🧙‍♂️ Once upon a time, five years ago at the ETHGlobal hackathon in New York, two developers, Sergej Kunz and Anton Bukov, built the first DEX aggregator in Web3 called 1inch... This is how our story begins. Let's remember 1inch's first steps in DeFi in 2019!

Take a look at the very first 1inch logo and user interface! Our unicorn isn’t just young and cute; it’s got some serious character, right? 🤩 The first UI prototype of 1inch features a clean and simple interface, staying true to minimalist vibes.

In 2019, the 1inch dApp got some major upgrades: integrating multiple DeFi sources, adding verification pop-ups, splitting orders across DEXes in one transaction, visualizing price slippage, and more. Plus, dark mode became the default. See the evolution of the UI 👀

1inch's humble beginnings turned into first milestones quickly. Our daily volume surged from 605 ETH ($138K) on July 14 to $1.4M by November 22. We grew from $6.5M in total volume just in the first four months to $20M, with 700+ users and over 5K swaps by the end of December.

In 2019, just seven months after 1inch's birth, we became a rising star in DeFi 🌟 Alongside other projects, we passionately promoted decentralized finance, believing it was just the beginning, and that 2020 would be the year of DeFi. And we were right.

To be continued...

#1inch5Years

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The story of how the young DEX aggregator 1inch, built during a hackathon on May 19, 2019, became one of the monumental DeFi players, continues. 2020 was an amazing breakout year for the entire DeFi industry, but what did it bring to 1inch? Dive in and discover ⬇️

Just a quick note: this post is the second in a series of five posts celebrating the 5th anniversary of 1inch, where each post describes one year. Find the first part here. Now get comfortable and dive into the fascinating story of our formation.

In 2020, the 1inch dApp rolled out epic upgrades. Limit orders release, multi-split, reflection of gas costs, custom tokens, Ledger support, etc. And, finally, 1inch V2 🔥 with a brand new UI and our legendary routing algorithm, Pathfinder! Most of these functions had no analogues on the DeFi market at the moment of release. Stronger than the love of innovations, we have only the love of building them!

One of the year's final yet most pivotal events occurred on December 25, with the launch of the 1INCH token. Primarily a governance token at the time of release, additional utility of 1INCH expanded in future years.

In the Web3 world, projects usually prefer to collaborate rather than compete. 🤝 In 2020, 1inch was integrated with major projects like Safe, MetaMask, MyEtherWallet, Chainlink. Our main common goal was to push DeFi forward for mass adoption.

As for the other type of partnerships, 1inch successfully closed Seed and Series A investment rounds in 2020.
1️⃣ In the Seed round on August 11, we raised $2.8M from Binance Labs Fund, Dragonfly Capital, Galaxy, Greenfield Capital, Libertus Capital, IOSG Ventures, LAUNCHub Ventures, Divergence Ventures, Loi Luu, and Illia Polosukhin.
2️⃣ On December 2, we successfully closed the Series A round, raising $12M, led by institutional investors Pantera Capital, PaRaFi Capital, Nima Capital, along with Blockchain Capital, Fabric Ventures, RockawayX, gumi Cryptos, and Struck Capital.

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#1inch5Years