfer them directly to your Coin98 Wallet.
How to Swap Tokens on 1Inch Using Coin98 Mobile Wallet
Step-by-Step Guide
Step 1: Open Browser in Coin98 Wallet
Launch the Coin98 Mobile Wallet app and tap the Browser icon on the home screen. Search for “1inch” and navigate to the official website.
Step 2: Connect Your Wallet
Tap Connect Wallet, then select Web3 Wallet.
💡 Tip: In Coin98, tapping the MetaMask icon allows quick connection to any Web3-compatible dApp—including 1Inch.
Step 3: Start Swapping
Choose the tokens you want to trade (e.g., USDT → ETH), enter the amount, and review the estimated output.
Step 4: Confirm the Swap
Tap Swap, then confirm the transaction in your wallet. Wait a few seconds for blockchain confirmation.
You’ve successfully completed your first decentralized swap!
Providing Liquidity on 1Inch
By adding funds to liquidity pools, you earn trading fees proportional to your share.
How to Add Liquidity
- Tap the three-line menu (☰) in the top-right corner.
- Go to DAO > Pools.
- Select a pool (e.g., 1INCH-BNB).
- Click Provide.
- Approve token usage by selecting “Give permission to use [token].”
- Confirm the transaction via Coin98.
After depositing, you’ll receive LP (Liquidity Provider) tokens representing your stake in the pool.
Earning Rewards Through Farming
Once you’ve provided liquidity, you can stake your LP tokens in yield farms to earn additional rewards.
Steps to Begin Farming
- From the main menu, go to DAO > Farming.
- Find the farm matching your LP pool (e.g., 1INCH-OPIUM).
- Tap Deposit and confirm the transaction.
- Your LP tokens are now staked—earning passive income!
You can withdraw your tokens anytime with no lock-up period.
👉 Learn how to boost your yield farming returns with expert-level insights.
Using 1Inch with Coin98 Extension Wallet (Desktop)
For desktop users, here’s how to connect and trade:
Connection Steps
- Visit app.1inch.io
- Click Connect Wallet
- Choose Web3 Wallet
- Select Coin98 Extension Wallet
- Enter your password and click Connect
Now you’re ready to trade.
Performing a Swap
- Select input/output tokens (e.g., USDT → ETH)
- Click “Give permission to swap USDT”
- Press Swap
- Review gas fees and click Confirm
- Finalize by tapping Swap again
The transaction will process within seconds, depending on network congestion.
Frequently Asked Questions (FAQs)
Is 1Inch safe and trustworthy?
Yes. 1Inch raised $2.8 million in funding from reputable investors like Binance Labs, Dragonfly Capital, Galaxy Digital, and FTX. Its smart contracts are open-source and regularly audited by third parties.
Does 1Inch have its own token?
Yes. The native 1INCH token was launched in late 2020 and distributed to early users and liquidity providers. It’s now listed on major exchanges such as Binance, Huobi, and OKX.
How much are the trading fees on 1Inch?
1Inch charges no additional trading fees beyond standard network gas costs. However, each underlying DEX may apply its own fee (typically 0.2%–0.3% per trade).
Is trading on 1Inch difficult for beginners?
While the interface is user-friendly, interacting with DeFi requires basic knowledge of wallets, private keys, and gas fees. New users should practice with small amounts first.
Can I lose money using 1Inch?
Yes—like all DeFi platforms, risks include smart contract vulnerabilities, impermanent loss (when providing liquidity), and phishing scams.
Always double-check token addresses before confirming transactions. Fake tokens are common on DEXs due to copy-paste address exploits.
Final Thoughts: Why 1Inch Stands Out in DeFi
1Inch simplifies access to decentralized markets by combining deep liquidity, cross-chain functionality, and yield-generating opportunities—all in one intuitive interface.
Whether you're swapping tokens, providing liquidity, or farming rewards, 1Inch delivers performance and flexibility that appeal to both novice and advanced users.
As decentralized finance continues to grow, tools like 1Inch play a crucial role in making crypto trading more efficient and accessible worldwide.
👉 Start exploring DeFi opportunities today—see what’s possible with next-gen trading solutions.
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