1Inch, the dex aggregateor, 1Inch, has introduced a P2P feature to facilitate secure crypto swaps between individual users.
While 1inch network has grown tremendously since inception in 2019, the P2P feature has the potential to expand its user base in Africa and emerging markets which have demonstrated a preference for P2P functionality.
This is also an opportunity for African users that have shown great interest in cryptocurrencies to also explore DeFi, which is arguably more profitable.
A P2P order can come in handy in situations when liquidity for a certain token is not sufficient for a large OTC deal or, due to low liquidity, swaps on the market would incur significant slippage. The same applies to tokens that are not yet traded on the market, such as coins in the presale stage.
Here’s how you can use 1Inch’s P2P feature to provide liquidity:
2. Connect Your Wallet to 1Inch
First, connect your wallet to app.1inch.io.
Then, click on “P2P” within the swap window, and select the tokens you would like to swap. Once selected, you will need to approve the tokens for use by clicking ‘Give Permission.’
2. Creating a P2P Order
Enter the following information into the swap window:
- The amount of tokens you would like to swap
- The expiration date
- The taker’s wallet address
Creating an order involves two main parts. First, a user finds a counterparty for swapping a certain amount of tokens.
Then, the counterparty provides them with a crypto address, which the user enters in the P2P tab of the 1inch dApp.
The swap could be executed at any rate the parties agreed upon or at the current market rate, supplied by 1inch’s spot price aggregator.
There is also an opportunity to select a specific percentage above or below the current market rate.
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