We’re thrilled to announce that the 1inch Network is partnering with Moralis for the 2021 Moralis Hackathon!
The 1inch Network – Official Moralis Hackathon Partner
Today, we at Moralis are excited to confirm the 1inch Network, that unites decentralized protocols enabling the most lucrative, fastest, and protected operations in DeFi, as an official partner to the 2021 Moralis Hackathon. The Moralis Hackathon, which runs until June 15th, 2021, will see developers give it their all to build Web3 applications (dApps) and compete for a total prize pool of $50,000.
“1inch and Moralis are joining forces to foster innovation and BUIDLing in the cryptocurrency space,” said Sergej Kunz, the co-founder of 1inch Network. ”Partnering with 1inch for the Moralis Hackathon is a dream come true for us, and we can’t wait to see what people will be able to build,” noted Ivan on Tech, the founder of Moralis.
The Moralis Hackathon will draw to a close following its June 15th deadline, after which a jury will appoint three hackathon winners. The first, second, and third winners will receive a first prize of $30,000, a second prize of $15,000, or a third prize of $5,000, respectively. Contestants are highly encouraged to use 1inch’s innovative technology and the ”Pathfinder” 1inch API v3 when developing their project.
Moreover, the 1inch Network is no stranger to hackathons. In fact, the idea for the whole 1inch Network itself was effectively conceived as an MVP at the ETHGlobal New York hackathon back in May of 2019. Specifically, 1inch started out as an idea for a DEX aggregator that 1inch’s two future co-founders, Sergej Kunz and Anton Bukov, wanted to use themselves. Although the project didn’t win the ETHGlobal New York hackathon, the hackathon still ended up being a success for 1inch. In less than two years, the 1inch Network has matured from a hackathon MVP into a well-known ecosystem of decentralized protocols.
1inch Hackathon Example Use Case
Although it’s entirely up to you what you want to develop for the Moralis Hackathon, the 1inch API allows you to build your own DEX (decentralized exchange). Moreover, you can set your own fee between 0% and 3% on all the trades that take place through your DEX. All you need to do is to use the 1inch API on your backend, and you’ll generate the transaction for the user through 1inch API. Additionally, you need to specify from which token you want to trade, to which token, and the amount.
If you want to read all the technical details of how you can build your own DEX using 1inch’s API, take a look at the official 1inch API page.
In combination with Moralis, this opens up exciting opportunities for developers. Seeing as Moralis easily allows developers to set up crypto log-in (authentication), view historical and real-time transactions for users, or add various other services on top of your project, the sky’s the limit!
What is the 1inch Network?
The initial protocol of the 1inch Network is 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 50+ liquidity sources on Ethereum and 10+ liquidity sources on Binance Smart Chain. In less than two years, the 1inch DEX aggregator has surpassed $30B in overall volume.
The 1inch Network is composed of five interoperable components:
The 1inch Aggregation Protocol facilitates cost-efficient and secure swap transactions across multiple liquidity sources.
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.
Furthermore, the 1inch DAO is a decentralized autonomous organization that governs the 1inch Network and allows 1INCH token stakers to vote for key protocols.
1inch Network’s software arm is that of 1inch Labs, which develops open-source protocols.
Finally, the 1inch Foundation is the non-profit organization that issued the 1INCH token, encourages contributions by giving grants, and fosters initiatives that benefit the 1inch community.