1inch.Exchange Release Private Transactions - Decentralise #45
Reducing front-running and transaction times.
1inch and Private Transactions
1inch today announced support for private transactions.
1inch is a DEX aggregator, finding you the best prices for your token swaps across multiple decentralised service providers.
The Dark Forest
The new feature isn’t supported by Metamask, but you can use My Ether Wallet or directly connect with your Ledger hardware wallet.
It works by sending your transaction directly to miners, avoiding the mempool where transactions wait to be processed by miners and are visible for everyone to see.
1inch are apparently working with ten Ethereum miners to provide the service.
There are two major benefits here, with the first being speed. Going directly to miners cuts out potential waiting times.
The second is the fact that avoiding the mempool reduces front-running.
This is where miners or other players observe your transaction waiting to be mined and push through an action that takes advantage of this information before yours happens. Of course, you could still be front run by the miners providing the service, so it isn’t completely flawless.
If you didn’t check it out already Dan Robinson and Georgios Konstantopoulos put out a great piece on this topic, a rescue mission deep in the depths of what they call the dark forest of Ethereum’s mempool.
I also loved the podcast Dan did with Zero Knowledge, check it out and subscribe!
1inch
1inch recently launched V2. I covered the update here, but the tl;dr is:
faster and more gas-efficient routing
new UI with graphs
1inch recently announced they’re supporting the Gitcoin Grants Round 8 hackathon, looking for people to create:
A liquidations bot that uses the 1inch API
Take profit and stop loss limit orders
A flow chart for swap paths
1inch widget
An arbitrage bot
If you’re interested why not get involved.
On the subject of Gitcoin, if you’re enjoying Decentralise I’d love it if you could support my grant here. 1 DAI currently is matched by 5 DAI, so every little really does go a long way!
Conclusion
I’m happy to see more privacy-focused features emerging in the space, and this is definitely a step forwards.
1inch continue to ship user-focused new features, and I’m looking forward to seeing what’s next.
Check them out here and join the Discord.