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Sergej Kunz, founder of 1inch, a popular DeFi aggregation platform, and AToken CMO Jolish, a crypto wallet, talked about the development trend of DeFi and DEX, and the trend of Ethereum 2.0.
On the evening of September 10, 2020, Beijing time, an online AMA with the theme “How DEX2.0 Exceeds User Value Expectations” was successfully held by AToken. This AMA invited 1inch founder and CEO Mr. Sergej Kunz and AToken CMO Jolish to attend. The two parties had a comprehensive exchange with the audience on topics such as the future trends of DeFi and Dex platforms; the future trends of ETH2.0 and the future development layout of 1inch and AToken. The AMA was broadcast live on the Yunxi platform and was broadcast on the 1inch Chinese community.
AToken was established in 2017 with the goal of providing safe and reliable decentralization + link + financial services, providing asset management, digital asset payment, connecting to the DeFi ecosystem, and lightning network. It supports 20 main chains, covers more than 130 countries, serves 1.9 million users, and manages mainstream encrypted digital assets of more than $1 billion. AToken DEX realizes rapid exchange through smart contracts, and provides users with low-rate and high-stability services through multi-dimensional technical monitoring and calculation. On the AToken platform, you can experience a rich original financial interface, embed large-scale Defi projects such as Aave, and provide various asset value-added services such as CRV liquidity mining, escorting users to experience a one-stop decentralized financial project.
The latest version of AToken 1inch Pro update has fully supported 1inch, and has the following 4 features:
- Interface optimization. Different from 1inch’s traditional web-side interface, AToken 1inch Pro has fully optimized and upgraded the product interface, and the user experience is even better.
- Dex integration. 1inch integrates many high-quality decentralized exchanges, including Uniswap, Kyber, Balancer, Bancor, 0x protocol, curve.fi, etc. Users can get more trading pairs and better trading rate recommendations.
- Low slippage. In view of 1inch’s unique cross-exchange matching mechanism, users can obtain relatively low slippage in the same transaction.
- Information on the token (recently online). AToken 1inch Pro will launch a unique token information function. Users can easily query token exchange information through this new function.
1inch is currently the world’s largest Ethereum DEX aggregator (decentralized aggregation exchange) with the world’s largest trading volume. By integrating a large number of decentralized exchanges (DEX) and tokens, it can help route almost all DeFi transactions, and users can exchange almost All types of ERC-20 tokens, and 1inch users can get the best price, lowest transaction delay and lowest cost when exchanging. 1inch.exchange concentrates the liquidity of DEX and solves the problem of information fragmentation in the DEX industry. 1 inch can provide users with exchange information on various platforms, including exchange prices, GAS fees, and price slippage, and match users with the most suitable exchange path.
The following is a full review of the AMA:
- Moderator: Pan Zhixiong (Chief Researcher of Lianwen)
- Guests: Sergej Kunz (CEO & Founder, 1inch), Jolish (CMO, AToken)
Pan: Hello everyone, and welcome to the AMA event jointly organized by 1inch and AToken. I’m today’s host, Pan Zhixiong from Lianwen.
Liquidity mining is in full swing, driving DeFi and the entire on-chain liquidity market to become popular. Cryptocurrency users can now trade on-chain through various DEXs, and the entire transaction volume is comparable to many head centralized exchanges. 1inch is such an on-chain liquidity aggregator. They have recently integrated into the AToken wallet and launched a new AToken 1inch Pro product. In this AMA, let’s talk about this cooperation between the two sides.
Welcome two AMA guests Sergej, 1inch CEO and founder; and Jolish, CMO of AToken.
Hi, Sergej, please say hello to our audience and introduce yourself and your products.
Sergej: Hello everyone, I am Sergei Kunz, the founder and CEO of 1inch.
Pan: Hi Jolish, please introduce yourself and talk about our Atoken.
Jolish: Hi everyone, I am Jolish, CMO of AToken Wallet. I am very happy to participate in the AMA tonight.
Pan: Thank you both, then our AMA officially begins today.
Can you talk to us about how 1inch basically finds the best DEX trading combination for a transaction?
Sergej: In general, 1inch’s first customers are ourselves. Before trading, manually checking the best trading prices on all DEXs is tiring and inefficient, such as Uniswap, Kyber, 0x. Like all cryptocurrency users, we need an elegant algorithm to search each DEX to get the best transaction price and provide optimized transaction recommendations immediately. So we designed 1inch: a decentralized DEX aggregator that can obtain liquidity from various exchanges, and can split a single transaction into multiple parts and place them in different DEXs for combination.
