1Inch, a dex aggregator, 1Inch has introduced a P2P feature that facilitates secure cryptographic swaps between individual users.
Although 1-inch networks have grown significantly since the start of 2019, P2P capabilities have the potential to expand the user base in Africa and emerging markets, which are showing the priority of P2P capabilities.
This is arguably an opportunity to explore more profitable DeFi for African users who are very interested in cryptocurrencies.
P2P orders are useful when the liquidity of a particular token is not sufficient for large OTC transactions, or when swaps in the market cause significant slippage due to low liquidity. The same is true for tokens that have not yet been traded on the market, such as pre-sale coins.
Here’s how to use the 1Inch P2P feature to provide liquidity:
2. Connect the wallet to 1 inch
First, connect your wallet to app.1inch.io.
Then click P2P in the swap window and select the token you want to swap. Once selected,[許可を与える]You need to click to approve the token you want to use.
2. Creating a P2P order
Enter the following information in the swap window:
- Amount of tokens you want to exchange
- date of expiry
- Taker’s wallet address
Creating an order involves two main parts. First, the user finds a partner to exchange a certain amount of tokens.
Next, the counterparty is a 1-inch dApp user[P2P]Provides the cryptographic address to enter in the tab.
Swaps can be performed at any rate agreed by the parties or at the current market rate offered by the 1-inch spot price aggregator.
You also have the opportunity to select a specific percentage above or below the current market rate.
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Related item: DEX aggregator, 1 inch, UniSwap V3, then extended to Optimism Ethereum, a layer 2 scaling solution
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3. Send an order
Once a P2P order is created, the user can send it as a simple URL to the other party via email or any messenger.
The URL contains a P2P order signed by the sender. The counterparty processes the order and pays the gas charges.
4. Fulfilling the order
First, go to the 1 inch DApp and connect your wallet.
Once connected, select the correct chain and click P2P in the swap window.Then at the bottom[インバウンド]Click the tabs and in the correct order[入力]Click.
The main advantages of P2P ordering at 1 inch are:
- P2P swaps are completely unreliable because they are guaranteed to run by smart contracts.
- Fully decentralized as data exchange is implemented by bypassing the 1-inch backend and sharing URLs
The 1Inch Network allows liquidity providers to find the most profitable platform to invest in and scrape off a few decentralized exchanges.
The supported blockchains are:
- Ethereum
- BNB chain
- polygon
- avalanche
- Optimistic Ethereum
- Arbitram
- Nosis chain.
The P2P feature is built on top of the 1-inch limit order protocol and is available on all supported blockchains.
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