Users can now swap any token on 1inch supported networks without the need for an intermediary.
Within the 1inch decentralized application, or DApp, the decentralized exchange aggregator 1inch Network provides peer-to-peer, or P2P, order capabilities. Unlike over-the-counter or OTC payments, where 1inch matches the order with a taker, this feature allows customers to identify the person or wallet who will fill the opposite side of the trade.
1/ It’s time to broaden the scope of DeFi services available to our users!
Read more ⤵️https://t.co/CoH2YhvC69
— 1inch Network (@1inch) March 3, 2022
According to the company’s website, this opens up a whole new realm of conceivable use cases, including NFT marketplace transactions, 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 demand for this type of service.
According to 1inch, their peer-to-peer (P2P) service provides trustless swaps backed by smart contracts and total decentralization. Users can place orders using URLs that bypass 1inch’s backend and submit them via email or to any messenger. The company stated in the Twitter thread that participants can set the swap amount to the current market rate or reduce and increase the rate by 5% intervals. Expiration dates can be specified anywhere from 10 minutes to 7 days.
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 presale stage. The P2P feature is based on the 1inch Limit Order Protocol and is supported by Ethereum, BNB Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, and Gnosis Chain.
Anton Bukov, the co-founder of 1inch Network, recently stated in an interview that he believes Ethereum will likely become the primary settlement layer for a multi-chain ecosystem.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.