1inch launches P2P order function

In order to further expand the scope of DeFi services provided to users, 1inch Network is pleased to introduce a P2P function that facilitates the safe exchange of cryptocurrencies between individual users. In fact, this demand has existed for a long time, but few platforms currently provide this service to users. Now, 1inch has filled the gap and realized the P2P order function.

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It works like this: In order to exchange a certain amount of cryptocurrency, a user will find a counterparty. The transaction provides the user with a cryptocurrency address, which the user enters in the P2P tag of the 1inch dApp.

Transactions can be made at any price mutually agreed upon, as well as at the current market price provided by 1inch’s spot price aggregator, or at a manually selected specific percentage above or below the current market price. After creating a P2P order, the user can send the order link to the transaction party via email or instant messenger, this link contains the P2P order signed by the sender. The transaction party needs to fill in the order and pay the gas fee.

The P2P functionality is built on the 1inch limit order protocol and works on all networks, 1inch supports: Ethereum, BNB Chain (formerly Binance Smart Chain), Polygon, Avalanche, Optimistic Ethereum, Arbitrum and Gnosis Chain.

The main advantage of P2P orders is that P2P transactions are completely trustless, as their execution is guaranteed by smart contracts. Another advantage is that it is completely decentralized, as data exchange is achieved through a shared link, bypassing 1inch’s backend.

P2P orders come in handy when the liquidity of a cryptocurrency is not sufficient for large OTC trades, or when swaps in the market experience huge slippage due to low liquidity. The same applies to cryptocurrencies that are not yet traded on the market, such as those in the pre-sale phase.