Tuesday, October 4, 2022
HomeAltcoins1inch Network adds a peer-to-peer (P2P) feature to make crypto trades...

1inch Network adds a peer-to-peer (P2P) feature to make crypto trades easier

Within the 1inch decentralised application, or DApp, the decentralised exchange aggregator 1inch Network introduced peer-to-peer, or P2P, order feature. Unlike over-the-counter or OTC payments, where 1inch connects the order with a taker, this feature allows customers to identify the person or wallet who will fill the opposite side of the trade.

This “opens the door to a whole new world” of conceivable use cases, according to the company’s website, including payments within NFT marketplaces, auctions, and reverse auctions. Despite the fact that other services such as Binance Pay and Bybit offer P2P payments, the company claims to have “stepped in to fill the vacuum” in need for this type of service.

According to 1inch, their peer-to-peer (P2P) solution provides trust – free exchanges backed by smart contracts as well as complete decentralisation. People submit purchases via email or any other messaging service by utilising URLs that bypass 1inch’s backend. The company stated in the Twitter thread that participants can set the exchange amount to the current market rate or reduce and increase the rate by 5% intervals. 

The most prevalent use cases for P2P orders are when a token’s liquidity is insufficient for a large OTC transaction or when a token is in the preorder stage. The P2P concept focuses on the 1inch Limit Order Protocol and is accessible on the networks listed below: Ethereum, BNB Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, and Gnosis Chain are all examples of cryptocurrencies.

 

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