Soon our team will release an algorithm called Pathfinder. I want to believe that this is an algorithm that changes the rules of this DEFI game. Using 1inch’s API, it can find the best transaction path in less than a second, and it is completely free for the B2B model. We will continue to optimize the API of the 1inch aggregator and integrate it with DeFi and conversion technology in the blockchain.
Pan: Please tell us briefly about 1inch’s competitive product differentiation strategy. At present, 1inch is the best product for DEX aggregation on the market, so how do you prevent direct competitors from catching up with you? At the same time, 1inch is also doing mooniswap to compete with Uniswap. They are very mature products on the market. What is the competitive advantage of 1inch compared with them?
Sergej: From the perspective of DEX aggregation, I personally feel that 1inch currently has no real competitors. So our thinking is more from the perspective of how to contribute rather than how to compete. Our goal is to unite traders and liquidity providers to promote transactions that are beneficial to both parties. The core function of 1inch is to aggregate data from various decentralized exchanges and combine the best price of all bids with the necessary liquidity. In addition, we provide a complete on-chain open source version of the 1inch protocol, and dozens of developers have used these versions in their projects to easily obtain all DeFi liquidity.
The key differences between 1inch and other DEX aggregators can basically be summarized in the following 4 points:
- A unique algorithm that uses smart contract technology to split a single transaction into multiple DEXs, so that users can optimize and customize transactions;
- A large amount of liquidity sources;
- The gas and transaction costs of the account we use to determine the best transaction path are low;
- Chi GasToken can reduce the user’s transaction cost on 1inch.
Pan: We noticed that AToken has connected 1inch in the latest version. In the process of deciding to bring 1inch to mobile, how did you choose and how do you see the future of mobile channels?
Sergej: 1inch can provide the best price for any token swap. We are open to all channels and platforms. They can access 1inch to increase the value of their own products. 1inch API has integrated some other platforms and helped expand the user base of the corresponding platforms. We are also open to all AMMs. We can help AMM to create synergy. The mobile platform is growing year by year, and our goal is to access 1inch through all possible platforms. We cannot ignore the traffic brought by platforms such as mobile.
Pan: With the current DeFi boom, ultra-high transaction costs have caused an increasing burden on retail investors. Does 1inch have any targeted deployment for Xiaosan?
Sergej: We are working on a solution to reduce the indirect costs of aggregated transactions and to reduce small transaction costs through direct liquidity sources. In addition, our Chi Gas token and other platforms that can use Chi can all reduce the high gas cost.
Our goal is to continue to innovate in as many ways as possible to benefit the world of DeFi and Open Finance. Looking for more like-minded partners to expand the 1inch community. We can’t wait to let more people know more about our products and commercial deployment. Of course, we are also eager to get community feedback on other aspects we can build.
According to our estimation, 1inch will account for 70% of the entire DEX market by the end of 2020. Why do you say that? To a large extent, because 1inch is a value aggregation and efficiency improvement for users. Compared to manually checking all the different agreements and platform bids by yourself, it is easier and more convenient for users to do token swap through our platform. By 2021, 1inch will launch direct competition against centralized exchanges for users who have multiple replacement needs a day.
Pan: What is the business model of 1inch? Is there any progress regarding the issuance of native tokens?
Sergej: Mooniswap AMM is very important to the 1inch ecosystem, because we can really benefit from the liquidity provided by the device. On other AMMs, trading volume cannot be earned. Any project that integrates Mooniswap can benefit from user transaction volume. This is a game-changing innovation for DeFi.
The 1inch native token will be issued soon, and we encourage users to contribute more traffic on Mooniswap. Our community tokens will be distributed to liquidity providers as rewards.
Pan: 1inch recently received $2.8 million in investment from Binance Labs and Galaxy Digital. In the capital market, does 1inch have any future plans that can be revealed now?
Sergej: We will have more information on this soon! Please stay tuned!
Pan: Tell us about AToken. His history, products, users, etc.
Jolish: AToken Wallet was established in 2017. As a 3-year old product, AToken has more than 2 million user registrations. We provide diversified services such as asset management, digital asset payment, DeFi, and Lightning Network. The wallet currently supports more than 20 main chains. Users are distributed in more than 130 countries and regions; mainstream encrypted digital assets under management exceed US$1 billion. AToken DEX realizes rapid exchange through smart contracts, and provides users with low-rate and high-stability services through multi-dimensional technical monitoring and calculation. On the AToken platform, you can experience a rich original financial interface, embedded in large-scale DeFi projects such as Aave, and now we have begun to support 1inch. For us, this access will enrich our product ecology and allow our users to have a better product experience .
Pan: What was the original intention of AToken choosing 1inch to integrate into its wallet this time?
