The 1inch Wallet offers an easy entry to DeFi
Did you get your 1inch Wallet or are you willing to miss the DeFi season?
The 1inch Wallet is one of the flagship products from the 1inch Network, which unites decentralized protocols whose synergy enables the most lucrative, fastest, and protected operations in the DeFi space.
The 1inch Network’s first product was the 1inch Aggregation Protocol, a DEX aggregator solution that searches deals across multiple liquidity sources, offering users better rates than any individual exchange. This protocol incorporates the Pathfinder algorithm which finds the best paths among different markets over 60+ liquidity sources on Ethereum, 30+ liquidity sources on Binance Smart Chain, 20+ liquidity sources on Polygon, and on Optimistic Ethereum.
In just two years the 1inch DEX aggregator surpassed $65 bln in overall volume on the Ethereum network alone.
The 1inch Aggregation Protocol was followed by other powerful solutions. The 1inch Liquidity Protocol is a next-generation automated market maker that protects users from front-running attacks and offers attractive opportunities to liquidity providers.
The 1inch Limit Order Protocol facilitates the most innovative and flexible limit order swap opportunities in DeFi. The protocol’s features, such as dynamic pricing, conditional orders, and extra RFQ support, power various implementations, including stop-loss and trailing stop orders, as well as auctions.
The 1inch Wallet was released in April 2021 to make 1inch’s main functionality available on users’ mobile devices.
Superior user experience
The main goal of the 1inch Wallet is to offer the best mobile user experience for interacting with the 1inch Network.
The 1inch Wallet is optimized for the best possible performance in key features, like swapping, sending transactions, and approving transactions via WalletConnect.
Unlike most other wallets, the 1inch Wallet facilitates the use of the WalletConnect functionality in the background. In addition, several WalletConnect options could be used simultaneously.
Keeping user experience in mind, the 1inch Wallet was made user-friendly by design. For instance, users’ tokens can be divided into categories, allowing users to view separately their assets in the following groups: tokens, collectibles, savings, pools, and customs.
Convenience and security of the Wallet
Thanks to 1inch Wallet’s push notification functionality, users receive push notifications about transactions they need to sign. That enables users to make transactions in just a couple of clicks, without having to sign in every time.
Also, the wallet supports EIP-681 payment requests, which enables users to pay by URLs.
Among the wallet’s key advantages is its toplevel security, as the wallet parses call data, showing what is happening in a user-friendly manner. Also, receiving real-time rates and fast signing of transactions are highly important.
With 1inch Wallet, transactions can be approved and confirmed even on Apple Watch. To ensure top-level security performance, our wallet has gone through an extensive security audit by Blue Frost Security.
Another key security feature is an encrypted backup to Apple iCloud. With this feature, a user can install the app on another device and, using their password, get access to the wallet over iCloud. This could come in handy for migrating the wallet to another device.
The backup feature has three-level protection, including Face ID, Apple ID, and a passphrase. In addition, the wallet uses the Secure Enclave coprocessor to encrypt user data that never leave their devices.
If a user enables iCloud Sync, data will be transmitted to the user’s private iCloud Database via the CloudKit framework, encrypted with AES256.
Neither 1inch Wallet developers nor Apple will have access to users’ data stored in their iCloud account, which will be additionally encrypted with a user-provided passphrase.
Basic operations: creating a wallet, sending and receiving tokens
Once you have downloaded and installed the 1inch Wallet App, you can now create your first wallet.
Open the 1inch Wallet app and then select “Create wallet”.
Save your mnemonic recovery phrase and store it in a secure location. You can also use the copy/paste button below the text. Next, check the disclaimer box and tap “Continue”.
Enter a wallet name of your choice, and confirm your recovery phrase by clicking on each word in the sequential order that they were given in. Then tap “Create Wallet”.
Now, you can send and receive tokens directly to and from other wallets.
To receive tokens, click the “Receive” button. The next screen will display your address that you can copy and share along with a QR code to be scanned from another device’s wallet.
To send tokens, select the wallet you wish to send from, then click the “Send” button on the main wallet page.
Next, paste the receive address (or use the QR code scanner) of the wallet to want to send the tokens.
Now, enter the number of tokens you would like to send. You can choose a percentage, enter a custom amount, or click “Balance” to use the max amount. Then click “Send”.
On the following screen, review the address and amount to confirm accuracy. Then click “Confirm Send” to submit the transaction. You can click “View on Etherscan” to view the transaction status and associated information.
Advanced features for traders
The wallet also offers customizable features for advanced users, such as traders. They will have an opportunity to edit or cancel a sent transaction that has not yet been added to the blockchain, directly in the app.
For instance, a user can increase a transaction’s gas fee to make sure it will be executed faster.
This feature is especially useful for advanced traders who often need to adjust their actions to changing market conditions.
Moving forward with 1inch Wallet
The 1inch Wallet was originally released for iOS, but an Android version is currently in the making, expected to be released over the next few months.
Multinetwork access incorporated for 1inch Wallet
One of the 1inch Network’s main goals is achieving interoperability, so that its products, including the 1inch Wallet, could be available across various blockchain platforms. Currently, the 1inch is available on Ethereum, Binance Smart Chain (BSC), and Polygon, as well as on level-two solution Optimistic Ethereum.