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The 1inch Network DeFi project has introduced a P2P order feature that allows the exchange of digital assets directly between users. This was reported to ForkLog by representatives of the team.
“A P2P order will be useful in situations where the liquidity of a particular token is not enough for a large OTC transaction, and a swap in the market will entail significant slippage. The same applies to tokens that are not yet traded on the market, such as those in the pre-sale stage,” the statement said.
The P2P order system is based on the 1inch Limit Order Protocol. The function is available in all networks supported by the project.
To perform an operation, the user needs to find a counterparty and agree with him on the exchange of a certain number of tokens. After that, the counterparty provides a cryptographic address, which must be specified in the P2P tab of the 1inch application.
Data: 1inch Network.
The exchange can be carried out at the rate agreed by the parties or at the rate provided by the 1inch spot price aggregator. After creating a P2P order, the user can send it to the counterparty as a URL link.
The project team noted that the main advantages of this exchange method are complete decentralization and smart contract execution guarantee.
Recall that in February 2022, 1inch Network launched the investment product 1inch Earn – a set of pools using the concept of concentrated liquidity.
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