1inch Network introduces peer-to-peer token exchange function

The DeFi project 1inch Network has introduced a peer-to-peer orders feature that enables direct exchange of digital assets between users, ForkLog was told by team representatives.

“The P2P order will be useful in situations where liquidity for a given token is insufficient for a large over-the-counter trade, and a swap on the market would entail significant slippage. The same applies to tokens that are not yet trading on the market, for example those in the presale stage,” the statement said.

The P2P orders system is based on the 1inch Limit Order Protocol. The feature is available across all networks supported by the project.

To perform a trade, a user must find a counterparty and agree with them on exchanging a specific amount of tokens. The counterparty then provides a cryptographic address that must be entered in the P2P tab of the 1inch app.

Exchanges can occur at the rate agreed by the parties or at the rate provided by the 1inch spot-price aggregator. After creating a P2P order, a user can send it to the counterparty as a URL link.

The project team notes that the main advantages of this method are full decentralisation and the guarantee of execution by the smart contract. 1inch does not store trade data on its servers — everything remains in users’ browsers. Data is transmitted only via links.

Earlier in February 2022, 1inch Network launched the investment product 1inch Earn — a suite of pools applying the concept of concentrated liquidity.

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