Knowledge

Understanding Tokens – 1INCH, GRT, SXP, REEF

4 min read 12.11.2021

Understanding tokens – 1inch Network (1INCH)

About 1inch Network

1inch is an aggregator of decentralized exchanges (DEX). Unlike ordinary DEXs, 1inch connects multiple decentralized exchanges in one platform, and allows users to find the best exchange price efficiently.

In the past, if we wanted to exchange tokens, we had to manually check the prices across different DEXs to check which price is better, but 1inch has made it much more convenient than ever. You can directly find the best-offered DEX without visiting different platforms now.

1inch was launched in August 2020 and raised 2.8 million USD from Galaxy Digital, FTX, Binance Labs, Greenfield One, IOSG, LAUNCHub Ventures, Divergence Ventures… etc. In December of the same year, 1inch raised 12 million USD in series A investment led by Pantera Capital.

The 1INCH token was launched in December 2020, and the 1inch network can be governed by a decentralized autonomous organization (DAO).

Founders of 1inch

The idea of 1inch Network was put forward by Sergej Kunz and Anton Bukov when they participated in the ETH New York hackathon in 2019.

What makes 1inch unique?

As mentioned above, 1inch Network is an aggregator of DEXs. Its unique feature is that it allows users to find where to exchange tokens most efficiently.

DEXs Aggregated

  • Oasis
  • Kyber Network
  • Uniswap
  • 0x Relays

1inch Market Cap

  • Token Price: US$4.52 （Until the deadline of November 8, 2021）
  • Market Cap: US$809,447,098
  • Circulating Supply: 12.05%
  • Max Supply: 1,500,000,000

Trade 1INCH on ABCC

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Understanding tokens – The Graph (GRT)

About The Graph

The Graph is an indexing protocol used to query data such as Ethereum and IPFS networks. This protocol can be used to access data in the blockchain and storage network. Anyone can create open APIs for subgraphs. The Graph currently supports Ethereum, POA, IPFS, and more will be supported in the future.

For now, there are at least thousands of developers who have launched more than 3,000 subgraphs for AAVE, UniSwap, DAOstack, Synthetix, and many other DApps. The Graph’s usage is currently growing by 50% every month, and it has set a record of up to 7 billion queries in September 2020.

The Graph is considered a fundamental need of blockchain networks. For example, if you want to develop a DApp on Ethereum, you would have to download the entire Ethereum ledger, but with The Graph, you can simply search for the required data and information from The Graph. This reduces the time cost substantially and allows developers to query data on the blockchain effectively.

GRT Market Cap

  • Token Price: US$1.09 （Until the deadline of November 8, 2021）
  • Market Cap: US$5,382,995,607
  • Circulating Supply: 49.57%
  • Max Supply: 10,000,000,000

Trade GRT on ABCC

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Understanding tokens – Swipe (SXP)

About Swipe

Swipe is a platform that builds a bridge between cryptocurrency and fiat currency through its API. In July 2020, Swipe.io was acquired by Binance and launched a co-branded Binance Card, which is a cryptocurrency debit card that supports Bitcoin, Binance Coin, SXP, and Binance stablecoins payments.

Swipe.io’s cryptocurrency debit card is ranked into 4 levels. According to different card levels, except for a maximum 5% bitcoin reward, there are also different additional benefits. Currently, Swipe.io debit card supports more than 30 cryptocurrencies and 20 fiats.

According to its white paper, besides cryptocurrency debit cards, Swipe.io also plans for a credit card, deposit system, DeFi applications and will come with a bundle of applications in its ecosystem, which includes finance, peer-to-peer exchange protocol-Swap, governance, and staking programs. In terms of governance, you can participate as long as you own up to 1 SXP; once you own up to 300,000 SXP, you are eligible to make proposals for the community.

Swipe Card Level

Shaffron

  • Stake: 0 SXP
  • Benefits: Spotify

Sky

  • Stake: 300 SXP
  • Benefits: Spotify and Neftlix

Steel

  • Stake: 3,000 SXP
  • Benefits: Spotify, Neftlix, Uber, Starbucks, Apple Music and Travel.com

Slate

  • Stake: 30,000 SXP
  • Benefits: Spotify, Neftlix, Uber, Starbucks, Apple Music, Travel.com, Air Bnb and Huhu

SXP Market Cap

  • Token Price: US$2.36 （Until the deadline of November 8, 2021）
  • Market Cap: US$458,026,035
  • Circulating Supply: 67.55%
  • Max Supply:  285,368,788

Trade SXP on ABCC now

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Understanding tokens – REEF

About Reef Finance

Reef Finance is a Polkadot ecosystem DeFi aggregation platform, which aims to provide cross-chain transactions. Reef Finance combines various DApps on the platform that can operate DApps with one click. It is considered to solve the disturbance that users have to switch between different applications on different networks.

Reef Finance was established by Denko Mancheski in 2019 and launched on Polkadot in September 2020, and Binance Launchpool in December 2020.

What makes Reef Finance unique?

Intergration

Reef Finance integrates all blockchain services in a single interface. Users can purchase, trade, borrow, lend, and collateralize various assets on the platform so that DeFi users have a better experience, which can be viewed as a pioneering move of DeFi.

Built on Polkadot

Why was Reef built on the Polkadot chain? Currently, it is known that most of the DeFi projects are built on Ethereum, and the reason for building on Polkadot is to lower the transaction costs and improve transaction speed, which provides users with a better experience.

The REEF Token

There are 4 main functions of REEF tokens:

  • Governance: voting on different proposals
  • Transaction Fee: as fees for all operations on the protocol
  • Stake: stake funds in various pools to earn rewards
  • Shares of Revenue: as a share of revenues earned by the protocol

REEF Market Cap

  • Token Price: US$0.03413（Until the deadline of November 8, 2021）
  • Market Cap: US$507,200,560
  • Circulating Supply: 92.93%
  • Max Supply: 15,934,019,762

Trade REEF on ABCC now

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Risk Warning:

You should be aware that cryptocurrencies are subject to high price-volatilities. You are solely responsible for determining whether any investment, investment strategy, or related transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance. ABCC reserves the right to rescind and terminate our services to users in countries and jurisdictions where relevant laws and regulations apply.

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