What Are 1Inch and BNB and How to Swap Them?
The cryptocurrency market is filled with promising projects that attempt to bring something new to the table. Being the first crypto, Bitcoin has its fair share of shortcomings, mainly in the scaling and transaction speed aspects.
To address these issues, thousands of cryptocurrencies and tokens have appeared over the years. And most new coins have a similar goal — to improve the ecosystem, provide better use cases, and prepare it for mass-scale usage. This has led to the growth of the DeFi ecosystem, where 1Inch and BNB are two promising cryptocurrencies.
In this article, we take a detailed overview of the 1Inch and BNB coins and consider their advantages. More importantly, we will share a quick guide on how to turn 1INCH to BNB in the safest and most efficient way possible.
What Is the 1Inch Crypto?
1Inch is a decentralized cryptocurrency aggregator that was originally created to provide seamless and fast ERC-20 token trading. The goal of this platform is to give traders a detailed overview of all decentralized exchanges (DEX) in one place and help them find the best price for a given cryptocurrency.
To achieve this, 1Inch continuously monitors all DEXes and provides the best prices for all trading pairs. Apart from prices, it scans for fees, which can vary significantly on different exchanges.
Moreover, 1Inch provides a dashboard where users can conduct their trading activities in one place. They can trade on multiple exchanges and save time. The 1Inch token is used for governance on the protocol and the direction that the platform is going to take. Users can provide liquidity to the 1Inch exchange and receive 1Inch tokens as a reward.
What Is BNB?
Binance Coin (BNB) is a top 5 crypto, originally launched together with the Binance exchange. At first, it had a limited number of use cases — providing trading fee discounts for Binance traders. Today, BNB can be used to participate in crowdfunding projects or pay for goods and services.
However, BNB really began to shine after the release of the Binance Smart Chain (BSC) in September 2020. The BSC provided BNB with staking capabilities so that users could start making passive income.
Today, the BSC is the home to hundreds of projects in the decentralized finance ecosystem, which increases its usability even more. An interesting fact is that 1Inch migrated from Ethereum to BSC in February 2021. The move was carried out to benefit from the fast transactions and low fees the BSC provides to the projects deployed on its technology.
How to Swap 1Inch to BNB Easily
We can conclude that 1Inch and BNB are two promising cryptocurrencies. Consequently, investors might want to be able to seamlessly swap 1Inch for BNB with the smallest fees possible. The Binance exchange is a good option if you want to trade 1INCH for BNB, as it provides low fees for this exchange pair.
However, to trade on Binance, you will need to verify yourself and upload some documents. This is a significant drawback, especially if you wish to maintain your privacy when trading cryptocurrencies.
The Best Way to Exchange 1Inch to BNB
There is a solution — the Godex cryptocurrency exchange. This anonymous crypto converter provides hundreds of unique trading pairs, such as AVAX to LTC, among many others.
What’s more, Godex will allow you to swap tokens completely anonymously. On this platform, you don’t have to create an account for trading. Just provide your wallet address, and that’s it. The process is extremely simple:
- Visit Godex.io
- Choose your cryptocurrencies. Select 1INCH in the left-hand side drop-down menu as your “sending” cryptocurrency. Select BNB in the right-hand side drop-down menu as your “receiving” cryptocurrency.
- Provide your wallet address to send your BNB coins.
- Confirm the transaction and wait for the report.
You don’t have to provide anything else but your wallet address. What’s more, there are no limits to how many coins you can exchange per transaction!
Conclusion
Both 1Inch and BNB are greatly benefiting from the growth of the decentralized finance ecosystem. Hopefully, this article has given you a clear overview of both tokens and their use cases. And remember, if you want to exchange 1Inch to BNB, Godex might be your best option. It provides limitless, anonymous, non-custodial, and lightning-fast transactions.