How the 1inch Network provides full security regardless of protocol used
Here is another post in a series explaining the 1inch Network’s advantages that is focused on the security of the 1inch Aggregation Protocol.
Swapping crypto assets on decentralized exchanges (DEXes) entails security risks, as protection models vary across DEXes, and some of them have vulnerabilities. Basically, some DEXes are not sufficiently protected and haven’t been properly audited.
Repeated transaction approvals on DEXes that don’t offer a high level of security could lead to a loss of user funds. But if a user approves tokens on 1inch, they won’t have to worry that approved funds could be lost.
Overall, the protection of users from security threats connected with operations on DEXes is one of the 1inch Aggregation Protocol’s key features. The protocol’s security model enables protected connection to even DEXes with an insufficient level of security.
A 1inch user doesn’t need to worry if a newly released version of a popular DeFi protocol connected to the 1inch Aggregation Protocol has been properly audited, as the 1inch smart contract’s security model protects them from any potential vulnerabilities of DEXes involved in a token swap through 1inch — enough will be that 1inch has passed all the necessary audits.
Totally insecure liquidity sources could be connected to the 1inch Aggregation Protocol, but users don’t risk losing their funds due to security checks of each 1inch transaction.
If you haven’t yet used 1inch, go ahead and check it out!