1inch (1INCH) Exchange

About 1inch

1INCH is the governance and utility token of the 1inch Network, a decentralized exchange aggregator. 1inch is not a DEX itself; it is a routing layer that sits on top of existing DEXs. When a user swaps one token for another, the Pathfinder algorithm scans hundreds of liquidity sources, including Uniswap, Curve, Balancer, and PancakeSwap, and splits the order across them to seek a better price than a single venue may offer. Sergej Kunz and Anton Bukov built the first version at a 2019 ETHGlobal hackathon. The product expanded beyond aggregation into a limit-order protocol and Fusion, an intent-based system that settles swaps through a Dutch auction run by professional parties called resolvers, providing MEV protection so traders are not front-run. Fusion+ extends this to cross-chain swaps without traditional bridges or wrapped assets. The 1INCH token launched in December 2020 and drives governance through a distinctive staking model. Users lock 1INCH for a duration they choose, from one week to two years, and receive st1INCH plus unicorn power, the actual unit of voting weight; longer locks generate more unicorn power per token. Stakers can delegate unicorn power to resolvers to earn a share of resolver profits. The token is issued by the non-profit 1inch Foundation and governed by the 1inch DAO.

1INCH tokenomics

1INCH has a maximum supply of 1.5 billion tokens, set at its December 2020 launch and distributed across community airdrops, liquidity mining, team, investors, and treasury. About 1.41 billion 1INCH were in circulation as of November 2026, according to CoinGecko, about 94% of the cap, so most future dilution has already occurred.
Maximum supply — 1,500,000,000 1INCH
Circulating supply — approximately 1.41 billion 1INCH (about 94% of the cap) as of November 2026, according to CoinGecko
Market data — market capitalization of about $112 million and a price of about $0.080 as of November 2026, according to CoinGecko; the all-time high was about $8.65 in October 2021
Staking model — lock 1INCH for one week to two years for st1INCH and unicorn power; longer locks yield more governance weight
Resolver utility — resolvers stake 1INCH into a feebank contract to gain eligibility to process Fusion and Fusion+ swaps
Fee note — 1INCH is not required to use the aggregator
Deployments — Ethereum plus Base, Arbitrum, Optimism, BNB Chain, Avalanche, Linea, zkSync, and others

What determines 1INCH's value

1INCH illustrates the gap between a working protocol and its token. The aggregator sees constant use, yet the token is far below its 2021 peak. The reason is structural: 1INCH is not required to swap, so protocol usage does not automatically create token demand. Value accrues only through the staking layer, where locking 1INCH earns unicorn power that entitles holders to a share of Fusion resolver fees and delegation income. A holder is buying governance weight and a claim on resolver activity, not a fee on every trade the aggregator routes.

That disconnect is the central variable. How protocol fees flow back to stakers is the clearest catalyst either way: meaningful fee sharing could narrow the gap between what 1inch does and what 1INCH is worth, while without it the token remains a governance instrument loosely tethered to a working protocol. On the supply side the picture is favorable, with about 94% of tokens already circulating, so dilution is nearly finished.