Jolish: First of all, I would like to pay tribute to Mr. Kunz and 1inch. We are very happy to work with 1inch. As a wallet party, we are full of faith in DEFI. DEFI’s decentralized mechanism is a true embodiment of the spirit of the blockchain. With this vision in mind, DEFI functionality is one of the main directions we will work on in the next quarter. So this question is very simple. Our goal is to provide AToken users with excellent instrumental products in this field to help them improve their DEFI trading experience. We walked around in the market and immediately found 1inch. The aggregator mechanism is a creative attempt for traders to increase investment options. After watching 1inch, we can already predict 1inch’s increasing user base and user experience. So we want to introduce this excellent tool to ATOKEN users. We also believe that the cooperation with 1inch will benefit both parties.
Pan: I noticed that AToken has carried out a comprehensive product update in the past two days. Compared with the previous version, what updates and optimizations have been made.
Jolish: The biggest update is to integrate 1inch into the wallet. We call this new feature “AToken 1inch Pro”. The team optimized the user’s interaction with 1inch in the wallet. AToken traders can directly conduct 1-inch transactions in the electronic wallet without being redirected to a third-party website. We believe this can shorten the operation path of each transaction, thereby greatly improving the transaction experience and efficiency of AToken wallet holders.
At the same time, we also retain the core functions of the previous capital preservation, like DEFI financial management and mining functions.
Pan: There are many competing products of the same type in the wallet market. How does AToken maintain its competitive advantage?
Jolish: It is now the third year since AToken was founded in 2017. As a relatively veteran wallet application in the industry, we know the importance of users. The core of our work revolves around the users of the wallet. How to improve user experience, how to improve product security, how to increase transaction revenue, etc., are all issues that we consider from the perspective of users and in product design and iteration. Because we firmly believe that as long as we achieve the ultimate in user experience, users will spontaneously help us to make product announcements and will be more willing to use our wallet as an asset storage tool.
You can observe our wallet application, we attach great importance to real-time hotspots and user feedback. Internally, we require our products and operations to provide the latest real-time hot spots to users in the form of in-product functions as much as possible. From the perspective of customer relationship maintenance, our customer service team is also required to report user issues and product bugs to the product side. Another point is that AToken has relatively deep business resources in the industry, so we will ask our partners to give our users certain benefits when integrating with our platform, whether it is a discount or a rebate, Allow users to get more revenue through our platform.
In general, users are our core, and we seize the market by seizing users.
Pan: 1inch currently supports a large number of currencies, and users must have problems that are difficult to identify when using them. How will AToken handle this?
Jolish: 1inch currently collects transaction data from 10 decentralized trading platforms, so it supports more currencies. Like the popular projects SUSHI and YFI in the previous paragraph, they can all be exchanged through 1inch. 1inch is a decentralized trading platform. The names of some tokens will be repeated on the platform, so users must pay attention to screening when operating. Users should also use some platforms to have a certain degree of their project when choosing a certain token To understanding. AToken is now connected to the native 1inch, and will screen and recommend some tokens for users. However, from the perspective of traders, users still need to know enough about the investment project before investing, so as to ensure that it does not happen to the greatest extent Misoperation.
Pan: As the topic of this AMA said, what do you think is DEX2.0? How to exceed user value expectations?
Jolish: In terms of the overall market, if a series of independent decentralized exchanges represented by Sushiswap represent DEX1.0. The transaction aggregation is DEX2.0. I have no intention of complimenting here, but I think the attempt made by 1inch is indeed a future trading trend. By further optimizing the trading path and experience of centralized trading in the district, the entire DEX The ecology is more efficient.
Here I want to mention the integration of 1inch in our AToken. Everyone can experience that, compared to the non-native 1inch of the wallet, the 1inch in AToken is more satisfying for the user experience. The localized access method greatly shortens the operation steps of the user experience 1inch, and recommends the best transaction for users Program.
Pan: The DeFi market is still hot. Will AToken have more market layouts in the future?
Jolish: In fact , AToken has been working on the DeFi market layout since April of this year. We just connected to the native Aave in the last version, which brought decentralized financial management to users; and then just launched 1inch, which can help users Bringing new decentralized transactions; we will continue to cooperate with well-doing DeFi projects on the market to launch more products for users. I believe that through decentralization, more diversified applications such as options, lending, and currency banking services can be born.
Pan: These are all my questions today.
Thank you Sergej and Jolish for coming to our AMA today. With the user experience provided by a better on-chain liquidity aggregator 1inch and a smoother Atoken, I believe that the DeFi ecosystem will be further strengthened and the usability will be better, especially to promote the active transaction.
Thanks again to all the guests and audience. Good night everyone and goodbye.
In the future, AToken will carry out all-round cooperation at 1inch and strive to provide Chinese traders with a more efficient and convenient blockchain trading experience.