1inch Network DeFi Web3

Five reasons to use the 1inch Wallet

1inch Network-photo

by 1inch Network

• 4 min read

As the most powerful and secure non-custodial cryptocurrency wallet in the market, the 1inch Wallet ensures users get the best experience with crypto, NFTs and dApps.

The 1inch Wallet is a perfect entry point to DeFi, as the built-in DEX aggregator provides the best trading rates and a range of handy features for both beginners and experienced traders.

#1. The 1inch Wallet is the easiest way to get started with crypto

  • A fiat-on ramp offers an option to buy a cryptocurrency with fiat.

The 1inch Wallet facilitates users’ crypto journey by integration of fiat-on ramp providers. Users do not need to waste time registering and waiting for confirmation on exchanges, they can buy coins with fiat easily and directly in their wallet.

  • The text recognition feature allows users to instantly import their wallet.

Those users who already have wallets can quickly and easily import them, either by pasting the private key and seed/recovery phrase or by scanning them directly in the app in just a few seconds.

#2. The 1inch Wallet is perfect for traders

  • A great array of liquidity sources ensures getting the best swap rates.

Currently, the 1inch Wallet is connected to over 250 liquidity sources. Aggregation data from major DEXes ensures that users get the best possible price. If users, for any reason, don’t want a certain DEX to be checked, they can manually exclude it from the list.

  • Zero additional transaction fees make the swap more cost-efficient.

When making swaps, the 1inch Wallet’s users are charged no extra fee. They only pay for the gas required for transaction completion and the fees of other DEXes (if there are some) that are already included in the proposed rate.

  • Gas customization helps to control fee sizes and transaction speed.

Users can adjust the gas price (including the custom option) to fasten the transaction, as well as set a gas limit to manage the desired maximum amount of gas both for sending and swapping tokens. The 1inch Gas Refund program enables users to receive a monthly compensation for up to 95% of their gas costs, making swaps almost free for the most active users. The program is available to all users who stake 1INCH, the network’s native token.

  • “Slippage tolerance” enables users to adjust allowable slippage.

This handy option allows users to control the difference between expected and executed trade prices. While too low slippage tolerance may cause a trade’s failure, high slippage can result in a profit for sandwich bots that replace the victim’s transaction in order to increase its price. The 1inch Wallet’s users are protected from sandwich attacks since they have a tool to reduce their slippage tolerance, and they can also take advantage of the “Partial fill” option.

  • Partial fill prevents unsuccessful transactions.

This tool cancels some parts of the swap route in cases of a rate change, sending unexchanged tokens back into the wallet.

#3. The 1inch Wallet provides top-level security

  • The Secure Enclave technology protects iOS users from hackers.

Apple’s dedicated secure subsystem allows biometric information to be handled and keys to be stored in the Enclave for data locking. It makes information strongly secured from hackers who can’t decrypt it on other devices except users’.

  • Blue Frost Security audits assure core data protection.

An IT security company specializing in all-platform application analysis checks the 1inch Wallet for vulnerabilities in all possible areas. It includes data storage security checks, forensic controls, user input control, authentication and authorization.

  • Regularly held smart contract audits guarantee transactions’ security.

Auditors check thoroughly if the code is safe to transfer funds. Uniting the most heavily audited protocols, the 1inch Network regularly publishes information about audits conducted by highly trusted audit teams.

  • Flashbot transactions prevent front-running attacks.

Front-running is a common problem on DEXes, where signed transactions are waiting in mempool to be added to the block, while an attacker can set a higher gas price for a new transaction, thus placing a priority on it and preventing victims’ transaction execution. Flashbot transactions are not displayed in the mempool, thus excluding the possibility of front-running.

#4. The 1inch Wallet is a single wallet for multiple blockchains

  • Multichain integration gives users a wider choice for swapping.

The 1inch Wallet solves the problem of expensive network transaction fees by giving customers a choice of 10 leading blockchains: Ethereum, BNB Chain, Polygon, Avalanche, Gnosis Chain, Fantom, Optimistic Ethereum (OΞ), Arbitrum, Klaytn and Aurora.

  • Users can easily add and swap their custom tokens.

The wallet supports hundreds of tokens across eight networks, but if a coin wanted by a user is missing, a custom token can be manually added in just five steps.

#5. The 1inch Wallet is a fully DeFi-connected app

  • A built-in Web3 browser provides access to leading dApps.

The 1inch Wallet is an essential part of the Web3 space experience, as it connects to all decentralized applications (dApps), where users can perform transactions directly with each other.

  • A news digest allows users to read the latest news right in their wallet.

The 1inch Wallet boasts a built-in digest of the latest news related to DeFi and NFT, currently a unique feature among crypto wallets. Original content from the 1inch blog and Moni Talks combines the best articles and breaking market news.

You can test all these features by installing the 1inch Wallet which is available both for iOS and Android.

Stay tuned for more articles focusing on 1inch products!

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